Earlier that morning two lengthy profiles of the Treasury Secretary were published in the New Yorker and the Atlantic respectively. There too, Geithner was cast (or, perhaps, cast himself) in the role of the humble victim, doing the bidding of the country at the price of personal reputation.I continue to be somewhat surprised at the attitude I find among the cognoscenti about what is expected from the activist wing of the party. From what I gather, the base is assumed to be trained seals who will clap and do tricks on command but placidly accept the blame when things go wrong. And it upsets the serious people greatly when it fails to do that. In other words, the base is the party's doormat."We saved the economy," he told the New Yorker, "but we kind of lost the public doing it."
After enduring months of criticism, the administration clearly has sensed that the time was ripe to re-launch the image of its economic staff. The department had not done a strong enough job communicating its agenda, one of the top ranking officials conceded on Monday. Too much ground had been ceded to the opposition and private industry. More clarity had to be drawn between what the financial sector wanted and what was good for the public. But the administration's policies -- for all the vilification they endured -- were working, officials stressed, even if the messaging was not.
The question remains whether the public can restore its faith in Treasury after months of disappointment from the progressive base and disparagement from conservative critics.
Geithner is making the case that he did what was best for the larger economy without regard to the political (or personal) cost. That he made the hard choice, not the easy one.That's a questionable statement on many levels. Wouldn't the hard choice be going all in on real reform, rather than tinkering at the edges? Wouldn't the hard choice be demanding more accountability from the banks whose bacon got saved, rather than worrying endlessly about how investors, and marketers, would react to any harsh move?
Geithner faces an unresolvable dilemma. He's an elitist in a populist era. We heard exactly the same kind of we know what's best rhetoric on the topics of deregulation and financial sector innovation -- often delivered by men who were Geithner's mentors. There's less patience right now, on both the left and the right, for government rationalizations than I can ever remember seeing. I'm no particular fan of Old Testament justice, but my guess is that having been denied satisfaction from the current administration, the people will wreak some of their own justice at the polls in November.