Geithner: We Don't Need No Stinkin' Contingencies
Moments ago, Secretary Geithner artfully dodged a question that's on everybody's mind: What happens if his plan fails. Echoing the architects and supporters of the success-bonanza that is the Iraq war, Geithner said that the only thing we need to ensure the plan works is sufficient will.
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Josh
Elana
Matt
Eric
Weak, TPM.
March 24, 2009 1:29 PM | Reply | Permalink
I suspect Geithner is hinting we're no longer at the edge of the abyss ... we're crossing it to the other side on a very thin tightrope. So if his plan doesn't work, guess were we'll be?
March 24, 2009 1:34 PM | Reply | Permalink
Is this how it's going to be for the next 4-8 years? The Left media comparing every moment in the Obama administration to some disastrous point in the Bush administration - AIG is Obama's Katrina, Geithner is Rumsfeld, now his answer to a question is the lead up to something as devastating as the Iraq war?.
Are you reporting the news or gathering evidence to make the case that Obama is just Bush-Lite?
March 24, 2009 1:38 PM | Reply | Permalink
Of course, if Geithner were laying out contingencies, Beutler would be telling us that he expects his plan to fail and that it's all just a waste of money. This is just another play on the "NOT DOING ENOUGH" meme.
As I recall, the problem with Bush & Co. wasn't an inability to develop a contingency plan, it was a refusal to pursue one when it became necessary. There is no indication that:
(a) This plan will fail.
(b) That the administration will stubbornly refuse to change course in the case of (a).
Accordingly, this analogy is all kinds of dumb.
March 24, 2009 1:45 PM | Reply | Permalink
Geithner is Rumsfeld
That is true.
Summers is Cheney.
The beauty is that people ran around wasting time calling for Rummy's head that they didn't grasp that the person truly running Iraq, and who would never let Bush get out of it, was the Veep.
Same here. We have people on both the left and right calling for Timmy's head. It will really mean nothing if the Summers Hydra remains simply to grow another head to replace Timmy to push his failed policies.
Of course it can get better. Summers as Fed Chief will allow him to infest the Fed, while planting a new head in his current positions.
John
March 24, 2009 2:23 PM | Reply | Permalink
LOL!
Two months in, I still can't help but laugh whenever some declares Obama a failure already. You're tipping your hand...
March 24, 2009 5:41 PM | Reply | Permalink
They have, in 2 months, already forgotten. Truly sad, most of the self-appointed spokespeople for 'the left' seem intent on totally selling Obama out at this point.
Its pretty disgusting, not to mention inexcusably lazy.
March 24, 2009 5:04 PM | Reply | Permalink
Should have said either it works or we nationalize. Then Mr. Sherman might share how much THAT would cost the taxpayers
March 24, 2009 1:51 PM | Reply | Permalink
Doing nothing..that's a choice too! I never wanted to give em a dime myself
But again doing nothing..what would that cost?
Seems Geithner's critics never talk about that
Let's be honest...let's get real
March 24, 2009 1:55 PM | Reply | Permalink
Its funny, because it doesn't matter all that much. The debts and liabilities are huge, and no cute little term we give to how we're dealing with them changes them in the least.
March 24, 2009 5:05 PM | Reply | Permalink
I never understand why the people who oppose Geithner's bailout plan, or the entire TARP plan to begin with, are told that they favor "doing nothing".
It's pretty easy to win arguments when anybody who disagrees with your idea is in favor of "doing nothing". It's reminiscent of 2003, when people who opposed the invasion of Iraq were told that they preferred "doing nothing" to "stop terrorism".
How about convincing us that your plan makes sense, rather than trying to seize the intellectual ground whereby the opposite of what you propose is doing nothing whatsoever.
March 24, 2009 5:59 PM | Reply | Permalink
If Geithner offered up contingency plans the TPM's story would be "Even Geither doesn't have faith his plan will work - he has contingency plans".
March 24, 2009 1:58 PM | Reply | Permalink
"This video has been removed by the user" -- ???
March 24, 2009 2:31 PM | Reply | Permalink
That's Youtube-ese for "Busy. Try again later."
March 24, 2009 3:08 PM | Reply | Permalink
Geithner said that the only thing we need to ensure the plan works is sufficient will.
Sounds too much to me like, "Conservatism can't fail, only we can fail conservatism". You don't need to know any more about Timmeh other than the fact that he speaks in absolutes. I have good will toward Obama but Geithner is demanding too much of that good will for me to overlook.
March 24, 2009 2:53 PM | Reply | Permalink
Riiigght. Because the markets totally wouldn't go insane and doom this plan before it gets started if there was a big drama-queen headline at Huffpo or Drudge screaming "Geithner Planning for Failure!" No, that can't be it. No need to even consider that possibility. Instead, just sticking to the cold hard facts, its clear that he's just like Rumsfeld.
March 24, 2009 3:12 PM | Reply | Permalink
This is the equivalent of Brad DeLong's dodge of this question--that if it doesn't work then there is nothing of value in the economy anyway.
March 24, 2009 3:34 PM | Reply | Permalink
When, when will you fix the sign-in & comment systems?!? Do you have any idea how much more time I'd spend here if they worked correctly?
Anyways. I've got to just yell at y'all on this blog for a bit here.
I think you've really blown it and been pretty embarrassing on this whole story. Instead of looking into the real stories that comprise this mess (Bush, his buddies, deregulation, the hundreds of billions owed overseas by AIG, the 'other-way-looking' Bush's admin did the whole time this happened, etc) you have just been flinging shit at Barack Obama.
Seriously, as one of the better blogs & info sites out there, it has just been painful to watch the overly-aggrieved sucking up to the Republican point of view that's been going on here. I know you don't see yourselves as doing that, but that is what the whole anti-Obama (as related to AIG) POV is. They're comparing it to Katrina, saying he personally sides with the Rich against everyone else. And you all are largely echoing this bullshit sentiment.
Please stop. Reporting is fine. The cutesy embellishments at our new president's expense are not called for, and they make me think less of this site as a whole.
March 24, 2009 5:03 PM | Reply | Permalink
ya know, Geithner looks a lot like O'Hanlan...as well as sounds like him!
March 24, 2009 9:21 PM | Reply | Permalink
I can also say that with confidence of a plan if I have a plan which is cooked up in such a way that the dumb suckers (tax payers) get the stick and my buddies laugh all the way to the bank!
sack geithner!!
March 25, 2009 1:18 AM | Reply | Permalink