Geithner’s Ghost Writer and the Parable of the River of Risk ( attacks Sanders re: mega banks )
By William K. Black
Quito: June 9, 2015
Michael Grunwald has written a column attacking Senator Bernie Sanders. It is entitled Dont break up the megabanks. As Grunwald appropriately discloses, he is Timothy Geithners ghost writer and a fervent co-religionist of Geithners gospel of adoration of and devoted service to the worlds most fraudulent bankers.
Grunwald gives the reader fair warning that he has no financial expertise and is prepared to say anything to try to defend the banksters and Geithner when he makes his first argument the claim that it is un-American to break up banks that pose a global systemic risk. To the contrary, few things could be more American if you are even remotely familiar with American views of megabanks from the founding of our Republic.
I will return to responding to Grunwalds efforts to prove that Geithner was correct to protect the worlds largest and most criminal banks and banksters from effective regulation and prosecution in a subsequent column. First, however, I will write a series of columns on Grunwalds heroic effort to convert Geithner (with Alan Greenspan and Bernanke) from one of the Nations three worst anti-regulators into a regulatory sage complete with a parable of the river of risk. Geithner infamously boasted that he was never a regulator in a rare foray into candor. But the new Geithner is reimagined by Grunwald as a regulatory guru. Grunwalds effort at sycophancy is in another demonstration of our family rule that it is impossible to compete with unintentional self-parody.
My readers may recall that this is the second effort at rehabilitating Geithners regulatory catastrophes. Geithners first effort floated a soccer simile. My column explained why the simile demonstrated that Geithner knows as little about soccer as regulation. His simile also lacked gravitas.
in full:
http://neweconomicperspectives.org/2015/06/geithners-ghost-writer-and-the-parable-of-the-river-of-risk.html#more-9506