Geithner's Not Going

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If you believe in the old political adage, “When nobody likes you, you must be doing a good job,” then U.S. Treasury Secretary Tim Geithner isn’t going anywhere anytime soon.

Sure, a Rasmussen telephone survey shows that 42 percent of Americans believe Geithner is doing a “poor” job,” while only 20 percent think he’s doing a good job. According to the Rasmussen poll the public is mad at him because he gave Wall Street a break with the American International Group bailout. But investors are even madder at him; 47 percent don’t like him.

Geithner is also being bombarded by bad press. A Bloomberg story headlined, “Geithner Resignation Calls May Increase as 2010 Election Nears” is echoed by major newspapers such as the New York Times and the Washington Post.

The media is focused on this week’s testy exchange between Geithner and the Republican members of the Congressional Joint Economic Committee, who asked him - and not politely - to resign. But Democrats are not being any kinder to the treasury secretary, as evidenced by Oregon Democratic Rep. Peter DeFazio’s call to fire him.

Geithner’s problems - but also ironically the reason he was tapped by President Obama for the job - stem from actions he took before he was treasury secretary. As president of the New York Federal Reserve in 2008, he was responsible for the $183 billion bailout of insurance giant AIG, and subsequently its creditors, with taxpayer money funneled through AIG. He has been lambasted for those hasty, but arguably vital, decisions ever since.

But the one person who hasn’t criticized Geithner, and who’s stood by him every step of the way, is President Obama. And Obama is hardly a friend of Wall Street or big corporations. His health care plan is proof of that.

Far from telling Geithner to shut up and sit down, Obama instead appears to have unleashed him to attack the Republican opposition. At the House committee meeting this week, Geithner shot back at Texas Republican Deputy Whip Kevin Brady that “the legacy of crises you’ve bequeathed to this country” led to what happened at AIG and elsewhere.

In summation: Geithner is the unpopular lightning rod for a still-popular President. Whatever the polls, pols and press say, he’s a keeper.

Tags: Barack Obama, American International Group Inc., Timothy Geithner, Geithner, Recruitment & Selection, Human Resources, Workforce Management, Ed Leefeldt

Ed Leefeldt is an award-winning investigative and business journalist who has worked for Reuters, Bloomberg and Dow Jones, and is the author of The Woman Who Rode the Wind, a novel about early flight.

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1

yourmomscalling

11/21/09 | Report as spam

RE: Geithner's Not Going

GIETHNER SAID ALL MEASURES OF CONFIDENCE ARE UP???is he NUTS !!!!

AND BLAMING REPUBLICANS?? OK FACT TIME>>>>>>>>>>>>>>>>>

HE WAS THE PRESIDENT OF THE NEW YORK FED FROM 2003-2009 WHICH MEANS HE WAS A VOTING MEMBER OF THE FOMC ( Federal Open Market Committee )
SO HE WAS A KEY PLAYER IN THE BUBBLE MAKING
HE VOTED FOR ALL THE RATE CUTS
HE IS GUILTY OF MAKING THIS HAPPEN !!!

ELECTION DAY IS COMING
2

glovin@...

11/21/09 | Report as spam

RE: Geithner's Not Going

This whole article is based on an illogical idiom:

?When nobody likes you, you must be doing a good job.?

(Tim is succeeding based on animosity from bankers, investors, and the people.)

Logically, if no one likes you, you're doing something wrong. This Author is struggling to come to terms with the idea that an appointed official may not be succeeding in his work.

Two necessary elements in discussing Geithner's performance are who he is working for and who will be effected by his policies:

1. Geithner is an appointed representative of the people of the United States of America and his job is to act in their best interest.

2. His policies will effect big and small government, big and small investors, big and small banks, big and small business, central bankers, and the people.

Thus far, the following have disapproved of his performance: small government, small investors, small bankers, small businesses and the people.

The following have approved: Central bankers, big banker, big businesses, big investors and big government.

Geithner has obviously failed as agent of the people. Instead, he has cow towed to corporate America, spawned big government, and worked to preserve the power of the central bank.

He has failed. Get over it Ed Leefeldt. Although, I do congratulate you for proving you are "hipster" enough to pose an opinion contrary to logical thinking. I also congratulate you for working your way into a position where you are compensated for puking up words and posting them online.

P.S. If you missed it Obama is now officially unpopular (gallup 49%)
3

Ed Leefeldt

11/23/09 | Report as spam

RE: Geithner's Not Going

First, thanks for the comments.
To "yourmammascalling": It would be difficult to find anyone who wasn't part of the "bubble making" except for an ivory-tower academic. Certainly Jamie Dimon, who's now reportedly being considered for Geithner's job, played a role. But primary blame should rest with Fed Chairman Alan Greenspan, who dominated the Fed.
To "glovin": I disagree with your premise that pleasing no one means you're doing a bad job. I guarantee that most legislation (and undoubtedly the upcoming health care bill) pleases no one, and represents a painful compromise. Geithner is in the same role. I doubt if big business is going to be happy with the "too big to fail" legislation that's coming.
As for Obama being "unpopular" because he's down to a 49% approval rating. The obvious question is: compared to what? Or whom? Palin?
And thanks for calling me a "hipster." By doing so, however, you are dating yourself ... and me.