Geithner, as of right now, has one of the most stressful jobs in the country. Previously he was the chairman of the Federal Reserve Bank of New York, but president Obama nominated him for the Treasury Secretary position in January.
Although it may seem as if Geithner is rather new to the job, he has been working on this financial mess for quite some time. One year ago, he organized the rescue and sale of Bear Stearns. Giethner also played key roles into organizing the AIG bailout, and deciding not to bailout Lehman Brothers. Obama has mentioned many times that he would not accept Mr. Geithner’s resignation if he offered.
Thursday Geithner asked lawmakers to enact the most revised and comprehensive changes to the financial market since the New Deal. He also is in control of $340 billion dollars of the bailout that he can use in any way he feels would benefit the economy the most. According to the WSJ, there are four aspects of Geithner’s plan: “limiting risks that could threaten the broader economy, enhancing protections for investors and consumers, closing gaps in regulatory oversight, and coordinating any actions globally.”
Nearly everyone has disagreed with him on one issue or another, but he is someone that is not afraid to get things done. Government regulation and control seem to the theme of this “Newer Deal”. FDR would be proud of Geithner’s work, whether this is a good thing is your opinion.
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