If he means this in the "Washington and the Fed should never have bailed out the bankers in a way that maintained their cushy lifestyle" then it's hard to argue with his remark. But unfortunately, that's not what he meant. The political class remains clueless about the negative impact of propping up people who should have been brought down to reality. Kicking the problem down the road wasn't a solution which is why the problem won't go away. Now remind me again who the Federal Reserve director was in New York who worked with Hank Paulson and George Bush to deliver that sweetheart deal? CNBC:
Speaking during the "Delivering Alpha" conference—organized by CNBC and Institutional Investor—Geithner said the US recovery is slower than many would like and that's not being helped by chaos in Washington.NOTE FROM JOHN: Nice of Geithner to forget to mention that it's one political party, the Republicans, causing all the dysfunction. Hell, the way he phrased it, he might as well have been telling voters to oust his own boss, Barack Obama. After all, if we have a damaging political dysfunction, then let's get rid of the politicians. Yesterday's vote in NY made clear that the voters are not interpreting this as "let's only get rid of the Republicans."
"You have this terribly damaging political dysfunction here and in Europe that leaves the world wondering whether the political system has the capacity to do the right thing," he said. "That is very damaging to confidence."
