The World According To Geithner
Geithner has [. . .] quietly gained influence, which he has used to press President Obama to curb the nation’s soaring debt even at the expense of spending that might more directly spur employment.
His success at driving the agenda signals his status as the president’s closest economic counselor. [. . .] Geithner’s efforts inside the White House have shaped how Obama confronts this defining moment. [. . .] The policies molded by Geithner — and the balance they strike between slashing the deficit and supporting the economic recovery — could also ultimately determine whether Obama will win a second term.
[. . .] Geithner says Obama must tackle the deficit now if he wants the government to be in a position to support the economy in the future and to continue to protect the elderly and the poor. “It’s been my view for some time that unless he played a major role in shaping and negotiating the broad fiscal framework . . . we would be left without the capacity to do a whole range of things that are really important,” Geithner [. . .] said. [. . .] “I have been a consistent advocate of him doing that early and often.”[. . .] Once, as Romer pressed for more stimulus spending, Geithner snapped. Stimulus, he told Romer, was “sugar,” and its effect was fleeting. The administration, he urged, needed to focus on long-term economic growth, and the first step was reining in the debt.
Obama has made his bed with Geithner, and we have to suffer for it. We'll see if Obama has to suffer come next November. Oh btw, in this long article, the number of words written about the housing crisis? Zero.
Speaking for me only
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