Trouble at Treasury?

Krugman's blog usefully points to Washington Post piece today that shows that Geithner's bank plan was so vague largely because he decided close to the deadline set for announcement that the approach they'd been focused on wouldn't work -- and there wasn't time to fully develop the alternative he decided would be better. Coupled with other details about how shorthanded the working group seems to be, the episode says troubling things about the team's insularity, the needless commitment to false deadlines, and more. To keep an eye on...


Blogger ockraz said...

I have no knowledge of economics beyond what you'd expect from someone who majored in philosophy- and the more I read about the current economic crisis, the more I wonder how much anyone knows about the way changes in the economy will affect the system as a whole. I'm starting to think that this is like meteorologists forecasting the weather: short term predictions are quite good, but there are so many variables involved that extended predictions are litle better than guesswork.

If the most respected policy makers are vacillating like this, and hardly anyone predicted the current debacle- then does it make sense to trust that these actions will improve the situation? (or any actions, I don't have an ax to grind about taxes or spending)

February 23, 2009 at 8:25 PM  

Post a Comment

<< Home