Geithner Is Staying…For Now
enlarge Well, this is disappointing. Although I admit that some of the names being floated as his replacement were as troubling as Geithner’s initial appointment. What was that saying about the fox guarding the henhouse ? Treasury Secretary Timothy Geithner remains undecided about whether to remain in his post, but he’s under increased pressure from White House officials to stay, people familiar with the matter said Thursday. Mr. Geithner, who joined the Obama administration at its inception in 2009 and has played a central role in virtually every economic decision, told White House officials several weeks ago he was considering stepping down after the debt ceiling debate concluded so that he could join his family in New York. But White House officials have asked Mr. Geithner to consider remaining at Treasury, given all the economic challenges facing the country. Personal overtures from Mr. Obama could be hard for Mr. Geithner to reject, though he hasn’t reached a decision about what to do, people familiar with the matter said. He is expected to make a decision soon about his future, people familiar with the matter said. “As Secretary Geithner has said he hasn’t decided when he’ll leave, and he has said he will be here for the foreseeable future…that’s what he tells us and he’s obviously a key member of the economic team,” White House spokesman Jay Carney said Thursday. The New York Times on Thursday reported that Mr. Geithner is expected to stay under White House pressure. I know that there is grumbling that “changing horses mid-stream” would cause market instability, but I really believe that this coddling of Wall Street is exactly what is keeping economic recovery from happening. And as a deep insider, Geithner was the ultimate coddler. That may be good for campaign coffers, but it’s not good for America.
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on August 4, 2011. Filed under