Put In A New Pitcher: Time To Fire Tiny Tim Geithner
As Unemployment Festers, A New Economic Strategy Team Is Needed
By Danny Schechter
Author, The Crime Of Our Time
When a pitcher gets tired, starts throwing walks or being hit, most attentive managers take him out of the game. When policies fail, as in the case of the security system that didn't work to spot the alleged Christmas bomber, the President starts acting tough with bluster about the buck stopping here and orders to straighten out a failed system.
But when tens of thousands of workers, once again, lose their jobs, the people responsible get winked at, not yanked. The President is contrite, his rhetoric subdued, even as the recovery he keeps talking about goes south.
Yes, there needs to be a cabinet shake-up. It's time to yank Tim Geithner from the game along with advisor Larry Summers. Their pro-bank, pro-Wall Street policies are failing. Isn't it obvious? According to an AP investigation, their road construction projects have had no impact on the job crisis.
The Establishment will lean towards a Republican to replace him, like FDIC Chairman Sheila Baer who has proven to be far more competent and outspoken than her counterparts.
Geithner acts like a stalking horse for the people responsible for the meltdown. It's time to say "sayonara," and appoint someone with the people's interest at heart. There is no shortage of capable and committed Democratic economists that can replace him. How about Elizabeth Warren or Joe Stiglitz or Brooksley Born or Simon Johnson or even, for op-ed's sake, Paul Krugman?
Even Wall Streeters know Geithner is a dead man walking. Bruce Krasting, a foreign exchange and derivatives veteran writes on Naked Capitalism:
"Tim Geithner has outlived his usefulness. He is too connected to the bailouts of 08. Bear, Lehman, AIG, TARP and even QE are all part of his legacy. That makes Tim a lightening rod. Too many Americans hate that part of our history.
I don't think the current flap relating to the deliberate "non-disclosure' of information relating to AIG is that big a deal. When the full history of this period is finally told (it will take awhile yet) this particular transgression of Mr. Geithner will look small by comparison. The things that we do not yet know about what was "agreed to' during the "crisis period' are going to cause us to roll our eyes and bow our heads when all is said and done."
Now, there will be hearings to see what Tim knew and when he forgot he knew it. Market Watch says he is "ankle deep in the AIG quicksand." A deceptive defense is being crafted, as Bloomberg reports:
"Timothy Geithner, the former Federal Reserve Bank of New York president, wasn't aware of efforts to limit American International Group Inc.'s bailout disclosures because the regulator's top lawyer didn't think the issue merited his attention, according to a letter sent to lawmakers.
"Matters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner,' Thomas Baxter, general counsel of the New York Fed, said today in a letter to Representative Darrell Issa, a California Republican. "In my judgment as the New York Fed's chief legal officer, disclosure matters of this nature did not warrant the attention of the president.'"
Why is the media so quiet on the Geithner front? Cenk Uygur wrote about the way rightwing channels are giving him a pass: