The Wall street Journal reports today that Lee Sachs, a counselor to Treasury Secretary Tim Geithner, will be leaving the administration in April. Since the early days of the transition in 2008, Sachs has generally been the senior Treasury aide in charge of overseeing the administration’s response to the financial crisis.
Just wanted to engage in a little crass self-promotion for those who come directly to The Stash, or who took the Internet off for Columbus Day: I have a piece in our current issue about the tennis-playing habits of the Obama economic team--Larry Summers, Tim Geithner, and Gene Sperling, et al--which, I half-seriously suggest, can be understood as a metaphor for their West Wing interactions.
There's been some teeth-gnashing in the liberal blogosphere over Ryan Lizza's New Yorker profile of Larry Summers, the general thrust of which is that he supposedly went too easy on Summers, particularly on the issue of bank nationalization. Here's Dean Baker over at his American Prospect blog: In terms of the bank bailout, some of us were worried that we were effectively taxing the whole country to support the rich bastards that put the economy in the toilet. Bank profits now stand at a record share of GDP and the bonuses at Goldman are as big as ever.
For those who come directly to The Stash rather than clicking through from the homepage, here are two recent pieces of mine that might be worth checking out. The first is a profile of Lee Sachs, Tim Geithner's top financial markets advisor at Treasury. The second is a piece we posted late last week about why it could be years (a decade or so) before the economy returns to normal self-sustaining growth--and why (shudder) industrial policy may be the best of some lousy options for speeding things up.