Sunday, February 15, 2009

Morgensen disses Geithner

TIMOTHY GEITHNER, the brand new Treasury secretary, was panned last week for how he unveiled the Obama administration’s plan to rescue the financial system from the bankers who broke it.

Mr. Geithner was not especially articulate, his critics said, and he provided only an outline of an outline, not the detailed blueprint people anticipated and wanted...

Why is anyone surprised that Mr. Geithner’s Financial Stability Plan lacked details? We are still in sugar-coating mode — yes, we have a problem, government officials contend. But they can handle it. Don’t you sweat the details, dear taxpayers.

But the story really worh reading is the civil unrest and protectionism across the globe:

PARIS — From lawyers in Paris to factory workers in China and bodyguards in Colombia, the ranks of the jobless are swelling rapidly across the globe.

High unemployment rates, especially among young workers, have led to protests in countries as varied as Latvia, Chile, Greece, Bulgaria and Iceland and contributed to strikes in Britain and France...

In emerging economies like those in Eastern Europe, there are fears that growing joblessness might encourage a move away from free-market, pro-Western policies, while in developed countries unemployment could bolster efforts to protect local industries at the expense of global trade.

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