Yet, given the nature of politics and the markets, he can't now and won't. We all have a serious problem and this problem is difficult to quantify. Secretary Geithner, as we all know, was found to have fairly significant tax issues. He failed to pay the pay roll tax for multiple years while working at the International Monetary Fund. Despite the serious nature of these misdeeds, Geithner was still confirmed. The administration made Geithner out to be indispensible. In other words, the public was supposed to swallow tax cheat overseeing the IRS because this tax cheat was unique in his ability. Yet, his
unveiling of the bank bailout indicates that not only is he not unique, but frankly, he's probably simply not up to the job.
Jim Cramer said he isn't ready for prime time. The market tanked right after his presentation. The general consensus was a plan very short on detail. This created an even greater aura of uncertainty and everyone ran for cover. Geithner's problems were of both style and substance. Not only was this the sort of vague plan that two buddies could put together over drinks, but he looked and sounded nervous throughout. (take a look for yourself)
7 comments:
What alarmist nonsense.
Getting rid of him. Are you joking.
Must have had nothing to write about to day Mike.
That comment sniffs of someone that didn't read my piece. In fact, I said that politics and reality means taht President Obama can't get rid of him.
I explained the complexities of the situation and you made a very simplistic comment. I said that he isn't up to the job. Clearly, his performance so far points that out.
He isn't up to the job?
How arrogant and presumptuous you are to declare this so soon.
His knowledge of this situation is about ten-fold yours.
Give him a chance.
[and get a little humility.]
First of all, you have no idea what I know about the situation. Second of all, I am not the Treasury Secretary.
Third of all, this is high stakes. His tax disclosures weakened him, and then he totally fumbled the rollout of the bailout. At this point, he has the confidence of no one outside the administration. That is reality. That is not me saying but reality, and as such, he is in a very difficult position. He has shown himself to be totally not ready for prime time, and regaining confidence lost over all segments of our population is not easy.
He disappointed with his first conference - that is a fair point.
But to say NO ONE outside the administration has confidence in him is a massive overstatement.
All this has done has raised doubts about him. Thats it.
This is a highly intelligent man with years of good work behind him. The market dropped because they were expecting details they didn't get. The details will be forthcoming. Clearly it shows the mess left to him is far more complicated than the average folk can appreciate.
And yes I think it easy to sit on a blog and criticize without appreciating the complexity of certain situations. I know, from reading previous posts of yours, that you rate your own knowledge.
I definitely feel as though you simply haven't read the piece because I am repeating a lot of things I already said within it.
He already was weakened by the tax disclosure. Now, he lays an egg in his first major announcement. No one is saying he isn't intelligent, but at this point, he has the confidence of no one.
I said that he can get the confidence back but that it would be very difficult.
In the meantime, he will be caricatured. No one knows how long it will be before he provides details and frankly, if he was going to be this vague, he should have waited to make the announcement. His plan will have to be flawless because confidence level in him is so low now.
That's why in a perfect world he would be dropped. I am not criticizing but analyzing. I never said I could do the job better. I said he is simply no longer in a position to have the confidence of anyone to do the job himself.
Although it seems the Republican strategy isn't working too well either.
A recent Gallup poll found that 67% of Americans approved of the way he was handling the stimulus bill; 31% approved of congressional Republicans' performance and 48% approved of congressional Democrats'.
http://www.gallup.com/poll/114202/Obama-Upper-Hand-Stimulus-Fight.aspx
These numbers look good for Obama at least.
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