Robert is Right

Who knew Robert Reich would be right to take Geithner to task for his "dithering".

On his blog today - http://robertreich.blogspot.com/ - Reich accused Tim Geithner of "spooking everyone" with his "dithering" and his "incapacity to speak clearly" about what to do to rescue the nation from recession. It was all part of a post in which the Cal-Berkeley professor outlined what he would say to Mr. Obama if he were Paul Volcker, a leading economics adviser who briefed the President in the White House today.

"You may not want to hear this, but your Treasury Secretary is making things worse. His dithering on what to do about Wall Street, and his incapacity to speak clearly to the Street and to the public about what needs to be done, is spooking everyone. Why doesn't he just put the irrevocably insolvent banks into receivership under the FDIC, sell off their assets, protect depositors, and reimburse taxpayers with whatever remains? Let the rest of the banks fend for themselves -- working out their bad loans with their creditors. As to AIG, well, that's a complete basketcase. Put it out of its suffering. Take it over, sell its assets, protect policy holders (you'll need to create a big co-insurance plan with every other major insurer in the world), then get out."

Read it all.