"...the plan has been criticized by the financial-services industry, as well as by financial regulators wary of encroachment on their turf."
"Friday's roughly hour-long meeting was described as unusual, not only because Mr. Geithner's repeated use of obscenities, but because of the aggressive posture he took with officials from federal agencies generally considered independent of the White House."
"Mr. Geithner, without singling out officials, raised concerns about regulators who questioned the wisdom of giving the Federal Reserve more power to oversee the financial system."
One of the cryptocracy's central goals to be accomplished in the wake of the economic crisis they precipitated was to empower the Federal Reserve as the THE regulator of the financial world. This power-grab by the owners of the world's banks was chutzpah exemplified.
And now the cryptocracy must be realizing that they didn't create a big enough crisis, because they have not intimidated the regulatory bureaucracy and the leaders of the financial world enough to go along with the cryptocracy's objective.
One of the rules of the modern political world is never underestimate the staying power of an established bureaucracy. And that is exactly what the cryptocracy did.
The frustration must be extreme as shown by the behavior of the otherwise mild-mannered Geithner. He is one of the central employees of the cryptocracy. His assignment is to manage the change-over in the regulatory world. His unsual performance at the meeting stems from the pressure his employers are putting on him to accomplish his assignment which is in danger of slipping away.
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