There Should Be More Naughty Words Used

Apparently Tim Geithner's language in a meeting yesterday with financial regulators got a littler more colorful than usual. The writer of a Wall Street Journal story called it an "expletive-laced critique." I think I like the angry Tim Geithner. We should have more cursing.

The WSJ article states:

"Friday's roughly hourlong meeting was described as unusual, not only because of Mr. Geithner's repeated use of obscenities, but because of the aggressive posture he took with officials from federal agencies generally considered independent of the White House. Mr. Geithner reminded attendees that the administration and Congress set policy, not the regulatory agencies."

It continues:

"Government officials said Mr. Geithner had expected regulators to object to parts of the plan that threatened their power or authority, but Treasury officials appeared caught off guard at how much the criticism resonated with lawmakers.
Mr. Geithner wanted to tell the attendees they shouldn't let turf battles get in the way of fixing a system that is clearly broken, Mr. Wolin said. He declined to comment on Mr. Geithner's tone and language."

I have not been able to digest the Financial Regulatory Reform proposal, I probably won't be able to either. Nevertheless, Geithner's primary goal is to create a new regulatory agencies and boards, for example the Financial Services Oversight Council and the National Bank Supervisor. I will read more of the plan and hopefully be able the answer the following question. Is Geithner's proposal going to alleviate the rent seeking tendencies of regulators or is he creating a whole new agencies of rent seekers? Sphere: Related Content