Thursday, November 19, 2009
Facing criticism from the left and the right, embattled Treasury Secretary Tim Geithner today refused to resign during a heated exchange at Thursday’s Joint Economic Committee hearing with ranking Republican Kevin Brady, who suggested that Geithner had “failed” and should reconsider his job.
In recent weeks, Geithner has come under fire from liberals and conservatives over his leadership. A number of lawmakers have questioned whether the Treasury’s recovery efforts have prioritized Wall Street at “Main Street’s” expense.
Rep. Peter DeFazio (D-OR) told MSNBC on Wednesday:
“A growing consensus in the caucus believe that Geithner should be removed.”
However, Geithner bristled at any suggestion he should resign and blamed former President George W. Bush’s leadership for the country’s financial woes, saying:
“I agree with almost nothing of what you said. Again, it’s just a basic fact: A year ago, this economy was falling at the rate of 6 percent a year. We were losing between half a million and three-quarters of a million jobs a month.”
But with Congressional confidence in Geithner in the gutter, many wonder how much longer President Obama will allow Geithner to remain at Treasury until he does what seems to be the inevitable and ask for his resignation?
It’s not enough to save Wall Street if it doesn’t include accountability for the huge sums of money the taxpayers were forced to payout back in September, 2008. The American people are patient but we’re not fools. Unfortunately, Tim Geithner doesn’t understand this.
I watched the Video and once Geither was given the chance to speak he was very clear about who was responsible for this mess we are in. Amid constant interruptions from the Republican who called for his resignation, it made it clear how far we have come. It became very apparent that this was another bashing by the party of “No”.. that he was not going to take lightly.
I don’t think there is any question who is to blame for the financial mess this country finds itself.
The problem is systematic and can be traced all the way back to Bill Clinton. But the 8 years George Bush was in office accelerated our decline and started the process from which we will probably never recover.
However, when the $700 billion dollar TARP scheme was implemented to bailout Wall Street, executive salaries and bonuses were supposed to be dealt with and they weren’t dealt with.
When the country sees 10.2% unemployment, higher in many states, and Wall Street CEOs are taking home billions, what are people left to think?
Geithner is too close to Wall Street. He comes from Wall Street. He’s a terrible choice. Right up there with Robert Gates and Hillary Clinton. President Obama needs to come home, stay put for a few months and clean house. His administration is gaining the reputation as being ineffective.
And let’s not forget the hapless Secretary of Health and Human Services, Kathy Sebelius. Her handling of the H1N1 swine flu vaccine has bordered on the criminal. The vaccine didn’t get to the people who needed it and there have been more than 4,000 deaths. Almost as many deaths as US soldiers who died in Iraq. She’s an idiot. Get rid of her.
Personally, I think Summers and Emanuel are even worse.
Frankly, I really couldn’t care less who or what is to blame for the sucky economy. Clinton, Bush, or Ron L. Hubbard.
When Clinton said, “It’s the economy, stupid,” he was correct and he demonstrated a simple, direct understanding of what the American people care about the most.
The election was more than a year ago and in 60, Obama will have been president a year. If his administration doesn’t start to create jobs, good paying, American jobs with benefits and with retirement, he will be kicked out of office in 2012.
In a short amount of time, about 8 more weeks, people will start to forget all about Bush and this will be President Obama’s economy. Whether this is fair or not is another discussion.
Geithner should be smart enough to resist the blame game. His boss, President Obama had better start creating jobs and soon or the voters will be through with him.
vicodaniel1987@yahoo.com
“…We were losing between half a million and three-quarters of a million jobs a month.”
And now we are only losing 500,000 jobs a month. Good Job, Timmy.
Regards,
Tengrain
Clinton inherited a recession, albeit nothing like this recession, and the Clenis managed to create 24 million new jobs.
Now, say what you will about Ole’ Billy but he was loved by the American people because you had the impression he was working to the common man.
Maybe Obama needs to be getting some knob in the Oval Office? It sure paid off handsomely for Clinton.
Timmy was president of the NY fed and involved in making sure AIG’s creditors got 100% of the bailout money the gov’t gave them. He can act as indignant as he wants….he was and is part of the problem. But I think it would be easier to get rid of Summers first, then suggest to Timmy that his kids really need to have him around 24/7.
How can Wall Street be healthy when there are no jobs on Main Street? I don’t understand it.
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