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23 Nov 2008 10:18 pm
The Meaning Of Geithner
As Obama seems to move toward more rather than less in the economic crisis, Noam Scheiber's profile of the next Treasury secretary is worth a read:
While the deliberations among Geithner, Paulson, and Bernanke remain
opaque, there is a growing consensus on Wall Street and in Washington
that Geithner would have been more reluctant to let Lehman go if left
to his own devices. Perhaps more importantly from the perspective of
Geithner's career, this is the view that holds sway in Obamaland. "I
don't know anyone who doesn't think the Lehman decision was a terrible
error," says one Obama confidant. "But there is some sense ... that
Geithner would have handled it differently. ...
That, in terms of understanding and pushing on the severity of the
problem relatively early, Geithner was strong that way." This person
relates a recent conversation between an associate and a Fed official,
in which the latter complained, "Christ, Geithner wants to save
everybody."
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