Here Comes More Political Theater: Geithner To Testify Three Times This Week, Volcker To Testify On Volcker Rule
Just when you thought you were going to miss the Geithner grilling we saw last week, and would need to fill the vacuum with YouTube reruns of Brady asking Geithner when he would finally quit, here comes Congress with some more just announced political soap operas. Tim Geithner is now scheduled to testify a whopping three times this week, mostly relating to the just announced budget, before the Senate Finance Committee (10am on Tuesday), before the House Ways and Means Committee (10am on Wednesday) and before the Senate Budget Committee (10am on Thursday). More importantly, Paul Volcker will testify before the Senate Banking Committee on his proposal to ban prop trading, which according to many is already dead in its tracks, courtesy of a substantial push by those most likely to be impacted by such a ban.
Lastly, on the political calendar, Congress will vote on the Senate proposed bill to increase the debt ceiling by $1.9 trillion to $14.294 trillion.
Nothing like ongoing political theater to mask for the complete lack of any actual reformative actions yet to be undertaken by this administration, which has so far proved good in only two things: spending and borrowing.