Blogs » Politcs Plus » Time for Secretary of Treasury Geithner to resign


After hearing what Secretary of Treasury Timothy Geithner told a congressional hearing about why he sided with the AIG during the financial crisis, the house republicans and democrats come to a bipartisan agreement that it is time for Timothy Geithner to step down. Mr. Geithner, you work for the American taxpayer not AIG… Timothy Geithner might have been indispensable at the start because he knew where the bodies were buried but is quite evident he might have buried a few, himself in his position as head of the New York Fed. Timothy Geithner is a brilliant man, but if he is not the right person for the jobless economy that we are in. He is like a wild animal that will never be domesticated. He knows how to make and keep Wall Street profitable but he is clueless when it comes to Main Street. I still remember how he tried to make Senator Christopher Dodd take the blame for the AIG bonus payout fiasco. He eventually took the blame, but if he revealed something about himself.

Regulatory reform will now be delayed because Senator Charles Schumer thinks that Geithner has been inconsistent in addressing China's practice of keeping its currency low against the dollar. This is on the back of an amendment by Ron Paul that will subject the Federal Reserve to more scrutiny and allow the General Accounting office to audit all of its operations including the ones they had with foreign banks. More than 300 members of Congress have endorsed this measure, but I'm not so sure we want to look behind that curtain. It's like knowing some crimes of a criminal that we allowed to take a plea bargain. I do want to know if the fed chairman has shown some favoritism with the steps the fed has taken to support some banks and not others, but I also want the Fed to make the moves it deems necessary to keep interest rates reasonable without fear of second guessing by Congress.

The jobs have to come from the private sector, but the treasury secretary has to use his influence to persuade the banks that we have bailed out, to lend money to small businesses, even if it is more profitable ; not to do so. I'm still angry that Goldman Sachs and Morgan Stanley were allowed to become banks just to get a favorable low interest rate to continue their financial schemes. The average taxpayer cannot get a loan at those financial institutions; there are not the type of banks that lends money. Then again Wall Street is still up to their old tricks and we still have financial institutions; too big to fail.

Presidential adviser, Valerie Jarrett told Joe Scarborough that the president does not have any intentions of calling for the treasury secretary’s resignation, but we all know that those decisions are done behind closed doors;then they will leave to spend more time with their families. I have my doubts that a resignation will come anytime soon; if ever. I can only hope the administration would consider Ellen Warren, chairman of the panel that oversees the $700 billion Federal bailout money to be Geithner's replacement because she is not scared to speak her mind, reminding the banks that they're playing with taxpayer money.