The situation may not be as grave as it was a year ago though it's hard to believe Geithner. Is Wall Street showing strong numbers? Sure, but so what? As all of us witnessed in the last few years, Wall Street shot up by thousands of points and then lost it all during the Bush years. They gambled with your money and then it was Wall Street who was bailed out, not you. Geithner somehow also tries to suggest that we won't be paying for ridiculous bonuses but it's a complete lie. It's happening and again, Goldman Sachs who has received $14 billion via AIG should also be a part of any talks on limiting compensation.
As a reader wrote in, how do you not bubble these actions up to Obama? He is the president and Geithner (and Summers) work for him? Is he too trusting? Is he naive? Even worse, does he actually believe this is the correct model for long term recovery? None of these possibilities are very attractive though maybe there is some other plan that is less obvious. Hopefully there is some other plan behind the scenes because the non-stop bailout of Wall Street and support for another round of gambling is unacceptable.
