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Thursday, January 22, 2009

New York Times goes easy on Geithner:

From their editorial (emp add):
For Treasury Secretary ...

[During the Senate confirmation process] we heard nothing disqualifying. He is clearly an intelligent man and Mr. Obama is entitled to pick his own team. ...

We still don’t have a clear picture of Mr. Geithner’s role — as president of the Federal Reserve Bank of New York for the past five years — in the decisions to bail out Bear Stearns, the American International Group and Citigroup, or the decision to let Lehman Brothers go under. ...

At the hearing, Mr. Geithner was unchallenged when he said that the disastrous collapse of Lehman Brothers last September occurred because the government had no legal authority to intervene. That narrative surfaced weeks after the collapse and contradicts explanations given at the time. ...

The entire Obama economic team earned their stripes — for good and more often ill — during the deregulatory and self-regulatory efforts of the 1990s and this decade.
Not encouraging.



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