I’ve had some time to think about it and I’ve come to the conclusion that Tim Geithner’s big rollout of his TARP-2 program was way too vague and that it didn’t reassure anyone. He should have taken questions after he gave his speech and he should have had plenty of detail to offer both the public and the members of the Senate Banking Committee that he testified before yesterday.
I don’t think his plan is a good one because I honestly think that our financial sector is broke under any reasonable metric. But I am not dogmatic about that analysis. I am worried about his plan but I am not certain it won’t work, or won’t be amendable to something that will work. But, as a public relations move, Geithner’s performance yesterday was an epic failure.
I think he should have waited until he had more to say before giving a speech and testifying before Congress. Most of all, I don’t know anyone that thinks we can, or should, avoid nationalizing the banks. We should just bite the bullet and do it.
