Reed Hundt in the Boston Review:
More than a decade after the financial crises of 2008, the shortcomings of the government’s response have become painfully clear.
This clarity has unfortunately not been aided by the extensive writings of the three people George W. Bush and Barack Obama charged with putting the fire out: Henry Paulson (Bush’s Treasury secretary), Timothy Geithner (Bush’s New York Fed CEO turned Obama’s Treasury secretary), and Ben Bernanke (chairman of the Federal Reserve for both Bush and Obama). In no other U.S. financial crisis did two successive administrations of opposing parties work together so harmoniously, aiming toward the same goal with similar means. From the moment of the Lehman Brothers bankruptcy on September 15, 2008, to Obama’s inauguration on January 20, 2009, the two major parties—one of whose leaders won office on the slogan of hope and change—sought essentially the same legislation, backed the same actions by the executive branch, and even relied on the same person, Geithner, to restore Wall Street’s primacy in shaping investment and wealth allocation.