I wonder what kind of business the liquor stores are doing these days. Paul Krugman offers a devastating critique:
-- I’ll leave to others the question of who knew or should have known that the bonus firestorm was coming; but it’s part of a pattern. At every stage, Geithner et al have made it clear that they still have faith in the people who created the financial crisis — that they believe that all we have is a liquidity crisis that can be undone with a bit of financial engineering, that “governments do a bad job of running banks” (as opposed, presumably, to the wonderful job the private bankers have done), that financial bailouts and guarantees should come with no strings attached.
This was bad analysis, bad policy, and terrible politics. This administration, elected on the promise of change, has already managed, in an astonishingly short time, to create the impression that it’s owned by the wheeler-dealers. And that leaves it with no ability to counter crude populism.
And John Anderson - author of "Follow The Money: How George W. Bush and the Texas Republicans Hog-Tied America" -- weighs in over at firedoglake: . . Geithner’s standing with the public and the Congress is lowering by the minute. He lacks presence, he lacks eloquence, he lacks gravitas.
David Sirota at Open Left: Incompetence Watch: Tim Geithner and Larry Summers Don't Read the Business Press?
Democratic Senators Tepid on Geithner Support
Plutocracy Class Recession Politics Economy Crisis News Corporate Welfare Populist Outrage AIG
