As treasury secretary in 2000, Mr. Summers championed the law that deregulated derivatives, the financial instruments — a k a toxic assets — that have spread the financial losses from reckless lending around the globe. He refused to heed the critics who warned of dangers to come... Mr. Summers now will advise a president who has promised to impose rational and essential regulations on chaotic financial markets. What has he learned?
At the New York Fed, Mr. Geithner has been one of the ringmasters of this year’s serial bailouts. His involvement includes the as-yet-unexplained flip-flop in September when a read-my-lips, no-new-bailouts policy allowed Lehman Brothers to go under — only to be followed less than two days later by the even costlier bailout of the American International Group and last weekend by the bailout of Citigroup.
So far, Obama's appointments have been rather moderate and pragmatic. Something is sorely lacking though, and that's creativity for the array of new policies necessary to turn the economy and America's image in the world around. This is the reason why I am not a big fan of the Clinton appointment as Secretary of State. Another reason for opposing her is that, if her campaign serves as an indicator, she will not be a good manager of the diplomatic corps. I do not, however, think that she will be undermining Obama's leadership. She knows very well that the Democrats will be Obamaland for the next 8 years and she might as well partake of the Obama brand.
PS. Apologies for the 6-day silence, GREs and PhD apps took their toll.
No comments:
Post a Comment