Wednesday, September 12, 2018

David Dayen thinks Tim Geithner's disobedience of Obama's orders fed the anger at government Trump parlayed into the presidency

Of course, this begs the question whether Obama knew what he was doing, or even wanted to know.

Here in The New Republic:

Every action fit Geithner’s worldview: The financial system must be stabilized at all costs, as the only way to heal the economy so real people benefit. “We do not need to imagine that he was in the pocket of any one bank,” Adam Tooze wrote in the new book Crashed. “It was his commitment to the system that dictated that Citigroup should not be broken up.” ...

Today, some may welcome the internal dissension in the Trump administration. But Geithner’s actions to protect banks from the president he served, and the anger it bred at a “rigged” system, diminished the public’s faith in government intervention and helped install Trump in the White House.