Assuming President Barack Obama is correct in this statement, as I believe he is, then why is his Treasury Secretary, Tim Geithner, continuing to try to offer one?
Perhaps that’s why, according to Huffington Post, Obama Administration officials got laughed at during a bailout meeting.
Starting with the euphemism of using the term “legacy assets,” well, hell, yes, Geithner (and Summers, if he stepped out from behind the curtain) deserve to get laughed at, nay, derided.
As for why this bullshit continues, Talking Points Memo reader AN is correct: this is on Obama’s shoulders, including Geithner’s appointment; at some point, you go past stupporness into GOP-level inanity by refusing to admit that:
A. He’s botched the financial recovery issue pretty badly now;
B. He’s a neolib and not “progressive” in any real sense.
Or perhaps, the person to whom AN was responding, Talking Points Memo reader BR, is correct: Obama feels stuck with Geithner’s TARP 2.0 until the stimulus package is signed into law. (And, why, Josh, won’t you allow comments on front-page stories?)
Of course, they could both be correct.
As for the “perfect storm,” at least B.O. backed off in Fort Myers, Fla., and said it was NOT the Depression. That said, the “perfect storm” intensified because the Street smells Geithner’s blood in the water.
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