I watched TresSec Geithner on Jim Lehrer the other night (the video is available in the link below as well) and thought the following interchange (emphasis mine) said so much about the elitist arrogance and stupefying lack of practical experience that the Obama administration represents, from the very top down.
TIMOTHY GEITHNER: In the financial sector, the financial markets require well-designed regulation. We did not have well-designed regulation. We had the worst financial crisis in generations because of basic failures in the design of regulation.
JIM LEHRER: Finally, President Obama said yesterday that the real cause of all of this was a culture of irresponsibility. You’ve worked in and around the financial industry for years. How would you describe that, what that culture was? What caused it?
TIMOTHY GEITHNER: I’ve never worked in the financial industry, just to say. I’ve always worked in public service and the government.
That’s okay, Timmy. Your boss hasn’t even done that. But there are some really well-organized communities in Chicago now.
Silly Mr. Lehrer for thinking the man charged with regulating our nation’s financial system might actually have worked in it (or paid his taxes for that matter – he must have skipped that chapter whilst basking in academia).
How unremarkable is it that a man who has spent his entire life working in government fails to see that in fact government overreach was the cause of this crisis, and is now the root of it’s persistence.
His prescription? More of the same. Just “designed” better.