Geithner, Summers Apparently Not Fans Of Obama Bank Plan

7:34 pm EST January 21st, 2010 | News | 10 Comments

Interesting

President Barack Obama’s newest Wall Street crackdown was met with hesitation from Treasury Secretary Timothy Geithner, who voiced concern that politics could sacrifice good economic policy, according to financial industry sources.

Geithner is concerned that the proposed limits on big banks’ trading and size could impact U.S. firms’ global competitiveness, the sources said, speaking anonymously because Geithner has not spoken publicly about his reservations.

He also has concerns that the limits do not necessarily get at the root of the problems and excesses that fueled the recent financial meltdown, the sources said.

This leak coming out might indicate the President is going to be making a change in his economic team, or so as to not indicate weakness, he’ll be making decisions despite them.

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10 Responses to “Geithner, Summers Apparently Not Fans Of Obama Bank Plan”

  1. william says:
    January 21, 2010 at 8:50 pm

    Geithner, Summers, and Bernanke need to go. Why Obama appointed the evil spawn of Goldman Sachs is beyond me.

  2. Rudy says:
    January 21, 2010 at 10:20 pm

    That would be a truly great start.

  3. Duros62 says:
    January 21, 2010 at 10:55 pm

    Geithner, who voiced concern that politics could sacrifice good economic policy,

    Well then, come up with some, Tim.

  4. jr says:
    January 21, 2010 at 11:04 pm

    Time for Jared Bernstein to have a promotion

  5. cj says:
    January 21, 2010 at 11:17 pm

    I hope President Obama is finally popping that bubble that was surrounding him when he went into the White House.

  6. Calvin Jones and the 13th Apostle says:
    January 21, 2010 at 11:25 pm

    Depends. Bernstein would replace Summers. Someone like Stiglitz would be a better fit to replace Timmeh(or “B-52″ Ben .. as it looks like his confirmation might be in jeopardy)!!

  7. norbizness says:
    January 22, 2010 at 9:28 am

    Why anybody wouldn’t listen to Volcker over two corporate stooges is beyond me.

  8. Georgette Orwell says:
    January 22, 2010 at 9:57 am

    I wasn’t sure about the issue, but if they’re against it, I’m for it. No matter what the issue is.

  9. calling all toasters says:
    January 22, 2010 at 3:27 pm

    Gosh, I sure hope Rahm “fuck the base” Emanuel isn’t the net one to be sidelined.

  10. calling all toasters says:
    January 22, 2010 at 3:27 pm

    er, *next* one.