megimoo
03-13-2009, 02:48 PM
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, March 12, 2009, before the Senate Budget Committee hearing on the economy. (AP Photo/Susan Walsh) When they start making jokes about you, it's hard to recover. And that's what is happening now to Treasury Secretary Timothy Geithner.
It's not just "Saturday Night Live" poking fun at him -- you saw the skit depicting a Geithner so clueless that he offered a huge reward to anyone who called his hotline, 1-800-IDEAS, with a plan to get us out of the financial crisis. Beyond the TV shows, Geithner, who was confirmed despite having to pay $48,000 in back taxes and interest, is also the target of suppressed snickers on Capitol Hill whenever the subject turns to the IRS. And now, he is widely thought to be not up to the job.
The fundamental problem, of course, is that Geithner hasn't come up with a financial rescue plan. There is nearly unanimous agreement among economists and policymakers that the single most important thing the Secretary of the Treasury should do now is develop a plan to deal with the "toxic assets" that threaten the survival of financial institutions. But Geithner, who has been acutely aware of this problem for months, doesn't have such a plan. If he had, the comedians wouldn't be talking about 1-800-IDEAS.
The situation has gotten so bad that Geithner is the subject of private buyer's remorse from some of the very politicians who supported him. A number of senators voted to confirm Geithner, even with tax problems they deemed disqualifying, because they believed the financial crisis required immediate action. Now, with little happening, their feeling is: We put aside some very troubling concerns for this?
"I'm fairly confident that if the vote on the nomination were held today, he would not be confirmed," a top Senate aide told me recently. "The thing that saved him -- even though people with lesser problems were not saved -- was that he was the only one who could do the job, and he was seen as the wunderkind who would come in and save the day."
But as troublesome as Geithner's performance has been, focusing too much on him obscures the bigger, more important problem: Barack Obama doesn't seem to know what to do next when it comes to the economy.
Signs of confusion are all around. First, the president hasn't troubled himself to hire a team to work alongside Geithner at Treasury. There are normally eighteen high-ranking Department officials who have to be confirmed by the Senate, and Obama has nominated three -- and none of them have even had hearings yet. "Geithner isn't getting any support from the White House," another clued-in GOP aide told me. "No one man can do this job. Where is everyone who is supposed to be helping?"
Second, the administration is giving off signs of uncertainty about its own analysis of the crisis. The White House knows its forecasts of growth next year -- when the administration predicts the economy will magically snap out of deep recession and resume robust growth -- are too rosy. But they know they can't rein in those forecasts, bring them more in line with the expert consensus, without blowing the president's big-spending budget out of the water. So they stick to a less and less credible forecast.
Third, the White House even seems unsure of its much-touted $787 billion stimulus package. Do you remember how often President Obama said his plan will "create or save" four million jobs? Well, a group of economists sympathetic to Capitol Hill Democrats reportedly says the number might be significantly lower -- maybe 2.5 million jobs.
In light of that, the president's pledge to "save" jobs is looking fuzzier by the day. At a Senate hearing last week, Geithner hemmed and hawed when he was asked the simple question, "What's a saved job?"
"That's a loss avoided, or a rise in unemployment avoided, by getting growth back on track," Geithner answered. But when he was asked just how we will know when a job loss was prevented from happening, Geithner could only say that we'll know when the president tells us.
Geithner's answer seemed almost sheepish, as if he knew -- and he knew the senators knew -- that the administration is making it all up as it goes along. He might just as well have asked us to call 1-800-IDEAS.
--------------------------------------------------------------------------------
Comments:
Richard Cowart: "So, we as a nation are told that we should "fear" this economic crisis that is upon us. It is bordering on catastrophic, and we may never recover. Thus, we need to infuse into the economy a multi-trillion $$ stimulus to save this nation from economic collapse. But now, after thinking about things, Team Obama thinks that, well, it might not be so bad after all. Sponge Bob and Patrick could do a better job at running this country than the Team Obama members. But, Hey!! Free food every Wednesday night and get aload of the help. Not bad. It's time to par-tay!!!"
-------------------------------------------------------------------------------
intonitten: "Well done Byron, what might be done to cause this to be resolved by us conservatives? Thanks for all your wisdom......."
