The rumors are already flying. Tim Geithner might not be Treasury Secretary much longer. But who are they floating as a replacement? JP Morgan Chase CEO Jamie Dimon. Huffington Post has an article where they discuss whether it would be a good fit or not. My reaction? I pray that they will not be that stupid.
I know that a Treasury Secretary needs to know a lot about finance, economics and what goes on on Wall Street. But really. Replacing one Wall Street insider with another just makes it a revolving door of people mentally connected from most people in the USA, and makes lobbying from Wall Street look like an amateur’s game.
If Timothy Geithner steps down, which might not be such a bad thing, I would hope that they could find somebody that has more knowledge of small businesses, entrepreneurship and general daily grind activities. Somebody who undersands that keeping banks too big to fail will just set us up for another crash just like the one we’re in with bigger job losses and the potential for a real depression. No, we need to make the price to be big so high that it’s not financially responsible to share holders to be so big. And separate money lending banks from investment houses. The latter should not even be allowed to be called banks, just to limit the confusion.
The USA needs a good and steady hand at the helm of the Treasury. I don’t believe the Wall Street CEOs even know what the chart looks like.
