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March 06, 2009
Geithner Can't Keep It Up
Understaffed Geithner Can't Keep Up, Critics Say
For five weeks, Treasury Secretary Timothy Geithner has battled the worst economic crisis in generations with no key deputies in place. That's made for a rocky debut for the man President Barack Obama put in charge of addressing the financial crisis.
With an awkward first television appearance, a bank rescue plan that lacked promised specifics and two restructured bailouts that raised taxpayer risk, Geithner has failed to calm financial markets desperate for answers.
Critics say part of the problem is that Geithner is flying solo: Not one of his top 17 deputies has been named, let alone confirmed. And without senior leadership, lower-level Treasury employees can't make decisions or represent the government in crucial conversations with banks and others.
As Geithner strives to address the financial crisis, advance Obama's agenda and work with foreign leaders to stave off economic disaster, he's assembled a 50-person "shadow cabinet" of would-be appointees. Those people have received hall passes and can advise Geithner, but they lack any authority.
"Everyone would think it's a travesty if the Defense Department didn't have a lot of their people in place, because you're in a crisis fighting a couple of wars," said Tony Fratto, who was a Treasury spokesman under President George W. Bush. "But Tim Geithner is fighting wars on a few fronts himself, and he doesn't have the generals there to help him."
Treasury's staff problems apparently have affected its ability to report to Congress on the massive bailouts it has been doling out.
At a Senate hearing Thursday about failed insurance giant American International Group Inc. — which has received four separate bailouts totaling more than $170 billion — Sen. Chris Dodd said he had asked Treasury for someone to appear, but that no one was available.
Wild Thing's comment.....
"Geithner has battled the worst economic crisis in generations "
Battled it, hell. He has enabled and advanced it.
This isn’t the first time Geithner’s had time management problems. That’s why his taxes were incomplete.
Being short a few people is not he problem. He is the problem.
....Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Posted by Wild Thing at March 6, 2009 05:50 AM
Comments
If Geithner is the only person who understands TARP we are in serious trouble. Geithner displays either a gross misunderstanding of the markets and what makes them stronger or a gross disregard. Either way we are in deep doo doo.
Posted by: Faith and Politics at March 6, 2009 07:50 AM
I wonder if they are beginning to have trouble getting qualified people to jump onboard this speeding Titanic HMS Obama ship of state as it heads toward the ice field.
Posted by: TomR at March 6, 2009 12:12 PM
Faith and Politics, I agree, either way we are in deep trouble.
Posted by: Wild Thing at March 6, 2009 06:51 PM
Tom, I think they are, as it is getting so bad, they are going to have a hard time geting people that want to be associated with Obama I think.
Posted by: Wild Thing at March 6, 2009 06:53 PM
