TARP Audit & Monday Morning Quarterbacking

Wall Street Journal, Friday, November 20, 2009, Opinion Page:

“In remarks Tuesday that were interpreted as a veiled response to Mr. Barofsky’s(TARP’s Inspector General’s) report, Mr.Geithner (Treasury Secretary) said, ‘It’s a great strength of our country, that you’re going to have the chance for a range of people to look back at every decision made in every stage in this crisis, and look at the quality of judgments made and evaluate them with the benefit of hindsight.”

“Mr. Geither has a point about Monday-morning quarterbacking. He and others had to make difficult choices in the autumn of 2008 with incomplete information and often with little time to think, much less to reflect.”

In reference to a game of football played over the weekend, in “Monday- morning quarterbacking” a person/persons comments on the plays in the game with “hindsight”, for instance, “Perhaps if the quarterback had passed on the third down, they would have had a touchdown.”
The quarterback calls the next play to the team during the football game.

In the case mentioned in the Wall Street Journal, the TARP Inspector General was making comments last week about decisions made last fall with the benfit of “hindsight”. He did not make the relevant financial decisions that Mr. Geithner was making. He was playing Monday-morning quarterback.

For more information about “Monday-morning quarterbacking” and football in general, please see http://www.sportsidioms.com and prior posts on this blog.


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