LOOK WHO OBAMA GOT TO NEGOTIATE THE "FISCAL CLIFF"
A republican banker--lotsa luck!
During his tenure as Treasury Secretary, Geithner has followed in Rubin's path -- engineering a no-strings Wall Street bailout that didn't require the Street to help stranded homeowners, didn't demand the Street agree to a resurrection of the Glass-Steagall Act, and didn't seek to cap the size of the biggest bank, which in the wake of the bailout have become much bigger. In an interview with the Journal, Geithner repeats the President's stated principle that tax rates must rise on the wealthy, but doesn't rule out changes to Social Security or Medicare. And he notes that in the president's budget (drawn up before the election), spending on non-defense discretionary items -- mostly programs for the poor, and investments in education and infrastructure -- are "very low as a share of the economy relative to Clinton."
MORE: HUFFPO
Will Tim Geithner Lead Us Over or Around the Fiscal Cliff? by Robert Reich
During his tenure as Treasury Secretary, Geithner has followed in Rubin's path -- engineering a no-strings Wall Street bailout that didn't require the Street to help stranded homeowners, didn't demand the Street agree to a resurrection of the Glass-Steagall Act, and didn't seek to cap the size of the biggest bank, which in the wake of the bailout have become much bigger. In an interview with the Journal, Geithner repeats the President's stated principle that tax rates must rise on the wealthy, but doesn't rule out changes to Social Security or Medicare. And he notes that in the president's budget (drawn up before the election), spending on non-defense discretionary items -- mostly programs for the poor, and investments in education and infrastructure -- are "very low as a share of the economy relative to Clinton."
MORE: HUFFPO
posted by Lady Bunny at Wednesday, November 28, 2012
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