Another day, another crisis for Tim Geithner. Now we have the first congressional calls for his resignation.
Obama needs to make some mid-course corrections -- and quickly. So says Ted Van Dyk, and he's a supporter.
A timeline from the NY Times.
President Obama has gone on the warpath, asking his Treasury Secretary to investigate every possible means to force bailed out AIG to stop paying huge bonuses to executives. The problem is that his own advisors, including Larry Summers, said only a few days ago that the bonuses were untouchable under contract law. In other words, the administration knew this move was coming and vastly underestimated the public reaction
There's an unwritten rule in politics that when an opposing administration leaves office, the "retirees" avoid commenting on and criticizing their successors -- at least for awhile. But not Dick Cheney. He goes on the record less than two months after leaving office blasting the new administration, saying, among other thing, that Obama's new policies have made the world less safe.
Or so says the Economist. The bottom line? A recovery in the fall and Obama is golden. No recovery and watch out.That, in fact, is the conclusion too of DemFrom CT on the Daily Kos.
As the G-20 discussions begin this weekend, it's worth noting, as this note does, that things are much worse in Europe than they are here. As someone who lived there recently, I can attest to the fact that the property bubble was far worse in much of the UK and other parts of Europe than it was here. And, as the note points out, while our banks may be too big to fail, many of theirs are so huge that they can't really be bailed out.
George Stephanopoulos is reporting that the latest insider reportedly slated to be a Deputy Treasury Secretary has now withdrawn in the final stages.
There's a story that when Thomas Eagleton left the Democratic ticket in 1972 and George McGovern was having trouble finding a candidate to replace him, someone put up a sign in a bathroom on Capitol Hill reading, "If you're interested in running for vice president, please call this number."
It seems like an arcane debate. But . . . .
Yesterday it was Alan Greenspan's turn to say it wasn't his fault. And today, there is a terrific piece in the NY Times on how the culture is never going to get through this crisis (at least psychologically), until some people -- a lot of people -- start taking responsibility for all their bad decisions.
The new "Brain Trust."
The Beginner's Guide from Baseline Scenario.
Or so he says now, when Americans are angry that he partially went back on his LA contract. We'll see where that promise is in a few years. It's hard to see wha's in it for him.
An English team, on the other hand . . . .
That's the KC Fed President, not some wild-eyed blogger, Mr. Treasury Secretary.
The esteemed Henry Blodgett joins the chorus: Geithner must go.