Unequivocally, Tim Geithner has received many accolades. Perchance, he was and is deserving. Secretary Geithner offered a welcome plan to resolve the mortgage meltdown the day before his most recent plea. Wall Street applauded the strategy, as evidenced by a record rise in stocks. The headlines for the long-anticipated program that would remove bank toxic assets and revive the financial system, bedazzled those with money to spend. Rescue Plan, With Fine Print, Dazzles Wall Street. Urged on by his success, Secretary Geithner had reason to hope he could garner greater authority. Those with big bucks see his increased powers as a bonus.
Yet, the apprehension Nobel Prize Economist, Paul Krugman expressed on March 23, 2009, the day before this recent hearing hangs over the head of Treasury Secretary Geithner. Thankfully, rancor for the subprime solution seems to receive less attention, at least amongst the House Financial Services Committee. Possibly, acrimony over Geithner's past performances is also forgotten.
For a time it seemed Professor Krugman, too, had been willing to forgive and forget… There was a time the Princeton Professor was with those who sanctioned the selection of Tim Geithner to Treasury. Doctor Krugman had thought as President Obama did; Tim Geithner should be retained. His mere presence in the Administration would be a worthy bonus. Only months ago, Krugman approved of Geithner and his work. In his article, The grown-ups are coming, the stellar observer of economic policy sardonically noted that Tim Geithner was an improvement in contrast to the Bush Best and the Brightest.
Paul Krugman spoke highly of his associate from The Group of Thirty, a Consultative Group on International Economic and Monetary Affairs. That is, until Tim Geithner introduced his solution for toxic assets relief.
Perhaps times have changed. Certainly, there is reason to think Timothy Geithner has not. Nonetheless, earlier impressions and associations formed long ago linger in the present.
New York Times Columnist and Economist publicly offered his "Despair over financial policy." However, in a recent interview with Democracy Now's, Amy Goodman, Krugman was reluctant to say the person who ascribes to lemon socialism, Timothy Geithner must go.
Paul Krugman as others may not have yet come to terms with contradictory views of the man who now Heads the Treasury.
Prior to the prize bequeathed on Mister Geithner, all of his actions appeared above board and in alignment with the ethical standards President Obama set for his Cabinet. The beneficiary of perks and power was perceived as an individual who had sacrificed much in order to serve his country. Tim Geithner was subjected grueling to Senate hearings. His records were scrutinized. To be certain no one would have reason to question the calculations, a highly respectable résumé was submitted.
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