William K. Black on Geithner: "The Guy Has a Track Record of Failure Evereywhere He's Gone"
by Cenk Uygur
Link to ArticleWe recently has James K. Galbraith on our show and since I think he is one of the top economists in the country and he has been critical of the Obama administration bailout plan, I asked him if he could pick one person he would put in charge instead who it would be? He said William K. Black.So, we just had Professor Black on the show to get his perspective on the bank bailout plan. Remember, he was one of the top regulators who helped to successfully steer us out of the S&L crisis. He is also the author of "The Best Way to Rob a Bank is to Own One." His analysis of the Geithner bailout plan was devastating. First, you must understand this point he makes - if the banks are not insolvent, why do they need a $2 trillion bailout? Of course, they're insolvent. That's why we have to put so much money into them in the first place. To claim otherwise, as the entire Obama Treasury Department has, is at best incredibly disingenuous. Prof. Black then goes on to explain that Geithner's plan is "the worst possible strategy" because it is a "fundamental misdiagnosis of the crisis." These icons link to social bookmarking sites where readers can share and discover new web pages. If you have accounts on these bookmarking sites, you can post this story to share it with others.
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