USA: Economy: Secretary of Treasury Timothy Geithner in crucible, Obamonomics in question

The New York Times article by Jackie Colmes, "Treasury Secretary facing defining moment" (Mar18,2k9), is the first profile of the Treasury Department's head that I've read to date. I found this Colme's item quite interesting. First, it gives us some specificities regarding Geithner's achievements and overall "career path" to his present Cabinet-status in the US government of these 'troubling times.' Second, Colmes attempts to be precise about the Secretary's immediate political situation; so, to an avid political reader who reflects on wide-reading, the Colmes piece has verisimilitude. For now, I'll just trust the basic informativity of Geithner's profile here established.

The piece doesn't take up the matter of Timbos unpaid income taxes, belatedly now repaid. He also apologized. It was a lapse of memory, he felt.

--EconoMix

Politics USA: Economy: Prez signs hugenormous Spending law in political-economic experiment

USA President Obama has responded to the spending/stimulus law written by the House of Representatives and the Senate.

"I do think that the possibilities of thinking inwardly are very great," he said. "And you see it happening. You see it happening to presidents. You see it happening to members of Congress and the Senate."

The president has also learned quickly that achieving a spirit of bipartisanship in Washington may be easier said than done. Obama's economic stimulus bill, which passed the Senate today in a vote of 61-37, has been widely criticized by Republicans.

Obama stressed that, given the current economic climate, "not doing anything is simply not an option."

"I think there are a number of different arguments that have been leveled at, at this recovery package," he said. "There are a set of folks who just don't believe in government intervening in the marketplace, period. ... I think that fight's already been won; the American people certainly think so. That's not the argument that makes much sense to them."

The tiny datestamp on the article cited and livelinked says Feb18,2k9; so I'll go with that. "Obama: 'There is no easy way out' for Wall Street," ABC News in assocation with USA Today, unsigned interview. So it's much like an editorial.

Demurring from the logic of the presidential criticism, here I just want to point out that the law, tho written at the President's behest by the Democratic Congressional leadership, House Speaker Pelosi, and Senate Majority leader Reid with their in-place Democrat-led committees, willynilly produced a "package" that may or may not lead to or achieve "economic recovery," a law the text of which inherently depends upon the validity of certain unarticulated assumptions--not least regarding overall presuppositions about the USA political economy. The nature of the law's confectioning requires acknowledgement of its quality as an experiment in whether the Pelosi-Reid law's newly-instituted expenses, grants, and porkupiney delicacies will actually work well together to buy the envisioned recovery of the economy.

Politicarp