Word: paulson
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...falls to Geithner to lead the way out of this mess. As Barack Obama's nominee to be Secretary of the Treasury, Geithner will be tugging on the economic levers himself - levers that are, thanks to outgoing Secretary Hank Paulson, far more powerful than they had been. Colleagues say Geithner privately acknowledges that the U.S. economy is still sinking fast and the root cause of the problem - the housing bust and ensuing credit crunch - is still very much with the nation. Critics will ask at his confirmation hearing how the incoming Administration plans to prevent things from getting even worse...
...that may force Geithner, 47, to do some self-evaluation. Along with Paulson and Bernanke, Geithner has been one of the key players overseeing the bailout of the banking industry. Some of the trio's decisions - like not rescuing Lehman Brothers in mid-September - have come under criticism on Wall Street and Capitol Hill for being hesitant and reactive. Associates say Geithner doesn't necessarily disagree with the charge that the government's response "has had an ad hoc, seat-of-the-pants quality to it," as a senior investment banker in the middle of things puts it. That...
Groomed for Success Most U.S. Treasury Secretaries come to the job after long careers on Wall Street (Paulson, Robert Rubin), in industry (John Snow, Paul O'Neill) or in politics (Lloyd Bentsen). Geithner, born 14 days after Obama, will, by contrast, be one of the youngest Treasury Secretaries ever, and he will land in the office at one of the most critical junctures in U.S. economic history. But his elevation to the top job at Treasury has long been expected. Geithner has been doing older people's jobs for years. I first met him 18 years ago, when we were...
...agree with Larry [on macroeconomic policy] - or maybe I should say Larry agrees with me," Geithner has joked. And as Treasury Secretary, he will oversee the most critical component of any sustainable recovery plan: getting a still wounded financial system functioning again. Colleagues say Geithner is loyal to Paulson, but that doesn't mean "he would have done things exactly the way [Paulson] did them," says a source. Geithner, for example, wants to overhaul the dysfunctional, taxpayer-funded Troubled Asset Relief Program (TARP) - initially intended to buy bad assets from banks. The new Administration wants to use the final...
Back in September, V.V. Chari, an economist at the University of Minnesota and an adviser to the Federal Reserve Bank of Minneapolis, got a call from a Congressman. Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke were arguing that they needed $700 billion to save the nation's financial system, and the Congressman wanted to know what to make of it all. Chari said he didn't know - he hadn't looked at the data. Policymakers kept talking about how banks weren't lending to businesses or to individuals or even to each other, so Chari pulled numbers...