--------------------------------------------------------------------------------
C-arch: "Yes, Very Good Byron, One of the very few credible persons getting close to calling these guys out. Then again, we are all being hoodwinked as the most professional in the media attempt to analyze, justify and rationalize the atypical far left chess game being played out to the nines with the utmost intelligence. We all really know what is happening. At 48 years old I never or rarely heard the media utter the word socialism until a a few months ago, now being tossed around in and out of context to the point "WE THE PEOPLE" are execpting it right now in realtime."
.........................
al: "so what did people expect? obama does not have a plan to get us out of this mess. he doesn't know what to do. none of these clowns do. let the market run it's course. if a company can't make it, it goes bankrupt. what a mess!!"
--------------------------------------------------------------------------------
Renee: "This is a very good article. Also, the posts are from some very bright folks…so bright that you guys are scaring me. What is happening? Why is it every morning when I read the front page of my paper I think of Charlie Chaplin’s “The Great Dictator?” Well, not always true; in the past 50 days I sometimes think of Laurel and Hardy."
--------------------------------------------------------------------------------
M Lyster: "We are witnessing an Executive Branch run by amateurs. I've met some astonishingly successful high school graduates; I know talented medical professionals that can't carry on a social conversation. An Ivy League degree means nothing when it comes to running a business, or having a shred of common sense in restoring a battered market economy. All we have is a socialist idealogue, determined to 'fix' capitalism whether the mere electorate likes it or not. Please: keep the 'Change'. M Lyster MD Libertyville, IL"
--------------------------------------------------------------------------------
"As the great one said elections have consaquinces,so all you dunder heads out there and road kill are you happy with your new child in the white house.HMMMMM?"
--------------------------------------------------------------------------------
Illinois GOP: "Heck of a job Timmy!"
--------------------------------------------------------------------------------
T.Jefferson: "C'mmon, Obama is soo pretty & ivy-league. We can put up with mass poverty and pillaging the capitalism "goose that laid the golden egg". Do it for the beautiful president and his cottre' of beautiful press handlers at CBS, NBS and ABS. You sound like that little boy who said "the king has no clothes!""
http://www.dcexaminer.com/politics/Geithner-Obama-Economics-A-Joke-Thats-Not-Funny-41197667.html
It's not just "Saturday Night Live" poking fun at him -- you saw the skit depicting a Geithner so clueless that he offered a huge reward to anyone who called his hotline, 1-800-IDEAS, with a plan to get us out of the financial crisis. Beyond the TV shows, Geithner, who was confirmed despite having to pay $48,000 in back taxes and interest, is also the target of suppressed snickers on Capitol Hill whenever the subject turns to the IRS. And now, he is widely thought to be not up to the job.
The fundamental problem, of course, is that Geithner hasn't come up with a financial rescue plan. There is nearly unanimous agreement among economists and policymakers that the single most important thing the Secretary of the Treasury should do now is develop a plan to deal with the "toxic assets" that threaten the survival of financial institutions. But Geithner, who has been acutely aware of this problem for months, doesn't have such a plan. If he had, the comedians wouldn't be talking about 1-800-IDEAS.
The situation has gotten so bad that Geithner is the subject of private buyer's remorse from some of the very politicians who supported him. A number of senators voted to confirm Geithner, even with tax problems they deemed disqualifying, because they believed the financial crisis required immediate action. Now, with little happening, their feeling is: We put aside some very troubling concerns for this?
"I'm fairly confident that if the vote on the nomination were held today, he would not be confirmed," a top Senate aide told me recently. "The thing that saved him -- even though people with lesser problems were not saved -- was that he was the only one who could do the job, and he was seen as the wunderkind who would come in and save the day."
But as troublesome as Geithner's performance has been, focusing too much on him obscures the bigger, more important problem: Barack Obama doesn't seem to know what to do next when it comes to the economy.
Signs of confusion are all around. First, the president hasn't troubled himself to hire a team to work alongside Geithner at Treasury. There are normally eighteen high-ranking Department officials who have to be confirmed by the Senate, and Obama has nominated three -- and none of them have even had hearings yet. "Geithner isn't getting any support from the White House," another clued-in GOP aide told me. "No one man can do this job. Where is everyone who is supposed to be helping?"
