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Cemil

Will Geitner be able to turn the economy around? What does he add to the administration?

As Sec of Treasury, you would expect much more credible and experienced name who would exude confidence to the public and definitely to the investors. He seems a bit lightweight for that task and fail to meet the caliber the job requires. That may be my own reading from his performance so far but that could hurt the administration's credibility and erode confidence further in the administration's ability to solve the mammoth problems and crisis the country and thus the world is facing. It is much worse than any past period, worse than the great depression when there were no global markets and crisis propagated and reverberated slowly. I had warned/mentioned about this threat/risk of crisis almost a year ago and I think much more strongly that Obama needs to install much more powerful team to fight the war, again this is not a mere crisis it is a war against credit deficiency, trust erosion and if it spreads to central banks and the governments then nothing could help.
Dimview09:

Geitner, Obama, nobody can fix it, we should let it work itself out we have been trying to stave off the wolf for 70 years.

EQuisitor:

I do not think one man can do this. This is a joint effort and I do believe it is no longer just the USA it is a global problem now.

BUD 28:

The Federal reserve is playing the tune for us to dance to. Who better than a Federal Reserve Chair-man to lead this dance for Obama? With Bernanke to advise Congress, Geithner to advise the Executive will the next move be to replace the ACLU on the Supreme Court with a banking attorney?
Why do I still think a bunch of greedy bankers would do a better job of running our country than the
crooked politicians have for the past 40 years?

Ginger:

I do not know if he can turn the economy or not. He is a well educated and experienced economist. However, by announcing 'no plan' plan today, he certainly did turn the markets.....down!


The announcement should never have been scheduled without some details.

Aditya:

He's paid his taxes? ;)

DUDE:

Trust has already been lost. The idea that Geitner can fix the economic dysfunction we are experiencing is as foolish as to think Paulson could do it. We have a financial and banking system that is and has been on the brink of failure for a long time. It will take hard work, patience, and responsible behavior on the part of all these institutions Treasury, Federal Reserve, and the Security and Exchange Commission to bring our financial system back to health. There is no man or fix that is going to do the job in a short period of time.

Cemil:

It is simply because the bankers were out to selling credit like candy bars forgetting that it was really risk they were buying. Bankers did not do their jobs but still got paid heftily because they were growing sales and hence the risk. It was the balance sheets and the distribution network growing what all shareholders were after. The real blame is probably on the shareholders whose greed for high returns blinded their eyes to the risks swept under the rug causing the bankers run amok, eventually hurting the credibility of the businesses and the consumer's trust to the overall system.

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