Should We Be Critical of the Geithner About-Face?
This news isn't being received kindly. TPM's top headline: "How Geithner's Bailout Rollout Flopped." Mike Tomasky echoes the Post and says that Geithner's effort was "hobbled." Conservative blog Red State is calling the situation a "picture of dysfunction."
And yet, why? I agree that Geithner should have ignored his arbitrary deadline in order to put more meat on the bones of his plan. I agree that it is ridiculous that the administration gave Geithner no staff to work with. But shouldn't we applaud the fact that Geithner did not stubbornly stick to a plan that he could see was not working, despite the fact that he had spent weeks working on it? Wasn't it characteristic of the Bush Administration to never admit mistakes and to obstinately stick with policies that were obvious failures? Doesn't that explain years 2003-2006 of the Iraq War and Donald Rumsfeld's tenure as Secretary of Defense?
Geithner saw that he had a flawed plan. Instead of saying, "It's too late to change course" or "We put too much work in to switch things now," he scrapped what he had and went with something better. I say we give him credit for that.