Tim Geithner Extends Self, Department, Administration

by Pejman Yousefzadeh on March 28, 2009

There really cannot be enough attention paid to the regulatory nightmare the Geithnerian Treasury Department is seeking to unleash. Fortunately, attention is being paid; Francis Diebold and David Skeel weigh the Geithnerian regulatory scheme in the balance and find it wanting.

Note especially the fact that the FDIC–which is being counted on by the Geithner scheme to sound alarm bells and act on them–was exceedingly slow when it came to dealing with problems at IndyMac. Why should we believe that it–or any other part of government–will do a better job with the vast powers that the regulatory scheme would give it?

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