First, I am the world's most ardent fan of Paul A. Volcker and Lawrence Summers, but I am a bit puzzled by the choice of Timothy F. Geithner to be Treasury Secretary. During the presidential campaign, I heard Mr. Obama talk many times about "change you can believe in." But what does Mr. Geithner have to do with change?
He's the pre-eminent careerist of old time finance, and a basic part of the team that got us into this mess. He was pro-deregulation for most of his career. He went along with failing to rescue Lehman Brothers, a decision now generally considered a catastrophic mistake. He led the Federal Reserve Bank of New York while money-center banks made lethal mistakes of faulty risk management - and he did zero to stop it, as far as is known.