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‘Wall Street Isn’t Really Their Audience’

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So what if Tim Geithner freaked out Wall Street to the tune of a 382-point Dow dive? Wall Street isn’t really the Obama administration’s audience.

That, according to Andrea Mitchell, is the Obama administration’s defense of Geithner’s universally-panned performance on Tuesday.  Mitchell appeared on Morning Joe today. It was David Gregory’s “who’s-in-charge-here” question and Joe Scarborough’s ripping of Geithner’s claim that he’d only been there two weeks that prompted Mitchell to speak up for the Obama administration.

Next time I’m in a jam, I’d hope to have an advocate as passionate as Andrea.  Watch 38 seconds into the video, as Mitchell can barely contain her eagerness to speak  “in their defense.”

DAVID GREGORY: Look at his economic team: he’s got Paul Volcker out there, he’s got Larry Summers who’s on television all the time, I mean, Larry Summer’s terrific, you know, great to talk to, very knowledgeable.  And now Tim Geithner. Who is really the #1 voice running the economy on the inside?  People on Wall Street want to know that. The private-equity world wants to know that.  I mean, everybody wants some details, and they want to know who’s really running it.

JOE SCARBOROUGH: The problem is, when Tim Geithner comes out and says we’ve only been here two weeks, we’re not going to rush into things, and when he says it the next day on the Hill, you’ve got people on Wall Street saying: hey wait a second.  I thought the Bush administration opened the doors and let you guys in early so you hit the ground running. And Geithner was [already, at the Federal Reserve] there!

GREGORY: Tim Geithner was responsible  for TARP I! He worked on TARP I!

SCARBOROUGH: Yeah, exactly!

ANDREA MITCHELL: In their defense, they’re saying that Wall Street isn’t really their immediate audience. That’s their claim.  Tim Geithner in Rome today, G-7, he’s going to have the foreign audience. They say they have more details than have been publicly disclosed.

SCARBOROUGH: Let’s hope he does better in Rome than he did in Wall Street.

Aside: note how David Gregory seems to sense he might have disparaged Larry Summers by saying he’s “on television all the time,” then goes out of his way to build him back up: “I mean, Larry Summer’s terrific, you know, great to talk to, very knowledgeable.”  Like Scarborough said yesterday: it’s all about access, baby.

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This was written by Mark Finkelstein. Posted on Friday, February 13, 2009, at 8:57 AM. Filed under Uncategorized. Tagged , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.   []