This week, embattled U.S. Treasury Secretary Tim Geithner presented an already-embattled plan to safeguard the embattled financial system. And it reveals that the Obama Administration's response to tough times is to institute tough measures.
If the plan gets Congressional approval, there would be a new regulator, and tougher standards, for financial institutions so big their failure could create enormous problems. There would be federal regulation of everyone trading in so-called "derivatives". And if non-bank institutions like hedge funds or insurers goof, they could be taken over by the federal government.
Did I mention that Mr. Geithner and his plan were embattled? Well, one of those embattlers is James Galbraith.
He's an economist who holds the Lloyd M. Bentsen Junior Chair in Government and Business Relations at the University of Texas. We reached him in Austin.
http://www.cbc.ca/asithappens/latestshow.htmlStarts 0:48 into the part.
http://www.cbc.ca/mrl3/8752/asithappens/20090327-aih-2.wmv
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