In Lew of Geithner
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Washington is all aflutter about the dangers of too much federal debt. But the real danger to the American economy may lie elsewhere, and in an all-too-familiar place. Four years after Wall Street precipitated the worst crash since the Great Depression, the nation’s financial system is again becoming enshrouded in uncertainty and a lack of transparency. At a time when the biggest banks are getting even bigger, and more opaque in their operations, the Dodd-Frank financial regulation law is still not fully implemented, two and a half years after enactment. President Obama’s own attorney general, Eric Holder, even implicitly rebuked his former Cabinet colleague, ex-Treasury Secretary Tim Geithner, for allowing the banks to get out of hand. The question now is: Does Geithner's replacement, Jacob Lew, have the right stuff to rein in Wall Street? In National Journal's first e-Book, In Lew of Geithner, Chief Correspondent Michael Hirsh concludes that it's far more likely that Lew will follow Geithner's path.
ABOUT THE AUTHOR
Michael Hirsh is chief correspondent for National Journal. He also contributes to 2012 Decoded. Hirsh previously served as the senior editor and national economics correspondent for Newsweek, based in its Washington bureau. He was also Newsweek’s Washington web editor and authored a weekly column for Newsweek.com, “The World from Washington.” Earlier on, he was Newsweek’s foreign editor, guiding its award-winning coverage of the September 11 attacks and the war on terror. He has done on-the-ground reporting in Iraq, Afghanistan, and other places around the world, and served as the Tokyo-based Asia Bureau Chief for Institutional Investor from 1992 to 1994.
Hirsh has appeared many times as a commentator on Fox News, CNN, MSNBC, and National Public Radio. He has written for the Associated Press, The New York Times, The Washington Post, Foreign Affairs, Harper’s, and Washington Monthly, and authored two books, Capital Offense: How Washington’s Wise Men Turned America’s Future over to Wall Street and At War with Ourselves: Why America Is Squandering its Chance to Build a Better World. Hirsh has received numerous awards, including the Overseas Press Club award for best magazine reporting from abroad in 2001 and for Newsweek’s coverage of the war on terror, which also won a National Magazine Award. Follow him on twitter @michaelphirsh