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Ear to the Ground

Wouldn’t Let Geithner Quit Even if He Tried, Obama Says

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Posted on Mar 21, 2009
Obama and Geithner
White House / Pete Souza

President Barack Obama, foreground, listens as Treasury Secretary Timothy Geithner makes a point during a February budget meeting in the White House. At left is Phil Schiliro, assistant to the president for legislative affairs.

Although Timothy Geithner is under fire from several directions, especially because he failed to stop the AIG executive bonus train from arriving at its destination, President Obama continues to actively support him. In fact, Obama says he wouldn’t let Geithner quit even if the treasury secretary tried to do so at this point.

BBC:

US Treasury Secretary Timothy Geithner will not be allowed to resign amid criticism of his short term in office, President Barack Obama has said.

Mr Obama told CBS News he would turn down any offer by Mr Geithner to quit, and would tell him: “Sorry, buddy, you’ve still got the job.”

But Mr Obama stressed that the pair had not spoken about the possibility.

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By richard bratton, July 1, 2011 at 7:18 pm Link to this comment
(Unregistered commenter)

timmie said i tried all of my great ideas and none of them have worked! timmie said that he is so upset that
he could spit;plus my son said he wants me home for his high school graduation!his wife said if he does’nt tell obama he’s quitting she’ll box his ears and send him to his room!!! giddyup timmie!!!!!!!!!!!!!!!!!!!

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By KDelphi, March 24, 2009 at 1:16 pm Link to this comment

Rep Frank was an a-hole today at the Geithner/Bernanke hearing!

First, he needs to back off of Code Pink, who were the only people there that give a damn about the avg USAn!

Second, he needs to make (or at least ALLOW!) Geithner to answer pionted questions! he cut everyone off and generally acted like he had a remarkable chip on his shoulder-when , in fact, he put it there himself.

After his “damn the stimlulus bone—us(es) that I singed onto” rant, he now just acts like a grouch ass , when he is part of the problem. He keeps using the same analogies (“Id like to eat all I want and not gain weight” and “Creationists think that the world began,...but some seem to think that the world began when Obama took office…”)

The Dems have screwed us as badly as GOP. They need to stop blaming everyone else.

How so-called progressives can keep supporting them is beyond me.

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By ocjim, March 24, 2009 at 9:50 am Link to this comment

Let Geithner quit and give the job to Paul Krugman. I feel that he has the interests of the people and smarts and savvy that Geithner could only aspire to.

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By RdV, March 24, 2009 at 5:36 am Link to this comment

Do so at his own political peril.

  Looks like Obama already had his “you’re doing a great job ,Brownie” moment. And recall when Bush searched for WMD under his desk and thought it was funny? Obama now coughs and cynically laughs about how “chocked up with anger” he is—and then laughs and refers to it as “gallows humor”. People suffered- people were killed and Bush laughs. People are losing their jobs, their homes and Obama laughs.
  Exactly the same mindset.

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By Brook, March 23, 2009 at 7:43 pm Link to this comment
(Unregistered commenter)

Anyone remember Obama saying he “could never disown” Jeremiah Wright?  Until, of course, two weeks later when Wright had become too much of a liability.  He went under the bus.  Geithner will be there within 6 months, and Obama will forget his promise of loyalty.

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By KDelphi, March 23, 2009 at 2:22 pm Link to this comment

I should have said that many MORE will die in the streets due to the bailouts…sorry!!

I know that Obamas’ house in worth at least $1.9 million. I have to assume that he has other assets, although, if he keeps up with the Geithner/Bush crap, if he is invested here, he may not be a mult-millionaire much longer!

It is inconcievable to me that an educated person would consider that the mess we are in now was brought about by only one party of the duopoly.

I would not only never blame one person, i would never blame just one of the Tweedle dumb and Tweedle dumbass parties…

It is all about MONEY—surely you realize THAT. That is just about all that anything is about in the uS anymore. But, “greed is good”, right? When you “love the free mkt”, what is it that you love? Money.

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By Folktruther, March 23, 2009 at 9:17 am Link to this comment

It begins to look as if Obama is in way over his head. He was funded by Wall Street and the ruling class to serve as a public relations spokesman to rehabilitate Bushite policies by justifying them with Progressive rhetoric.  Instead of the neocons of the Gops, the US has elected the neolibs of the Dems.  Krugman and many other economists are beginning to maintain that we are headed for a greater disaster.

