I Got Book Learnin’

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.

18 thoughts on “I Got Book Learnin’

  1. JRoosh, midwestern crank, noted: “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.”

    Hey Roosh, I’m having lunch with a banker friend of mine today. Can I stop by and say hello? You’re at Goldman Sachs, right? Or was it JPMorgan?

  2. Golly gee, Clownie. Ya all know we gots banks money and stuff out here on the prairie, dontcha? Why heck, with this new-fangled Internet thang I could even send some of my crop money to one a them thar New York banks.

  3. Does this ‘banker friend’ know peev, Angry Clown?
    Do you have some lawyer friends, too?

  4. This is one appeal to authority that falls flat on it’s face, given angryclowns dedication to our President and his rhetoric.

  5. I’d bet that from the AC’s pov, he is confusing “pawnbroker” with “banker’, and “lunch” is the taco stand down the street from the library where he keeps his computer.

  6. Hey Roosh, I’m having lunch with a banker friend of mine today. Can I stop by and say hello? You’re at Goldman Sachs, right? Or was it JPMorgan?

    First of all, we all know you have no “friends” (and JSYK, we here in the comments section aren’t laughing with you by the way)

    As for me, suffice it say I am not a banker. But, I have tenfold the experience in finance, investing, real estate, business ownership and corporate executive leadership than Geithner and Obama combined if you are sniffing for credentials. Or are you just sniffing something else?

    Not that its about me, right?

  7. Come on, Johnny. If you ain’t in NYC you ain’t nowhere. If you can make it there, you’ll make it anywhere. It’s up to you, J Roosh, J Roosh.

  8. jackscrow, Clown cannot go into that library any more. He kept inviting the young-uns from the kiddie section over to sit on his lap as he showed them “romance” web sites.

  9. ” much about the elitist arrogance and stupefying lack of practical experience that the Obama administration represents, from the very top down ”

    Mitch, perhaps you’ve heard of Sarsbannes-Oxley? The one with the term “All appropriate measures and controls” insterted into it – words which have subsequently allowed various regulatory bodies to turn them however they wanted, resulting in a billion dollar industry of compliance analysis and evaluation, resulting in NO greater financial safety, but rather more pressure on lower management to ensure there are fire-walls between development and business users – meaning, in short, they did NOTHING to correct for Enron. The point being of course, as compared to Obama, Bush had nepotistic, crony-esque ameteurs in nearly every position (Heckuva Job, Brownie!!) – such as putting a man familiar with race horses in charge of FEMA, and for 8 years we had one catastrophic failure of experience leading to moronic (non)regulation after another, includes SOX, wasting BILLIONS of corporate dollars.

    The hypocrisy of your complaint is astounding.

  10. Pen,

    Again, it’s a Roosh post. And I’m not sure why SOX is at issue here; having had to do SOX-compliant design dox, I am no supporter.

    But complaints about Bush’ alleged nepotism are both irrelevant and, one might suspect, don’t come anywhere close to the malfeasance shown by appointing car czars who know nothing about the auto industry, to pick one signal example.

    I don’t think you Obama supporters are going to be yipping about Bush’s appointments too much longer.

  11. Ah, Sarbanes-Oxley (learn how to spell, Peev).
    Named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH), the act was approved by the House by a vote of 334-90 and by the Senate 99-0. President George W. Bush signed it into law, stating it included “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt.”

    Yep. We need much, much more government regulation. This one did so much.

  12. The hypocrisy of your complaint is astounding.

    The depth of your ignorance and the irrelevance of your rambling commentary is frankly…amusing.

    Your argument defeats itself!

  13. Come now. The most sweeping and intrusive government intervention into private industry (SOX) failed to prevent massive collapse. Why shouldn’t an even larger regulatory regime exceed it? Press onward!

    Damn, I’m starting to sound like “Slash”.

  14. It must be said that Geithner has yet to screw up as badly as his predecessors Snow and Paulson, both of whom had extensive financial industry experience.
    Perhaps one day conservatives will learn that Wall Street is not their friend. Capitalists love money more than nation or God, and the only property rights they care about are their own. These days Snow is managing Chrysler’s bailout from the Cerberus side. Paulson, one time CEO of Goldman-Sachs, used TARP funds to bailout Goldman-Sachs.
    It was not Sarah Palin or John McCain, or the Minutemen or anti-abortion activists who left the door open so Obama could get into the Whitehouse, it was Snow, Paulson, and a GOP leadership that is more comfortable dealing with Wall Street financiers than with rank-and-file conservatives.

  15. It must be said that Geithner has yet to screw up as badly as his predecessors Snow and Paulson, both of whom had extensive financial industry experience.

    That’s what they said about the captain of the Titanic until he sideswiped an iceberg at full steam. I will check in with you on Geither when gas is eight dollars and a gallon of milk is twenty bucks.

    Capitalists love money more than nation or God, and the only property rights they care about are their own.

    The first part is a lazy, sloppy generalization. As for the second, might that be because they are the ones that actually own anything? Liberals love messing with other people’s property – I guess that’s okay then?

  16. An over-generalization? Sure. Lazy? Possibly. Sloppy? I don’t think so. How patriotic is George Soros? Warren Buffet? Carl Icon? Or Bill Gates, for that matter. Would any of them ignore their bottom line to protect the property rights of someone else? I doubt it. In a capitalist system the advantage goes to the person or organization that protects its own property rights while degrading the property rights of others.
    Look at it this way: This country is full of people, businessmen, Republicans, many of them, who will knowingly break the law and hire illegal aliens specifically because it does degrade the value of the labor that belongs to their fellow Americans. And they do this to make money, not because they love their country.
    I believe that free market capitalism has the same relation to wealth distribution that democracy has to government: It’s the least worst system.
    That seems to me to be a conservative position.

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