This may become a new meme:
This has something of a contrarian flavor to it, but I must say I have more confidence in the success of Tim Geithner's much-denounced, seemingly loosey-goosey financial-sector management than I do in the eventual effectiveness of the macroeconomic stimulus program in place. Already there are hopeful little signs that what Geithner has been quietly doing is working; further, it seems to me that too many economists are assessing the situation with moderately backward precision. By that I mean, fixing the banking and credit system is a profoundly necessary challenge, for sure, but what good is a dandy credit system if millions-more Americans are by then out of work, hence out of the credit market?
In other words, it puzzles that Geithner's job is so consistently favored by economists as the ultimate challenge, while more traditional, demand-side Keynesian cures are treated as somehow less urgent or somehow less important.
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