Practice vs. Theory

Sounds like a “no confidence” vote to me:

Feb. 11 (Bloomberg) — Jim Rogers, chairman of Rogers Holdings, said he renewed bets that U.S. stocks will drop as the government’s economic revival plan is a “disaster.”

[…]

Geithner is attempting to revive a U.S. banking system throttled by $756 billion in credit losses and an economy that lost almost 600,000 jobs last month. His new approach comes four months after the start of the $700 billion so-called TARP, the Troubled Asset Relief Program, which both Democrats and Republicans have criticized as ineffective.

“He caused the problem all last year,” Rogers said on Bloomberg Television. “He came up with TARP, and he came up with all these absurd bailouts. Mr. Geithner has never known what he is doing. He doesn’t know what he is doing now and pretty soon everybody is going to find out, including Mr. Obama.”

Is it my imagination or is there a substantial schism between applied economists, i.e. bankers, financiers, and stock traders, on the one hand and theoretical economists, e.g. Paul Krugman, and the Obama Administration on just how indispensable Secretary of the Treasury Geithner is in dealing with the ongoing financial crisis?

If anybody can produce quotes from bankers, financiers, stock traders, etc. praising Geithner’s approach, I’d appreciate seeing them.