This is the Gop strategy, to make the Dems so unpopular that a gop will be elected next time.  Which will probably turn the US into a full fledged police state, assuming Obama’s policies don’t.  Obama is turning out to be such a disaster that I am beginning to change my mind.  A Democratic opposition within the Dem party has to be developed, to stave off the Gop establishment of a police state next time.

Someone like Kucinich within the Dem party has to form a movment to oppose Obama from the pseudo-left. But this requires the formulation of an ideology that subverts the mainstream truth of the mass media.  He won’t rueally mean it since the ruling class controls the media, parties and electoral management, but this can legitimate a movement outside the Dem-Gop bloc which opposes both of them.

I’ve changed my mind because I didn’t think Obama would be this bad.  He is just too lightweight to make a difference.  But he talks and looks real good on TV, the primary qualification for his position.

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Outraged's avatar

By Outraged, March 22, 2009 at 10:14 pm Link to this comment

Re: blogdog

Your comment: “Indeed, why limit the blame to just two sock puppets - add these to your list and you’ll be getting somewhere

I agree.  All those familiar names or rather accomplices to be more accurate.  Remember when Powell sold us the Iraq War?  But my all time favorite has to be Rumsfeld and the caves, because there’s not just “one of them there are MANY of them”( of course, we must STILL be looking in the wrong place…yeah…that’s it).  Sounds like a children’s book doesn’t it?

Everybody quiet down we’re all going to hear the story of “Rumsfeld and the Caves”.....

You know how it ends don’t you (gee… I hate to spoil it for ya’) but, yes…. caves really are just “little holes dug out of the side of a mountain”......

http://www.youtube.com/watch?v=FGhGHxw0mSo

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By Outraged, March 22, 2009 at 9:50 pm Link to this comment

Re: cyrena

I posted this to Louise a day or two ago, it seems it would apply equally to your post.

It appears you misunderstand the sentiment of the nation.  It isn’t that Obama “should have been on top of that” at the time (although as a senator it isn’t impossible to make a case in this capacity), but that he should NOW BE on top of THIS.

He KNEW, (as we all did) as he took office, what had already transpired, yet he chose Geithner and Summers via Jamie Rubin’s endorsement (son of Robert Rubin) to follow this path.

So this “It’s not Obama’s fault” mantra is quite thin now, and wearing ever thinner and soon he’ll be as transparent as the GOP crooks or one of them.  Same shit, different pile.

Who is Obama considering as undersecretaries of the Treasury….?  A couple of Citibank crooks.

So yes.  SHAME ON OBAMA IS ACCURATE.

In addition, the director of the NEC (National Economic Council) is an appointed position.  As this article shows:

“The NEC executive order issued by President Clinton remains in place and the NEC under his successor remained largely the same in structure if not function.  The 44th president should use the same mechanism — an NEC composed of his top economic advisors, managed by an assistant to the president and CHANGE FOR AMERICA director of the NEC. In naming its membership, the president should make
clear to all his commitment to an inclusive and transparent deliberative policy process and unwillingness to entertain those who subvert that process.

The new president should appoint a director of the NEC who has the temperament to serve as an honest broker. A trusted relationship with the president can and should be earned, not simply by providing good advice but also by ensuring that the best advice from the president’s entire team informs his economic policy.”

http://images2.americanprogress.org/CAPAF/2008/changeforamerica/WhiteHouse_03_Wartell.pdf

So…. you see Summers is appointed.  Although some of this document is outright laughable in terms of the current situation, it also appears to be saying “this is what you WILL DO, to the president of the United States…...hmmmm…. who’d be doing something like that….. and why did Clinton invent this policy?  What’s up with this?  I didn’t read the entire thing, just sorta skimmed over it but…..WTF?

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By blogdog, March 22, 2009 at 9:02 pm Link to this comment

Indeed, “And people wonder why Americans are so incredibly stupid.”

Indeed, why limit the blame to just two sock puppets - add these to your list and you’ll be getting somewhere:

Board of Directors,  Council on Foreign Relations - selected list

Carla A. Hills - Co-Chairman; Chairman and Chief Executive Officer, Hills & Company
Robert E. Rubin - Co-Chairman; Former Secretary of the U.S. Treasury
Richard E. Salomon - Vice Chairman; Managing Partner, East End Advisors, LLC
Richard N. Haass - President, Council on Foreign Relations
Madeleine K. Albright - Principal, The Albright Group LLC
Colin L. Powell - United States Army (Ret.)
David M. Rubenstein - Cofounder and Managing Director, The Carlyle Group
Henry S. Bienen - President, Northwestern University
Tom Brokaw - NBC News
Sylvia Mathews Burwell - President, Global Development Program, Bill & Melinda Gates Foundation
Christine Todd Whitman - President, The Whitman Strategy Group
Fareed Zakaria - Editor, Newsweek International