Second, the administration is giving off signs of uncertainty about its own analysis of the crisis. The White House knows its forecasts of growth next year -- when the administration predicts the economy will magically snap out of deep recession and resume robust growth -- are too rosy. But they know they can't rein in those forecasts, bring them more in line with the expert consensus, without blowing the president's big-spending budget out of the water. So they stick to a less and less credible forecast.
Third, the White House even seems unsure of its much-touted $787 billion stimulus package. Do you remember how often President Obama said his plan will "create or save" four million jobs? Well, a group of economists sympathetic to Capitol Hill Democrats reportedly says the number might be significantly lower -- maybe 2.5 million jobs.
In light of that, the president's pledge to "save" jobs is looking fuzzier by the day. At a Senate hearing last week, Geithner hemmed and hawed when he was asked the simple question, "What's a saved job?"
"That's a loss avoided, or a rise in unemployment avoided, by getting growth back on track," Geithner answered. But when he was asked just how we will know when a job loss was prevented from happening, Geithner could only say that we'll know when the president tells us.
Geithner's answer seemed almost sheepish, as if he knew -- and he knew the senators knew -- that the administration is making it all up as it goes along. He might just as well have asked us to call 1-800-IDEAS.
--------------------------------------------------------------------------------
Comments:
Richard Cowart: "So, we as a nation are told that we should "fear" this economic crisis that is upon us. It is bordering on catastrophic, and we may never recover. Thus, we need to infuse into the economy a multi-trillion $$ stimulus to save this nation from economic collapse. But now, after thinking about things, Team Obama thinks that, well, it might not be so bad after all. Sponge Bob and Patrick could do a better job at running this country than the Team Obama members. But, Hey!! Free food every Wednesday night and get aload of the help. Not bad. It's time to par-tay!!!"
-------------------------------------------------------------------------------
intonitten: "Well done Byron, what might be done to cause this to be resolved by us conservatives? Thanks for all your wisdom......."
--------------------------------------------------------------------------------
C-arch: "Yes, Very Good Byron, One of the very few credible persons getting close to calling these guys out. Then again, we are all being hoodwinked as the most professional in the media attempt to analyze, justify and rationalize the atypical far left chess game being played out to the nines with the utmost intelligence. We all really know what is happening. At 48 years old I never or rarely heard the media utter the word socialism until a a few months ago, now being tossed around in and out of context to the point "WE THE PEOPLE" are execpting it right now in realtime."
.........................
al: "so what did people expect? obama does not have a plan to get us out of this mess. he doesn't know what to do. none of these clowns do. let the market run it's course. if a company can't make it, it goes bankrupt. what a mess!!"
--------------------------------------------------------------------------------
Renee: "This is a very good article. Also, the posts are from some very bright folks…so bright that you guys are scaring me. What is happening? Why is it every morning when I read the front page of my paper I think of Charlie Chaplin’s “The Great Dictator?” Well, not always true; in the past 50 days I sometimes think of Laurel and Hardy."
--------------------------------------------------------------------------------
M Lyster: "We are witnessing an Executive Branch run by amateurs. I've met some astonishingly successful high school graduates; I know talented medical professionals that can't carry on a social conversation. An Ivy League degree means nothing when it comes to running a business, or having a shred of common sense in restoring a battered market economy. All we have is a socialist idealogue, determined to 'fix' capitalism whether the mere electorate likes it or not. Please: keep the 'Change'. M Lyster MD Libertyville, IL"
--------------------------------------------------------------------------------
"As the great one said elections have consaquinces,so all you dunder heads out there and road kill are you happy with your new child in the white house.HMMMMM?"
--------------------------------------------------------------------------------
Illinois GOP: "Heck of a job Timmy!"
--------------------------------------------------------------------------------
T.Jefferson: "C'mmon, Obama is soo pretty & ivy-league. We can put up with mass poverty and pillaging the capitalism "goose that laid the golden egg". Do it for the beautiful president and his cottre' of beautiful press handlers at CBS, NBS and ABS. You sound like that little boy who said "the king has no clothes!""
http://www.dcexaminer.com/politics/Geithner-Obama-Economics-A-Joke-Thats-Not-Funny-41197667.html