DOW up on Treasury pick – Tim Geithner
November 21, 2008President Obama has finally picked his Treasury Secretary, Timothy Geithner, and I am glad. I know most people will give praise to Paulson for his handling of this bailout, but I refuse to. He gave close to $350 billion away to various banks without getting anything in return. The economy is still stuck in limbo and we, the people’s whose money was used for this bailout, are clueless as to who got what and why. For all we know the money went into friends pockets. I am sick of this lack of transparency that the Bush administration has and continues to perpetrating on the American people. Mean time, in reality, where the hell is Bush? Still in hiding I guess.
more about “DOW up on Treasury pick – Tim Geithner“, posted with vodpod
>Mean time, in reality, where the hell is Bush?
He’s been at the forefront of leading international economic forums, seeking to establish a framework for international finance going forward. Far from being out of the picture, he’s been very much in the middle of it. But he’s Bush and everyone hates him so he’s bound to be mucking this up. : )
As for TIm Geithner, he’s been moving lock-step with Ben Bernanke and Hank Paulson on the bailout, etc. So – he is not representative of “change.” Still, he is extremely competent and is probably a centrist or right of center in his economic views. It is highly likely he would have been tapped by a McCain administration as well.
It is interesting Mr. Obama did not pick Joe Corzine, who would have been more palatable to liberals and progressives. I think the massive drops in the stock market since his election gave him pause- he’s recognizing that economic populism is not looked upon favorably in the investment community. “Change” is taking a backseat, as is obvious from his other cabinet selections.
You might enjoy our charts on the dow as it correlates to Obama (pre-Geithner pick):
http://americanmissive.com/2008/10/23/obama-and-the-stock-market/