Tim Geithner: Baptism of fire  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 391 no. 8628 (Apr. 2009), page 35.
Topik: Tim Geithner; Treasury; Politics; Market; Financial Institutions; Policy

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ASKED after giving a speech on April 22nd whether he regretted taking his new job, Tim Geithner, Barack Obama’s treasury secretary, paused for what seemed an eternity. “I…uh…feel deeply privileged,” he replied. His audience erupted in laughter. Mr Geithner’s first three months have been a baptism of fire. The markets soared last autumn (see chart) when the New York Fed chief’s name surfaced for the job. But within weeks of taking office in January, personal tax problems, a poorly received plan for fixing the financial system and a backlash against his bail-out of AIG, a big insurer, had some in Washington, DC, counting the months to his resignation. Talk of resignation has died down as markets have recovered amid renewed hope about the economy. The outrage over AIG burned itself out. And Mr Geithner has scored some successes: he has proposed new federal powers to take over failing financial institutions and he led the way for the G20 to boost the International Monetary Fund’s credit by $500 billion to support cash-starved countries. Even so, Mr Geithner has not yet silenced the sceptics. In a town full of people steeped in politics but short on substance, Mr Geithner is the opposite. Few question his policymaking qualifications. As an aide to previous treasury secretaries, then as president of the Federal Reserve Bank of New York, he earned a reputation for rapid analysis and decisive responses.

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