Thanks to AIG, Congress and the administration, Treasury Secretary Timothy Geithner may find his next round of necessary bailouts greeted by a revolt of left and right.
That according to Michael Gerson in Friday’s Washington Post:
What Gerson is saying is that from now on, anything touched by Geithner is toxic.
So he has to go.
Add to that a loss of public confidence that is evident everywhere.
Just last Saturday President Obama said that investors can have “absolute confidence” in the U.S. economy. But Geithner detracts from that confidence,obviously.
Add to that the fact that even left wing Obama supporters are now saying Geithner must go.
Why? Some certainly fear that Obama himself could be tarnished by this scandel; so why not throw out the skinny Treasury Secretary while there is still time?
My Asian-American relatives remind me that this is now a matter of “face.” To save his own “face” and preserve his wonderful image and poll numbers, Obama must now sacrifice Geithner or lose face himself. And the president should never lose face because of someone he himself appointed.
When Senator Grassley said that some corporate executives should “follow the Japanese example” and either “resign or go commit suicide” he was just a little off the mark.
Losing face and the fear of that fate is still a real option for anybody. And saving face by firing a turkey has been done several million times before this….
Eugene Robinson in today’s Washington Post:
Does he understand the profound sense of betrayal that so many Americans feel as we learn that the supposed wizards of finance, the Masters of the Universe who shower themselves with unimaginable wealth, were safeguarding our economic well-being with the diligence and sobriety of a drunken high roller at a craps table in Vegas at 4 a.m.? Does he understand that the crisis is not just an economic watershed but a cultural one as well, and that what once was deemed perfectly acceptable behavior on Wall Street is now seen as reprehensible? Does he understand that outside of Lower Manhattan, the definition of a “retention bonus” is being spared from the latest round of layoffs?
US President Barack Obama, seen here on January 29, 2009, sits alongside Treasury Secretary Timothy Geithner. Obama has to get his face out of the same photo with Geithner’s face….