Geithner, Geithner... he's our man, If Geithner can't do it, nobody can! (yeah right)

Good ole' Geithner... he doesn't pay his taxes (well unless he wants the Sec. of Treasury Job) and then he gets blasted for the job he's doing!


Yes that would be Geithner the topic of our discussion today. Ok lets face it, when Obama said there was no other man that could do the job... well that scares me to begin with. I mean nobody is indispensable... I mean seriously... anybody can be replaced.

So with out any surprise, this man just amazes me as well as some of the folks at that liberal piece of crap "The Huffington Post". You don't need to tell me, I about fell out of my chair when I received my daily Huffington Post article in my in-box. WHAT? The Huffington Post isn't falling over the Messiah and his little troopers. Ok, ok enough of my cynicism... let me just quote the HUFFINGTON POST!

Robert Kuttner from the Huffington Post said today: "President Obama deserves immense credit for being willing to spend serious money to prevent recession from becoming depression." (blah blah blah) Then he adds "However, all of this good work will be for naught if his team doesn't get the banking system functioning again. And so far the grand design of Treasury Secretary Tim Geithner is entirely on the wrong track. " (now wait.. isn't he the man that can't be replaced as Sec. of the Treasury?"

"Geithner has also come up with the idea of subjecting the largest banks to "stress tests" to determine just how badly damaged their balance sheets are. This has been advertised as government examiners crawling all over bank records, but much of this belated effort will rely on the banks' own risk models--the same risk models that got the banks into this mess.

Come to think of it, (I wonder this too) where have the examiners been all along? Why wasn't there serious investigation of bank balance sheets all along? Why should stress tests be performed only after disaster has struck (shades of Hurricane Katrina)?"

"The worst culprit among the feeble regulators is the Federal Reserve Bank of New York, (Oops... wasn't this Geither the irreplaceable previous job?) whose examiners are responsible for assessing the safety and soundness of the holding companies of Wall Street's largest banks. It was high risk speculative activities by holding company affiliates that put the big banks under water."

"Who dropped the ball? You may recall that Secretary Geithner, (hehe, indeed it was)before he assumed his present post, was president of the New York Fed Bank. According to a withering feature piece from Bloomberg, he was asleep at the switch, and far too cozy with the banks. Heckuva job, Timmy."

"Why is Geithner dithering? Because he is asking the wrong question. The question he is posing is: how can the government save Citigroup? The right question is: how can the government rebuild the banking system?"

"Some in the administration may be wishing that they hadn't called in so many chits with senators to save Geithner from the consequences of his failure to comply with the tax laws. On the ability of Geithner (or his successor) to get this job done properly hangs the fate of the banking system, the capacity of the economy to avert a depression, and the political fortunes of the Obama administration."

I laughed out loud when they said that Geithner was the only man for the job, and I'm still laughing. I couldn't bear to post the entire article here. However if you are interested you can read the entire entry at: http://www.huffingtonpost.com/robert-kuttner/geithners-folly_b_170928.html

Just goes to show.... everyone is replaceable!