noam scheiber, author of "the escape artists: how obama's team fumbled the economy." welcome. 6:40 wednesday morning in london greg smith sent an e-mail to his bosses informing them of his resignation to the firm. 15 minutes later he announced his resignation publicly in an op-ed in "the new york times." smith wrote about the goldman sachs saying, quote, i can honestly say the environment now is as toxic and destructive as i have ever seen it. to put the problem in simplest terms the interest of the client continue to be sidelined in the way the firm operates and thinks about making money. the bonfire sparked by the bridge burning shines a harsh light to financial world, goldman sachs stock fell wednesday losing more than $2 billion in value. and smith's op-ed open ad conversation goldman sachs and others are beginning to close. whether the mega-banks were for or against the clients and more broadly whether they are working for or against the broader economy. bill, one thing about the op-ed i just -- the part of it that i couldn't swallow is in 2005, goldman sachs was

the author of the esc ate artist, noam scheiber has written an account. he has some info on this. we brought him in here. thank you for joining us. first of all am i somewhat right in thinking tim geithner is as one of the bankers put it, our man in washington and designed this economic program thinking, if we just give to the banks, it will trickle down to the rest of us? >> yeah. i mean geithner definitely had a view. i don't think it was because he was literally corrupt. i think he has a narrow view of the world maybe. but his view was that in order to revive the economic, you have to revive the economic sector. he was going to spare no expense in doing that. tim's view was, you've got to just kick as much dirt on the fire as possible. if you kick too much, that's fine. but you don't want to kick too little. so that was his view. you don't want to spent a lot of money and fail. if you are going to spend a lot of money, spend more and succeed. they. >> to me that isn't the problem. the problem is where they spend their money. right? >> oh, yeah. no -- >> because like when he cam