Step up, Barack!
People are angry; protesting at the homes of AIG executives. Congress is eager to act and acting: offering to tax bonuses at 90%. That’s anger and action: maybe not the kind we need but action nonetheless.
Did ACORN Organize Protests At Homes of AIG Execs?
But what do we have from the “Boy Wonder” Treasury Secretary? Old ideas on how to handle toxic assets repackaged by the government and for sale.
But this will take another $1 trillion of taxpayers’ money.
Paul Krugman puts down the Geithner plan in stark terms: it’s not new or inventive and won’t work.
Obama, Geithner Toxic Asset Plan is Old Hash That Won’t Work
And Geithner knew about the AIG bonuses way back: he even worked to preserve them.
See: Wall Street Journal:
Geithner Aides Worked With AIG for Months on Bonuses
Yet President Barack Obama talks too much. An appearance with Leno was no help to him and last night on “60 Minutes” he was asked if he was “punch drunk.” And he has a speech scheduled on TV for Tuesday night.
(Some guys are just not gifted at the unscripted, Barack. Ask Joe Biden.)
And we already know what the president has to say:
He’s outraged, he’s confident, Geithner is a good guy, and his budget spending on the environment, health care, energy, education and the rest will ultimately drag the economy out of this hole and balance the budget.
Presidents have been wrong before. The good presidents admit it.
Forget that budget, at least for a week. Everyone is focused on AIG and Wall Street and eager for action — not more spending.
Sen. Gregg says Obama budget will bankrupt US
Fix the banks, get lending going, and even if you take Geithner’s toxic assets plan don’t take back “Toxic Tim.”
What President Barack Obama needs to do is something foreign to a community organizer, teacher, and professional elected official: he has to take action; shut up and act.
He’s got to restore confidence: as he has said himself.
He’s got to fire Geithner who is in bed with the Wall Street types he cannot fire.
That means he may have to fire Larry Summers too: because he is also in bed with Wall Street and is Geithner’s mentor in chief.
Geithner is expendable: a guy that has helped Wall Street (according to the left) and a guy that wants to throw around even more money (according to the right). Plus he is widely seen as weak and has a TV and public appearance persona of a worm.
Treasury Secretary Timothy Geithner. (Photo by MANDEL NGAN/AFP/Getty Images)
Some have called all this an “incestuous relationship” …. the Geithner-Wall Street-Summers-politics stew.
Geithner and Summers have no clue what people are going through in the real world: and they have worked so far to protect the likes of Bernie Madoff, Wall Street and the AIG world.
By not realizing the public outrage with the AIG caper; Summers cost the president confidence in his inner economic circle.
The ensuing congressional outrage has probably lessened confidence in AIG forever: which will make it harder to sell off the bad parts and the good parts. AIG made a lot of mistakes but now “we” the nation have destroyed their brand name forever in the bargain. And the bonuses were protected in the stimulus and geithner made sure they were paid….
And other companies took money after causing economic ruin and will survive unharmed.
Seem fair? Is this the new America? No courts required: just hearings and a trial on TV…..
Saturday, protesters went to the rich AIG executives homes to raise awareness and express outrage – a kind of witch hunt enters your neighborhood. This is bad business, bad politics, and bad for law and order.
Meanwhile Vice President Joe Biden made fun of Toxic Tim Geithner even while the president is saying he loves the guy.
“Tim Geithner is always there when you need to borrow money. And no questions asked,” Biden said in what was supposed to be a joke.
Biden: Give Obama a F*&^%$#ing Break
Christina Romer, head of the White House Council of Economic Advisers, said on “Fox News Sunday,” “Geithner is doing an excellent job.”
Wanna bet? Nobody believes that. Geithner’s poll numbers are bad and if he continues in his job it will be Barack Obama’s poll numbers that suffer….even more.
I can predict the headline: Geithner Blow-back On Obama.
Obama “Strongly Approve” Number from 42% to 36% in Last 60 Days; Geithner 24% Or Less
This is like watching a freshman throw up out the window and it all winds up on the prom queen.
This is the Special Olympics White House.
It isn’t even certain anymore that Helicopter Ben Bernanke knows what he is doing. By injecting even more money into the economy, he is risking inflation and gold is already up and the dollar already down.
People are angry and demanding action. Obama should give them action. Like a Roman emperor: now is the time for a very public thumbs down in the Colosseum of the national media.
Forget the venue. Forget the words. Forget the host: I mean even Leno couldn’t save the president from himself, much as he tried.
“60 Minutes,” Leno, campaigning, basketball, and a speech from the White House will no longer do.
Americans are no longer hungry to see their president talk, wise crack or fill out his brackets.
Throw Geithner to the lions.
Then develop a real plan of recovery. Fix the toxic asset problem and get lending going. It’s late but it’s never too late for this.
Recovery first, then budget. It is “the economy stupid.” The “recovery, stupid.”
We are in a culture war and an economic war at the same time. Geithner offers good news to either side in either war.
He’s toxic. And not an asset.
Visit Michelle Malkin:
Geithner’s Toxic Asset, Bank Plan Offers Nothing New To A Bad Idea
Shelby: Geithner Needs “180 Degree Change” To Stay At Treasury
Resistance grows to Obama’s bigger government
WASHINGTON (AP) – Amid the continuing backlash over AIG bonuses, President Barack Obama is defending his embattled treasury secretary and touting his ambitious $3.6 trillion budget proposal as a boon for ordinary Americans.
And, as early as Monday, the administration is expected to roll out a plan to rid banks of their toxic assets and speed the flow of loans. Some industry officials familiar with the details said they expected the approach would try to remove as much as $1 trillion from banks’ books.
Obama used his weekly radio and Internet address to turn the focus back to his budget proposal, calling it “a firm foundation of investments in energy, education and health care that will lead to a real and lasting prosperity.” He plans a network television interview airing Sunday and a prime-time news conference Tuesday to continue bolstering his case.
The disclosure that American International Group Inc. paid out $165 million in bonuses to employees, including to traders in the financial unit that nearly collapsed the insurer, has dominated the news this week. It has left the Obama administration on the defensive and seeking to refocus attention.
In the interview with CBS’ “60 Minutes,” Obama made clear he was standing behind beleaguered Treasury Secretary Timothy Geithner, who was roundly criticized over the bonus flap and steps to revive the economy.
Obama said that if Geithner offered his resignation, the answer would be, “Sorry buddy, you’ve still got the job.” CBS released excerpts Saturday.
Read the rest:
(Talking too much…)
Threat of inflation sky high
Obama’s Katrina Moment Is Here Now
Obama Administration May Not Understand Economy
Public Outrage Could Devour Obama Presidency
Financial Advice, Recovery, Trumped by Obama, Congress, Media, Polls
(Maybe Axelrod is giving better advice than Summers, Geithner…)
Protesters At Homes Of AIG Execs
Obama, Biden Chat Up Economy; Congress Talking “Stimulus II”
Rosy Talk From Obama and Gang is BS
Biden Off Mic: “Gimme a f*&$#ing break”
From India, wondering why Obama is on Leno:
Visit Hot Air:
Too little too late? In this photo provided by CBS News-60 Minutes, Steve Kroft of 60 Minutes interviews U.S. President Obama at the Oval Office on Friday, March 20, 2009 in Washington. In an interview with CBS television’s ’60 Minutes,’ Obama said that if Treasury Secretary Timothy Geithner offered his resignation, the answer would be, ‘Sorry buddy, you’ve still got the job.’ (AP Photo/CBS News-60 Minutes, Aaron Tomlinson)