Geither’s WSJ Op-Ed On Financial Reform – Should Anyone Really Care?
Mr. Geithner sat at the head of the New York Fed and had primary responsibility for regulating Wall Street yet apparently he was eating tea and crumpets while Wall Street was in the process of destroying the United States economy and our financial system. Or maybe he was spending his time trying to line up his next job being that was apparently more important to him than actually doing the job he was paid to do.
Now, if we lived in an economic meritocracy instead of one that rewards cronyism, why would we care about this op-ed or what Geithner thought about financial reform? Because in a meritocracy, he would have no legitimacy or credibility. To my knowledge he’s never proven he knows anything about finance or Wall Street or banking. Well, unless he wants to write a book titled ‘How I Napped Through the Greatest Crisis in American History’. That might be credible.
As a former member of Kissinger Associates, a consulting firm focused on providing political guidance to corporations and states, for a fee of course, he probably would be qualified to tell us how to use “consulting” such that corporations and states can get governments to pass policies that are beyond the transparency of democracy or the will of a country’s citizens. ie, Back room deals. Of course, I may incorrectly assume that but then I have never actually seen Kissinger Associates pleading before democracy or this country’s citizens for any particular policy.
From a contrarian perspective, it’s interesting to note the timing of this op-ed. From an economic perspective, the U.S. economy is and has been rolling over for some time. Not substantially…. ….yet. Without further stimulus and more purchases of Wall Street’s incompetent mistakes by the Federal Reserve, is there any reason to believe it won’t keep rolling over? If we see trillions of dollars taken out of the U.S. economy with federal budget cuts or tax increases or both, we will see trillions of dollars of defaults as those cuts hit. That is, unless we see a new economic model.
We are nearing a tipping point globally. Either the world’s leaders (excuse me for calling them leaders) create a plan for sustainable global development that refudiates what we now call globalization, or the world economy will be nudged closer to the abyss.
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