I don't think Tim Geithner is the right person to fix the mess we're in since he's too close to those on Wall Street that caused the problem to begin with, but how ridiculous is George Will in this clip? Even after the giant mess that the "markets" have created with no regulation, Will is still doing his best job of channeling Ronald Reagan's mantra of let the markets take care of themselves and government can't solve our problems because it is the problem. Whether Geithner can fix the mess or not we sure need regulations put back in place and quickly IMO which will be up to the Congress to get passed. Will does his best to conflate Geithner's troubles with government regulation being bad.
Will: This is a complicated society with trillions of decisions made every day driving this. That's why you have markets rather than bureaucrats to allocate wealth and opportunity.
Reich: The markets failed George. Let's be clear about that. The markets failed.
Will: Just you wait till the government gets at it. If you think that this is a failure, just you wait.
Reich: Well it's already failing. Look at, we have the worst economic conditions we have had. We had a market fundamentalist as President. We had market fundamentalism as the guiding economic philosophy and what happened? We got in this mess George.
Will: Sixty two days ago Mr. Geithner was the indispensable man and never mind his little tax problems, he was indispensable. As de Gaulle said---graveyards are full of indispensable men.
Is Will an indispensable man too? Raise your hands. Geithner... bad. Therefore regulation... bad. Free market... good. Bad man trying to mess up free market...very bad.
To listen to Will is like listening to a man who has been living in a cave and totally cut off from society and all forms of communication these last eight years. The financial sector has already melted down and we're hanging on by a thread, but not in Will's alternate reality. Does he really want to live in a society where the free markets rule everything and the government takes care of nothing? Apparently so. I'd like to see him try to live in a place that actually espouses the virtues he holds so dear.
Need a cop to come to your house??..you're on your own and buy more guns. Want some traffic lights working in your neighborhood??...just call in Blackwater. Want to drive on any of the roads in this country??...pay a toll and hope they don't jack up the prices too high. Want your phone to work??...well the phone company decided that your area isn't profitable enough to keep service there so too bad. Want your lights turned on?...well the electric company decided that a big industry was more profitable than you were to provide service to.
Don't you dare let the government interfere in any of those free markets....right George Will? Heaven forbid who knows what might happen if they did.
(John Amato helped with the post)