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Take the Steering Wheel out of Geithner's Hands (Geithner steers Obama).

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biopowertoday Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-23-09 01:32 PM
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Take the Steering Wheel out of Geithner's Hands (Geithner steers Obama).





http://www.huffingtonpost.com/arianna-huffington/geithn...


Take the Steering Wheel out of Geithner's Hands


Arianna Huffington

Posted March 23, 2009 | 10:32 AM (EST)

On February 10th, the New York Times reported that there had been a "spirited" battle within the Obama administration over restrictions on executive pay and bonuses, and over attaching stringent conditions to any bailout money given to banks.

The clash pitted Tim Geithner, who opposed the restrictions and conditions, against David Axelrod, who favored them. According to the Times, Geithner had "largely prevailed."

In light of what has happened since then, that outcome must now be viewed as a tragic surrender to Geithner, Summers, and the political/Wall Street class -- a "victory" that could lead to the unraveling of the president's entire economic policy.

Maintaining the public trust is always important for a leader, but especially so during hard times. There is a fascinating chapter on Nelson Mandela in Stan Greenberg's new book, Dispatches from the War Room, in which Greenberg writes about how even the revered Mandela suffered a loss of public confidence when change did not come fast enough after he took office. "Don't assume the current euphoria, even with your high approval rating will carry you through," Greenberg counsels Obama, stressing the need to try to build up enough trust so that the public will stay with the president until they can actually experience change.

The Axelrod camp understood this and, according to the Times' February story, argued that "rising joblessness, populist outrage over Wall Street bonuses and expensive perks, and the poor management of last year's bailouts could feed a potent political reaction if the administration did not demand enough sacrifices from the companies that receive federal money."

Axelrod was right. And his loss has already cost the young Obama administration a lot.................
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