Geithner, a Man Who Doesn't Lose His Cool

News services reported today that Tim Geithner, currently President of the Federal Reserve Bank of New York, was President-elect Obama’s choice to be Secretary of the Treasury. The markets reacted very positively to the news. This presumably captures both relief that some policy uncertainty has been resolved at this critical juncture and approval that Geithner is the man chosen. I share the pleasure at this appointment.

Tim Geithner is refreshingly straightforward and personable, and doesn’t “stand on ceremony.” At the same time, he is cool and unflappable. By coincidence, the Economic Advisory Panel to the NY Fed President, of which I am a member, met today. Unusually, Geithner excused himself at two points in the four-hour meeting to take short phone calls. Given the timing, it seems very likely that one of the phone calls was Senator Obama offering him the Treasury position. These Panel meetings are off the record, but I think I am not betraying any confidences to report that Geithner betrayed no sign to us of what had just happened. No change in demeanor, no change in the substantive flow of the discussion. This is a guy who does not lose his cool. Just what the country needs.

Comments

[Amvet:]

Cool, The same gang that got us into the current mess is being hired to correct it. Our future is assured. Amvet

2008 Nov 22 08:33 AM

[swaps:]

Geithner has never been an investment banker, as I understand it, so he is not part of that crowd. Instead, he is one of the regulators, who have been functioning as dysfunctional enablers.

Is he really cool, or just on heavy doses of Prozac?

I agree, Amvet, this county needs a clean sweep of the greedy ones who have walked away with fortunes while bankrupting society.

Dan

2008 Nov 22 09:22 AM

[John Lounsbury:]

Amvet - - -

I disagree with your opinion that Geithner was part of the team that got us into this mess. He came to the NY Fed presidency after the too low interest rate period. He has been consistent in his public positions recognizing over-leverage problems before this crisis broke.

2008 Nov 22 09:24 AM

[speculari:]

Jeff,
Well here we are again! We were both wrong on the pick; you thought it woulld be Larry Summers and, I was certain that Alistair Darling would get the nod! I suppose there is a lesson in here somewhere for us both but - I must admit that it absolutely escapes me.
As far as your assessment of Tim's cool demeanor, based upon your not betraying any confidence, as well as, his not betraying any sign of what you allege or surmise to be a phone call from the president elect - come on now Jeff, this is a bit of a "stretch", if not in logic, most certainly in imagination! Admit it, you were both in a four hour meeting (which to many of us suggests that you do not manage your collective time well) & he likely just needed a break. I'm betting that the first call was from Hank Paulson & the second call was from his administrative assistant! Please get back to us on this subject.

2008 Nov 22 10:24 AM

[carey_jim:]

The future of America will depend on the ability of our leaders and not their personalities.

Abraham Lincoln is usually considered a great president but even Lincoln had to go through a long list of generals with superb records and personalities before he finally stumbled over Ulysses S. Grant.

Grant was considered by many (incorrectly) to be a drunk, a failure and an anti Semite among other things.

Abraham Lincoln himself was described by Harpers magazine as a "despot, liar, thief, braggart, buffoon, usurper, monster, ignoramus."

Let's look at what Geithner does and did, not how he does it or did it.

2008 Nov 22 12:05 PM

[TinyTim:]

assuming your speculation about the phone calls was accurate:
1-is this substantive
2-maybe he spends time playing poker
3-" on heavy doses of Prozac"
4- a sociopath
5-glazed over from a 4 hr meeting

2008 Nov 22 01:06 PM

[MarvinMBA:]

Lets give the new administration and its staff an opportunity to do their stuff before knocking them is my take on the comments that follow this post...MarvinMBA

2008 Nov 22 07:24 PM

[y3115y:]

We spent more than we have. We barrowed too much,
We could write off the debts by:
1. Print more money and devalute the dollar, and let China and Japan to suffer the losses..
2. People are against the bailout auto inductry because they were poor managed. But US government is also poor managed, Why US should not declare chapter 11? Let us start over again?

2008 Nov 23 04:00 PM

[TBill:]

On Nov 22 12:05 PM carey_jim wrote:

> The future of America will depend on the ability of our leaders and
> not their personalities.
>
> Abraham Lincoln is usually considered a great president but even
> Lincoln had to go through a long list of generals with superb records
> and personalities before he finally stumbled over Ulysses S. Grant.
>
>
> Grant was considered by many (incorrectly) to be a drunk, a failure
> and an anti Semite among other things.
>
> Abraham Lincoln himself was described by Harpers magazine as a "despot,
> liar, thief, braggart, buffoon, usurper, monster, ignoramus."
>
> Let's look at what Geithner does and did, not how he does it or did
> it.

I agree in sentiment, but Lincoln is a poor comparison. He was most of what Harpers said of him. Grant was a callus butcher.

I fail to see how being personable and 'not standing on ceremony', cool and unflapable make a good Sec. of Treasury or even an economic advisor. I'd much prefer an unpersonalbe curmudgeon who knows what's best for the country. Volker comes to mind...

2008 Nov 23 08:45 PM