Geithner at Treasury: Decent But Uninspired

Word is that Geithner will be getting the official nod for Treasury on Monday. It’s a reasonable pick, far better than Larry Summers would have been.  Geithner, unlike Summers, did actually predict the financial crisis before it actually happened.  He’s ready to go on day one, having been involved in the technical details of the work.  As with all Obama’s picks so far this isn’t an inspired pick, but it’s decent, and just knowing that someone who isn’t an incompetent venal hack will be replacing Hank Paulson seems to have given the markets enough of a bump, combined with the expected bounce, to push them over 8,000, which is excellent, as below 8,000 is extremely dangerous territory with no real support in sight.

I would have prefered a pick like Roubini, an economist who has so far shown an excellent understanding of the details of what’s been happening, or perhaps Bair, who has been willing to buck authority to try and do what’s right, but Geithner should do a decent job, if the Obama administration allows him to.

Update: Hugh digs into Geithner’s 2006 statement and comes to the (correct) conclusion that Geithner didn’t actually forsee the current crisis.  I am convinced by Hugh’s case.   

Related posts:

1. NY Post Floats JPMorgan Chase’s Dimon to Replace Treasury Sec. Geithner
2. Peter DeFazio: Geithner and Summers Should Be Fired
3. Why is Timothy Geithner Rejecting Legislative Policy?
4. It’s Not Gambling If the Casino Has Access to the US Treasury
5. A Decent Health Care Reform Plan – from Max Baucus