This second article shows the writer supporting Tim Geithner is his economic policies during Obama's first 100 days of his presidency.
AIG's bonus crisis has caused an uproar among citizens, and many want Tim Geithner to resign from his post as Treasury Secretary. However, people don't realize that Tim Geithner is in a position where economic meltdown threatened the economy, and many details issues he had to deal with.
“‘Tim Geithner didn’t draft these contracts with A.I.G.,’ Mr. Obama told reporters as he left for California on Wednesday. ‘There has never been a secretary of the Treasury, except maybe Alexander Hamilton right after the Revolutionary War, who’s had to deal with the multiplicity of issues that Secretary Geithner is having to deal with — all at the same time.’”
What I got from the article is that though government intervention is harmful for the economy and makes investors angry, intervention is a necessary evil in order to the economy back on track. Geithner's agenda is revitalizing the financial markets in order to stabilize the economy and allow it to grow in the future; using governement spending in order to raise our GDP.
Personally, I agree with the idea of the government buying up bad debt from banks, because it was done in 1991. This article is from a year ago which debated whether the government should intervene or not by buying bad debt. Now the United States is in the process of buying bad debt and stabilizing the markets. The question is whether the US will see the same results from what happened in 1991. http://www.nytimes.com/2008/09/17/business/17resolution.html?fta=y
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