Officers and Directors Emeriti:
Leslie H. Gelb (President Emeritus)
Maurice R. Greenberg (Honorary Vice Chairman)
Charles McC. Mathias, Jr. (Director Emeritus)
Peter G. Peterson (Chairman Emeritus)
David Rockefeller (Honorary Chairman)
Robert A. Scalapino (Director Emeritus)

Don’t forget these:  Trilateral Commission Members - selected list:

Madelaine K. Albright, former Secretary of State
Riley P. Bechtel, Chairman and Chief Executive Officer Bechtel Group, Inc.
Zbigniew Brzezinski, Counselor Center for Strategic and International Studies
George Herbert Walker Bush, former President of the USA
Maurice R. Greenberg, Chairman and Chief Executive Officer, American International Group, Inc.
General Lord Guthrie, Director, NM Rothschild & Sons
Alan Greenspan, Chairman Federal Reserve Board
Toyoo Gyohten, President, the Institute for International Monetary Affairs
Richard Holbrooke, Vice Chairman, Credit Suisse First Boston Corporation
Paul A. Volcker, Former Chairman, Board of Governors, U.S. Federal Reserve System
David Rockefeller, Founder and Honorary Chairman, Trilateral Commission, Chase Manhattan Bank

nor these - The Bilderberg Group List of attendees 2008 - selected list

Bernanke, Ben S., Chairman, Board of Governors, Federal Reserve System
Daschle, Thomas A., Former US Senator and Senate Majority Leader
Geithner, Timothy F., President and CEO, Federal Reserve Bank of New York
Gigot, Paul, Editorial Page Editor, The Wall Street Journal
Holbrooke, Richard C., Vice Chairman, Perseus, LLC
Kissinger, Henry A., Chairman, Kissinger Associates, Inc.
McDonough, William J., Vice Chairman and Special Advisor to the Chairman, Merrill Lynch & Co., Inc.
Paulson, Jr., Henry, M. Secretary of the Treasury
Perle, Richard N., Resident Fellow, American Enterprise Institute for Public Policy Research
Rockefeller, David, Former Chairman, Chase Manhattan Bank
Rose, Charlie, Producer, Rose Communications
Rice, Condoleezza, Secretary of State
Shultz, George P., Thomas W. and Susan B. Ford Distinguished Fellow
Summers, Lawrence H., Charles W. Eliot Professor, Harvard University
Wolfowitz, Paul, Visiting Scholar, American Enterprise Institute for Public Policy Research

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By cyrena, March 22, 2009 at 6:53 pm Link to this comment

By Eric L. Prentis, March 22 at 1:45 pm #
President Obama’s appointment of Tim Geithner and Larry Summers, the same people who got us into this credit crisis, is a terrible disappointment. Now that Obama stands behind Geithner/Summers/Bernanke, no matter the justifiable criticism, it is clear that the plutocracy controls Obama, so sad. The Wall Street bankers control the government strictly for their own benefit, get use to it.
Sorry Eric,
But, guess what? Larry Summers is NOT an appointed position, because he doesn’t hold a Cabinet position. Only Geitner does, and the Senate had to onfirm him. You guys are spending an awful lot of wasted energy on what Summers, Bernanke and Geitner are doing, when in fact none of them were ever in a position to have the kind of power that brought this economic meltdown. In short, this was set in motion with Ronald Regan, and the Repigs that have controlled Congress for 27 of the last 40 years. It would be great to be able to blame them all for the economic disaster, but I’m afraid that it doesn’t help us fix anything, when we make the wrong cause and effect diagnosis. How absolutely AMAZING that so many shallow and ignorant people can just pick a person, any person, to blame for the worst economic disaster since the inception of the Nation State. (It’s already FAR worst the the Great Depression).  Yep, Summers did it. Oh, but when did he do it? Did he do all of this damage back in the 90’s, and then we somehow waited until now for anyone to find out.
How did Obama get to be a Wall Streeter like KDelphi suggests? If he’d wanted to go to work for Wall Street and make multi-million dollars that KDelphi claims he’s made off of the ‘free market’ (is it killin’ ya yet KDelphi…a black guy with a few bucks in his pocket?) Yeah, he got to be a multi-millionaire (I guess KDelphi knows how much money he has) working for the State as a public servant. KDel, how did he make all of those millions you claim he has, teaching at U of Chi? Shame on him for getting that job, and finally paying off those student loans. What kind of a respectable millionaire actually pays off his student loans?
Back to Summers and Geitner. Would anybody (any of the dozens of you who blame Summers and Geitner, for the economic crash happening NOW, even though they supposedly caused this crash 12 or 15 years ago) be willing to explain exactly what it is that these two men did to (12 years ago) to cause the biggest economic meltdown in the history of the world to happen NOW?

