Geithner: Kick Bair Out For Trying to Help Homeowners
Yeah, so Geithner, Obama’s appointee for Treasury Secretary wants Bair, the director of the FDIC (the folks who take over failed banks) to lose her post because she hasn’t been a "team player" and supposedly isn’t working for the good of the economy, but for her own agency.
So why doesn’t Geithner like Bair? Because she had the guts to stand up and suggest that homeowners needed real help. This may not have been the "team player" thing to do, but it was the right thing to do for the economy, contrary to what Geithner thinks. And it showed that Bair was concerned first with doing what was right for the economy, the country and ordinary people. This is unlike Geithner, who worked hand in fist with Paulson to push through the awful, secretive and corrupt bailout.
I’ve just lost a ton of respect and confidence in Geithner. What he’s saying is that "being a team player" is more important than "doing the right thing". Says a lot about Geithner.
I’ve had a lot of hard things to say about Frank recently, but he’s absolutely right that Bair should not only keep her job but be given more responsibility. When I first wrote about Treasury picks I preferred Geithner to Bair. Geithner has just proven my judgment wrong: anyone who’s more concerned with consensus than doing the wrong thing has learned all the wrong lessons from the Bush, Greenspan and Bernanke years.
Geithner has the soul of a number 2 man, and that’s where he should have stayed, somewhere where he could clap his feet together and say "yes sir". But at least we can now rest assured that he’ll do whatever he’s told to do—and like it. And if it isn’t the right thing to do, like Greespan’s, Bernanke’s and Paulson’s policies, he’ll salute and push it through no matter what.
Here’s my suggestion. Kick Geithner out for being a lickspittle who helped Greenspan, Bernanke and Paulson destroy the financial sector and the economy. Give Bair Treasury for trying to actually do the right thing.