Congress is the ones who set the budget and control spending. And for two years, both houses of the Congress have been controlled by Democrats. But to be perfectly accurate, both parties are guilty of overspending. The entire system of how bills are passed needs to be adjusted. No more adding pork in order to get your agenda through. Bring in line item veto if the pork persists. As for housing, let's put that blame where it belongs. Some of It is the greed of those who bought houses they either couldn't afford or they took out variable rate loans to buy more than they needed. There is no way that I would ever consider buying a house at the top end of what I qualify for.
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Geithner, whom I've met briefly, is a creature of the establishment. But he manages to be a young establishmentarian par excellence without exhibiting the self-importance and arrogance of that crew. To a degree, then, he's the un-Summer. And while previous Treasury secretaries drawn from Wall Street may have called their colleagues for updates on business conditions, Geithner relies as much on a set of charts drawn from a Bloomberg machine. Which makes him, to a degree, the un-Paulson.
Thus far in his career, Geithner has been a valuable backstage team member. Now he's been hired to be a leader. Is he worth several hundred billion dollars? We'll find out in the next year.
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