Yeah, I know. It’s a rhetorical question. I’m just supposed to believe that they are the ones responsible for this, even though nobody can explain exactly how they are. They just worked in the last democratic administration I guess, so that makes ‘em responsible for everything.

And people wonder why Americans are so incredibly stupid.

KDel, were you aware that people have been dying on the streets for several years? You say it’s because of the bailouts. The bailouts began in the Dick Cheney Admin just over 6 months ago. What did the millions of people dead on the streets die from before then?

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By Polly Anna, March 22, 2009 at 5:33 pm Link to this comment
(Unregistered commenter)

Geithner and Summers are crooks; they’ve been bought and paid for by their Wall Street cronies—to say I’m disappointed with Obama is an understatement.

And so this is the outcome, when Presidential elections are financed by bankers and Wall Street gangsters. We eagerly prop up failed institutions with government funds, so that CEO thieves come out on top, at the expense of the middle class, who have been swindled out of their retirement funds—these despicable greedy cohorts, are living in splendor while many millions are jobless and homeless.  Is this the change that we can believe in?

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By Xntrk, March 22, 2009 at 1:59 pm Link to this comment
(Unregistered commenter)

Ah yes, Geithner, Summers, and Bernanke, a team that ranks right up there with Larry, Curly and Mo. Of course, with them in charge of the economy, the ‘mobs’ attention is focused on their actions, rather then on those of the Chief Enabler, Obama.

Buy up trillions of dollars of toxic assets? Now that’s is a great investment for the poor, long suffering, tax payers. No need to worry about unemployment, health care or our retirement funds. Wall Street is doing great, so why are the rest of us still whining about the economy.

Do you suppose the White House will hire a Black or a Mexican Gardner to help Michelle with the new Healthy Eating project? Maybe a member of the Special Olympics bowling team is looking for a job. With millions unemployed, they probably have a stack of a thousand applications.

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By Eric L. Prentis, March 22, 2009 at 10:45 am Link to this comment

President Obama’s appointment of Tim Geithner and Larry Summers, the same people who got us into this credit crisis, is a terrible disappointment. Now that Obama stands behind Geithner/Summers/Bernanke, no matter the justifiable criticism, it is clear that the plutocracy controls Obama, so sad. The Wall Street bankers control the government strictly for their own benefit, get use to it.

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By KDelphi, March 22, 2009 at 9:34 am Link to this comment

I think that he’s staying because Pres. Obama truly believes in the , largely unregulated, free mkt. He has said that he does. He has said that he “loves the free mkt”. I guess that he should. It has made him a multi-millionaire.

The Dems are the Wall St Party now…

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By wanked, March 22, 2009 at 7:13 am Link to this comment
(Unregistered commenter)

KDelphi

Obviously Kucinich and Nadar were right about most things…they weren’t elected!!!  The real governing forces ( NOT US citizens ) wanted a faithful servant and decided upon Obama, who’s looking more like bush every day. Change..? NOT

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By jackpine savage, March 22, 2009 at 6:57 am Link to this comment

He’s staying because Obama’s bosses tell him that Geithner stays.

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By Purple Girl, March 22, 2009 at 5:58 am Link to this comment

Perhaps that’s the conditions to keep him from prosecution for high crimes- solve the problems you helped create. Of Course Geitner is no the sole culprit, only a high ranking Capo in the Organized Crime Synidicate called Wall Street.“You’re Gonna Be the ‘Sammy the Bull’,whether you like it or not”. bu tdon’t just tell US where the bodies are buried but help prosecute those who put them there. Forced redemption? A lil’ extortion on the part of the Pres? Why to go Obama- ‘either your signature or your brains will be on this contract when I walk out the Door’
But the Same ‘consideration’ should no longer be on the table for Summers. His complicity and his kitty litter shit burying continues, He should not only be forced out- but prosecuted. He has a longer ‘rap sheet’ with far more evidence linking him to the means by which this 30 yrs ‘sting’ operation has been going on.He’s former GodFather- just like Greenspan.Modernization Act et al which removed all the safeguards put in place after the last time the Corp Barons Destroyed our financial sector and thus the economy.These Mafioso’s should not only be charged under RICO statutes, but for Economic Treason and the resulting death and mayhem they have caused around the world (crimes against humanity).
There is Blood on the hands of the Trickle Down brigade, those who helped highjack the Free Market for the sole benefit of Multinational corps. A system which was developed upon our Founding ‘For the People & By the People’ - a guiding concept which mirrors the plitcal ideology. what is freedom is you cna vote- but can’t barter in the market for the best price for your ‘wares’. When such privildge is only guaranteed to ‘The Ladders’ class. sounds liek the exact Feudalistic Cast system our Ancestors fought a Revolutionary War to Free US of.
How many here & around the world have died suffered) due to this hoarding and sparse distribution of resources?Might have just called it ‘Let them eat Cake’ economics.

