President Obama 's Appointment Of Secretary Of State Essay example

President Obama 's Appointment Of Secretary Of State Essay example

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his administration. Once in office President Obama’s appointment of Secretary of State would illustrate his intentions of how to deal with Wall Street, to reform or rebuild. Two main candidates emerged to fill the position Paul Volcker, known as a regulator and being tough on Wall Street, and Tim F. Geithner, a former Bill Clinton appointee and who also spearheaded the Bush’s administration response to the initial crisis (Kirk & Wieser, 2012). Obama, to the surprise of many, selected Geithner for the position that would lead the administration’s negotiations with Wall Street banks. Secretary Geithner belief that the market was fragile and that the government should “do no harm” in such a critical moment would be the foundation followed by President Obama’s in his action towards the Banks (Kirk & Wieser, 2012). Subsequently, President Obama was in no mood for confrontation and would receive nor require no firm commitment by the banks to reform “too big to fail”, limit on executive compensation or the requirement that they refinance mortgages for underwater homeowners before the delivery of massive bailouts (Kirk & Wieser, 2012). The lack of any major changes to the structure or regulations of the banks exemplifies how the EMH has left the government, the regulators of such institutions, lacking any ability to enforce any supervision of the banks, just as drafted by EMH. In 2007, the majority of voters casted their vote for Democratic candidate Barack Obama with expectation of major shift in policies. Unfortunately, in the economic policy sphere this was not achieved and the status quo led by EMH values continued to dominate the financial markets.
So what does it mean that Obama, newly elected with the mandate of change, would sele...

... middle of paper ...

...he private benefiting the taxpayers both in the short and long term. Lastly, Morris examines the amplification of privatization of the U.S. Military since the mid-90’s. Such an augmentation of contract forces in such a short period of time became problematic to the point that a congressional inquiry of the number of forces resulted in an Army response “somewhere between 124,000 and 605,000 (Morris, 2011, p.6). Furthermore, the expectation of cost cutting was at best minuscule leaving the public sector once again better equipped to operate the service. In each of these instance Morris demonstrates the private sector was unable to efficiently compete with the public sector in the laissez-faire market. It is clear Morris brings up three sectors in which the private sector, whose main goal is not profit but providing citizens with a service, is better equipped to provide

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