Tim Geithner is an embarassment. He spent Friday in Poland lecturing European leaders on the necessity to increase the bailout fund for the bankrupt states of Greece, Spain, and Italy. According to Geithner, failure to expand the bailout fund and, implicitly, to let Greece (and Spain and Italy) to balloon their national debts to even greater heights, would be "catastrophic." Great idea! Add to the debts of Greece, Spain, and Italy! That's a novel way to solve the European debt crisis -- make it bigger.
Well, Geithner might respond, that's what we did in the US and look how wonderfully things are going there!
This is what happens when politicians think they can solve problems. They make the problems much bigger. This way when things collapse down the road, they won't be around to face the music. Europe will eventually implode. Geithner just doesn't want it to happen on his watch.
Unfortunately for the US, we are on "his watch" and the results are there for all to see -- economic stagnation.
It is embarrassing that the Obama Administration is still trying to pretend that more and more debt and more and more economic stagnation is the way to go. It makes one wonder what the real motive is here.
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