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By Observer, March 22, 2009 at 2:19 am Link to this comment
(Unregistered commenter)

There is something totally smelling like rotten
fish on several fronts,as One cannot help but see an >organized attempt< to undermine this Obama-led Administration from within,as per GOP-Dogma “in order to fail”....no doubt about it.
How in the name of >presented evidence from those previous failed 8-Bush-years< does one need to see that we have again those >very same kind of people<    (Geithner,Summers,Bernanke and Rubin)
plus >Dennis Ross<, sitting in on >Hillary`s Iran< Team ......trust us,trust us we are Israel-Firsters ....which will end up once more in total disaster,but still expect some different Result / Outcome .......is beyond any logic !

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By KDelphi, March 22, 2009 at 12:26 am Link to this comment

Krugman:

“Now, early on in this crisis, it was possible to argue that it was mainly a panic. But at this point, that’s an indefensible position. Banks and other highly leveraged institutions collectively made a huge bet that the normal rules for house prices and sustainable levels of consumer debt no longer applied; they were wrong. Time for a Swedish solution.

But Treasury is still clinging to the idea that this is just a panic attack, and that all it needs to do is calm the markets by buying up a bunch of troubled assets. Actually, that’s not quite it: the Obama administration has apparently made the judgment that there would be a public outcry if it announced a straightforward plan along these lines, so it has produced what Yves Smith calls “a lot of bells and whistles to finesse the fact that the government will wind up paying well above market for [I don’t think I can finish this on a Times blog]”

Why am I so vehement about this? Because I’m afraid that this will be the administration’s only shot - that if the first bank plan is an abject failure, it won’t have the political capital for a second. So it’s just horrifying that Obama - and yes, the buck stops there - has decided to base his financial plan on the fantasy that a bit of financial hocus-pocus will turn the clock back to 2006.”

I agree wholehertedly,

http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/

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By KDelphi, March 22, 2009 at 12:09 am Link to this comment

People are dying on the streets tonight, because of the bailouts…a couple of streets from here.

“Given that Summers worked for a secretive hedge fund, D. E. Shaw, after he was pushed out of Harvard’s presidency at the bubble’s height, you have to wonder how he can now sell the administration’s plan for buying up toxic assets with the help of hedge funds. It will look like another giveaway to his own insiders’ club. As for Geithner, people might take him more seriously if he gave a credible account of why, while at the New York Fed, he and the Goldman alumnus Hank Paulson let Lehman Brothers fail but saved the Goldman-trading ally A.I.G.”

http://www.nytimes.com/2009/03/22/opinion/22rich.html

As for the “mob mentality”—I wish to f*ck the MOB would get to work getting rid of these f*cking leeches! These petit “protests” on the “bonuses” are ridiculous.

Anyone ready to admit that Nader, Sanders, Kucinich, etc were right on the Bailouts yet? I thought not…

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By Outraged, March 21, 2009 at 11:52 pm Link to this comment

Is Pres. Obama engaging in “shock therapy” by keeping the nation at the behest of “Gunther”?  What’s next…. increase the voltage and watch the taxpayers “fry” for entertainment purposes?

Let’s set the record straight.  People will die because of the funds being diverted to the rich via “Gunther”.  But Pres. Obama wouldn’t let him quit even if he tried.  Deja Vu.

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By KDelphi, March 21, 2009 at 11:28 pm Link to this comment

If Pres. Obama keeps Geithner and Summers on, I predict that the neo-cons will take back either the House or Senate in 2010…

They are too heavily connected to the original problems and were Wall St choices. The GOP got thumped for pretending to be the Party of the people and being the Party of Wall St—-will the Dem go the same way? With the new Blue Dog rebellion, does it matter?

Hello from the Florida Keys, my new Conch Republic!

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