March 17, 2009

GEITHNER VS. DODD? Glenn Greenwald says that Treasury is making Dodd a scapegoat for its own screwups.

UPDATE: Dan Riehl calls this a “half-truth” and notes that Charles Rangel is getting involved.

ANOTHER UPDATE: White House Confident in Treasury’s Oversight.Financial Post. “To use a current cliche, frequently deployed to humiliate bankers and CEOs: He doesn’t get it. Barack Obama, that is. He just doesn’t get it, and nor do millions of others who are following the U. S. President on his long destructive march against bankers and corporate executives for their alleged ‘recklessness and greed.’ . . . The leading government-created disaster behind the financial crisis is U. S. housing policy and the multi-trillion dollar securitized mortgage market created by the U. S.-government backed mortgage agencies known as Fannie Mae and Freddie Mac. In comments in 2007, Mr. Bernanke reported that the two agencies, with $5.2-trillion in mortgage obligations, posed a systemic risk.”

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