Guest post from Spy Buddy:
Well folks get ready for a prolonged recession-the Senate Finance Committee cleared the nomination of Timothy Geithner as treasury secretary. Is this the best Obama can do? In fact, Geithner could have been a prime candidate for a Bush appointment due to his incompetence or corruption.
First, Geithner didn’t pay his 2001 and 2002 taxes until he was nominated-CNBC has reported the IRS waived Geithner fines, what you or I would have had to pay. Obama, and other Geithner apologists, say this was an oversight. Lets see, not paying your taxes for four years in a row is an oversight? He either thinks he is above the law or he’s just incompetent.
A second reason, and a more important, Geithner should not be confirmed is due to his previous position as president of the Federal Reserve Bank of New York. There he worked closely with Henry Paulson on several projects, bailing out AIG and TARP- is this an oversight, plain incompetence or corruption? I don’t need to talk about AIG since everyone remembers how AIG executives partied on taxpayer dollars in California. Remember the purpose of TARP was to help provide liquidity for banks so they could lend money to people who were refinancing or lending to small businesses etc. So under this guise, Paulson and gang distributed funds with no attention to ensuring that banks would use it to increase lending. This is one of the biggest rip offs of public funds since the no bid contracts that the Cheney/Bush administration gave away to their buddies.
Geithner is one of many available bankers and/or economists available to treasury secretary—believe me there is a glut in the market, just check out any street corner in NYC. Lets get one who can pass the character test and one who pays taxes as well as one who is competent.
Amen to that! Thanks, Spy Buddy!
*Update* Geithner Says China Is Manipulating Its Currency – no shit, Sherlock! Let’s see what you plan to do about it.