Monday, August 8, 2011

Secretary of Treasury Tim Geithner: No Chance S&P Will Downgrade U. S. Credit, No Chance

Any Chance of Downgrading Mr. Geithner, Say to Bank Teller

It is unusual, in fact unprecedented that The Dismal Political Economist would find himself in agreement with South Carolina Senator Jim DeMint, or Republican Presidential hopeful Michelle Bachmann, but he does.

Mr. Geithner's Answer to the Question
"Who Do We Blame for the Current Economic Situation"

The issue is the continued presence in the government of Secretary of the Treasury Timothy Geithner.  Mr. Geithner, first as President of the New York Federal Reserve Bank and now as Secretary of the Treasury has been intimately involved in the evolution of economic policy both before and after the Great Recession and now during what is sure to be called The Great Stall. 

If there is any question Mr. Geithner is part of the problem, not part of the solution, there is this here from the eminently reliable Taegan Goddard.

August 06, 2011
Flashback of the Day
"No risk of that, no risk."

-- Treasury Secretary Timothy Geithner, in an interview on the Fox Business Network in April, on the risk of U.S. debt being downgraded.

Alicia Silverstone or
Tim Geithner
Can't Tell, Can You?
Watch the video, then watch the movie “Clueless”.  Then try to convince yourself that the main character in the movie is a na├»ve teenager and not a seasoned financial expert. 

Can’t do it, can you.

Insanity has been defined as repeating an action, and expecting a different result.  It can also be defined as expecting that those policy makers who created the problem can create the solutions to the problem. 

And from The Hill we have this

Geithner is reportedly weighing an exit from the Obama administration now that the debt limit has been raised, but the White House is pressuring him to stay.

Why Mr. Obama, why?

Follow Up:

Politico reports

“Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,” Assistant Secretary for Public Affairs Jenni LeCompte said in a statement. “He looks forward to the important work ahead on the challenges facing our great country.”

Well that's only fair, most of those challenges are one that he helped create.

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