BAD BANKS, BAD ANALYTICS, BAD CABINET OFFICERS

Here's a very short video of Chris Whalen from Institutional Risk Analytics discussing Geithner, "nationalization" of the banks, the so-called "stress tests," and a few other issues. Institutional Risk Analytics seems to monitor and analyze banks. As to Whalen, his resume is long -- having worked for the House of Representatives, the Federal Reserve, Bear Stearns and Prudential Securities -- and impressive. Impressive in the sense of knowing what's happening on the inside. I leave it to you to judge it otherwise. The whole video is less than two minutes long. (H/T Jesse)



As you'll see, Whalen asserts that the only reason Obama appointed Geithner as Treasury Secretary was to "protect Goldman Sachs." Hard to argue with that based on the AIG deal. Or based on Geithner's stellar performance while head of the NY Fed.

Why would Obama have made such a choice? I guess we all have to supply our own explanations to that one.

Meanwhile, I think anyone who's followed this story the last couple weeks can agree that Geithner won't last much longer. Time to start turning the weaponry on to Summers.