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Timothy Geithner’s Important Role

Upon hearing that Barack Obama named Timothy Geithner as the new Secretary of Treasury, the American markets got excited! Then I started to hear and read about this tax issue of $34,000. After all, our President had just named the man that could potentially fix the ever worsening financial crisis we currently face. Timothy Geithner is only 47 and was going to get us out of the deepest recession we have seen in generations.

Timothy Geithner’s management style and economic approach differs strongly from the former Secretary of Treasury, Henry Paulson, who is also the former CEO of Goldman Sachs. Geithner held office in the Treasury Department before working in the New York Fed in 2008. Based upon his background, I think he will have a much better understanding of the bailout and the overall process we must go through to execute the solution successfully. Paulson failed to impress me with his brief attempt to bail out some while letting others fall. He was able to rescue Bear Sterns and AIG, but letting Lehman Brothers fail? Geithner comes into office looking like the steady hand that can handle the crisis and understand our goals on a larger level.

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Category: Banking, Government Bailout

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