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Geithner Bombs

In another setback for the nascent Obama administration, Treasury Secretary Geithner in his rollout plan to reform the banking industry.

Geithner harshly criticized the previous adminhttp://www.blogger.com/img/blank.gifistration's approach to the crisis yesterday. But in outlining his proposal "Geithner seemed to be following the Hank Paulson playbook," says the WP in an analysis piece.

The few items in Geithner's plan that were new "came with so few details about how they would work that it contributed to the very public anxiety and investor uncertainty that Geithner criticized," notes the Post. The paper points out that the parts of the plan that had the most detail "are direct continuations of rescue efforts undertaken by Paulson."

It's therefore no surprise that Sen. Richard Shelby, the senior Republican on the Senate banking committee, said the proposal outlined by Geithner looked like "son of Paulson."

Watch for this to be a pretty constant theme over the next four years. Bush did something that people criticized, Obama takes over, continues Bush policies out of practicality or necessity. I expect it to be a regular occurrence.

Full post as published by Expressio Unius on February 12, 2009 (boomark / email).