Bloomberg Businessweek

The Dividends Of Wrath

How anger over the financial bailout gave us the Trump presidency

It was late January 2010, and Treasury Secretary Timothy Geithner sat slumped in a leather chair as the afternoon sun cast shadows across his ornate corner office. He’d just gotten off the phone with Federal Reserve Chairman Ben Bernanke. The economy was, if not exactly healthy, light-years ahead of where it had been when he took the job a year earlier—a moment when the world teetered on the brink of another Great Depression. The financial contagion had been halted. Growth had returned. The stock market was 10 months into a bull run that continues to this day.

But Geithner had the weary resignation of a beaten man. I’d been following him for months for a long magazine profile, and this was our valedictory interview, his chance to pull back and make his best case that the Obama administration had rescued the country from financial ruin. Geithner had every confidence they’d made the right choice by focusing single-mindedly on restoring growth rather than indulging what he derisively called the public’s clamor for “Old Testament justice.” But his sales pitch kept dissolving into fatalism.

Three days earlier, Massachusetts voters had delivered a jarring rebuke, choosing a Republican to fill Democrat

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek5 min readTech
Wall Street’s Great Ice Cream Buyout
While his friends played in the Florida sunshine, Elliot Greenbaum, then 11, was often bundled up in coat and hat, sweeping the floors in his dad’s refrigerated warehouse. As a teenager, he operated the forklift and loaded Danish canned hams into sta
Bloomberg Businessweek11 min readPolitics
Economics
The president’s tweets are just a nuisance compared with his push to pack the central bank with partisans
Bloomberg Businessweek4 min read
$till the Boss
The euro hasn’t knocked the dollar from its top spot. Can the yuan do it? How about Facebook’s Libra?