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Tim Geithner Is A Hero, Says Hedge Fund Manager Mark Dow

Posted Apr 13, 2010 03:38pm EDT by Henry Blodget in Newsmakers, Recession, Banking, Politics
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If one man has born the brunt of the outrage over the Wall Street bailouts over the past 18 months, it's Treasury Secretary Tim Geithner.  And this criticism, says Mark Dow of Pharo Management, is wholly undeserved.

On the contrary, says Dow, Tim Geithner is a "hero."

A former Treasury official himself, Mark Dow argues that Tim Geithner, Federal Reserve Chairman Ben Bernanke, former Treasury Secretary Hank Paulson, and the other folks who managed the bailouts did exactly the right thing.  They saved the country and economy from collapse.  They acted swiftly and prudently.  They held their ground against widespread public fury about what they were doing.  And even though, in the process, they saved some folks who didn't deserve to be saved--Wall Street bankers who took too much risk and brought the economy to the brink--there was no other option.  They did exactly what they had to do.

This, of course, is what Tim Geithner, Ben Bernanke, and others have been saying since the start of the crisis: We had to do it or the world would have ended.  To say this argument has been met with widespread skepticism is an understatement: What Geithner and others "had to do," appeared, from the outside, to be a heroic effort to use taxpayer money to save people and firms who were the last folks on earth to deserve it.

But Dow is persuasive.  And he believes there was no other way out.

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  • Rock Head
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    Rock Head Tue Nov 30, 2010 02:55 pm EST Report Abuse
    This guy of course says those frauds who stole and continue to steal what little bit of wealth the people still hold here in the US or in any country that is enslaved by the machinations of a reserve banking system. All of which are subject to the IMF and UN. All the interest you pay in the form of income taxes is all funneled straight to the federal reserve, not the treasury of the US. Every penny you send to the IRS is endorsed over to the federal reserve, not the treasury of the US. The treasury of the US is a US gov't institution. The federal reserve is a privately owned corporation who's sole purpose is to make profits for its stockholders and board of governors and other employees and to send any left over profits straight to the UN to distribute to all those countries leaders who never give any onf it to those in need. It will be spent on weapons for genocides, drugs, and terrorist actions and trainings. These things and other atrocities are being funded with the income tax dollars this government in the US has been stealing from us all illegally for all of your life. If you think the gov't would run out of money and cave if there was no income tax paid, think again. Everyone would have to quit paying income tax, all taxes on any types of fuel at any stage of its production, delivery and consumtion and repeal all taxes charged on personal property and real property. Only then would our so called leaders doing the work of chimps with retardation handicaps begin to notice the faucet pouring the free mountain of money into their laps was not flowing quite as strong. This fraud of a gov't taxes everything everywhere a thousand times before you or I ever pay the sales tax on whatever it is we buy. All those corporate taxes are rolled into the costs of manufacturing until the point comes where the manufacturers just close the doors and move the company to a country where the corporate tax burden doesn't make turning a profit an impossibility. Kinda like what we are currently experiencing here if the USof A
  • frankmargel.com
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    frankmargel.com Mon Nov 29, 2010 12:16 pm EST Report Abuse
    Testing, testing 1234!

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