Geithner’s lifelong love of bailouts

Geithner’s lifelong love of bailouts

Treasury Secretary Timothy Geithner faces tough hearings next week before the House Oversight and Government Reform Committee. But will any of the Congress members take him to task for his own role in creating last year’s financial crisis?

Geithner refuses to take responsibility for “the legacy of crises you’ve [that is, the Republicans] bequeathed this country,” as he told Rep. Kevin Brady (R-Texas) before the Joint Economic Committee in November. He apparently believes that the long string of Wall Street bailouts with which he’s been associated — starting with the Mexican “peso crisis” in 1994 — had nothing to do with our financial institutions’ widespread expectation that Washington would bail them out when they screwed up big-time.

Indeed, Geithner’s consistent support for big-bank rescues dooms any real efforts to end “too big to fail.” That’s why, for the nation to truly move past the crisis, Geithner needs to go.

Although Geithner first came to Treasury in 1988, he didn’t hold any leadership positions until 1995. But it was during those early years that he developed his apparent contempt for Congress and representative government.

Read Article Here…

n

About Post Author

Liberty Pulse

See author's posts