Should Tim Geithner step down ?

[Modelworks]

Watch the video and decide:
http://www.youtube.com/watch?v=ty_-Mf6QhpU

They have requested he step down due to all the problems that come up. If he steps down he admits fault, if he stays people think Washington is just doing more of the same.

It is a tough call.

 

[Dari]

He won't step down just yet. When Obama is not apologizing abroad, bowing to foreign leaders, and pissing on American strength, he will confidently stand behind his men until he musters the confidence to throw them under the bus.

 

[woodie1]

Tim Geithner has not failed. Just ask him.

 

[Bitek]

Why would he step down at this point? He is accurate in saying many economic indicators have improved greatly over the year. Has he been perfect? No, but its not like anyone would have been error-free either.

Considering we suffered Rum-Dummy as SecDef for 6 long years as we were losing Iraq and Afghan, there is no reason Geithner should step down after 10mos when none of his errors has caused mass deaths and unneeded destruction, nevermind the billions wasted.
Why would you want to even introduce the turmoil of a Treas Sec resigning and the search for a new one at this fragile state of the recovery? Sounds like an incredibly stupid plan.

Another drama-queen whiner moment from the GOP.

 

[Siddhartha]

Should Tim Geithner "step down" because Republicans ask him to?

 

[cubeless]

he ought to step on down to the place he bought his rug and get some new stickum... it looked like it was going to crawl off his head the other day when he was standing there with holder...

 

[Ausm]

He won't step down just yet. When Obama is not apologizing abroad, bowing to foreign leaders, and pissing on American strength, he will confidently stand behind his men until he musters the confidence to throw them under the bus.

Sounds like you just crawled out of Glen Beck's ass.

 

[Lemon law]

I am not all that happy with Geithner either because he is an industry insider all too much like Hank the crank Paulson.

If I had my druthers I would get someone far far far tougher on financial regulation that would not coddle failed bailed out financial firms.

But that would give the GOP something to really really sob about.

But in my personal opinion, that is what this country needs, someone far tougher than Geithner. As for the republirats they should thank their lucky stars that they have a wimp like Geithner instead.

 

[shadow9d9]

Yes.

 

[Darwin333]

I am not all that happy with Geithner either because he is an industry insider all too much like Hank the crank Paulson.

If I had my druthers I would get someone far far far tougher on financial regulation that would not coddle failed bailed out financial firms.

But that would give the GOP something to really really sob about.

But in my personal opinion, that is what this country needs, someone far tougher than Geithner. As for the republirats they should thank their lucky stars that they have a wimp like Geithner instead.

Amusingly, Geithner is nowhere near as partisan as most of you here. He has made plenty of wealthy Republicans, as well as Democrats, even wealthier... with your money.

Geithner should have been fired a long time ago and just about everyone knows that. For the partisans who simply don't want the other side to win: Yes, the last guy was a big steaming pile of dog shit so why do you keep saying "at least he is better than that". I would certainly hope that yall would aspire for your "guys" to be better than "just a little bit better than a steaming pile of dog shit".

This guy is completely against everything the Democrats supposedly stand for but watch them come out of the woodwork to defend him simply because the asshole republicans dare attack a guy on their side.

 

[LegendKiller]

Amusingly, Geithner is nowhere near as partisan as most of you here. He has made plenty of wealthy Republicans, as well as Democrats, even wealthier... with your money.

Geithner should have been fired a long time ago and just about everyone knows that. For the partisans who simply don't want the other side to win: Yes, the last guy was a big steaming pile of dog shit so why do you keep saying "at least he is better than that". I would certainly hope that yall would aspire for your "guys" to be better than "just a little bit better than a steaming pile of dog shit".

This guy is completely against everything the Democrats supposedly stand for but watch them come out of the woodwork to defend him simply because the asshole republicans dare attack a guy on their side.

Why exactly should he have been fired?

I love how the poster above said he's an "industry insider". Sorry, but the guy hasn't ever even worked for an i-bank. He's been in government service for the last 20 years, since he was 27.

He's been an academic and bureaucrat his whole life, hardly an "insider". The only bank relevant experience he has is the FRBNY, which is a political appointment.

 

[werepossum]

I would say yes, but consider: He was appointed by a man who otherwise appoints fans of Mao. He was confirmed by a group of people who think a man who doesn't pay his taxes even when his employer makes him sign a pledge to pay them AND his employer writes him a check for those taxes AND the IRS busts him for the same thing for the previous years, and who when confronted claims he doesn't understand how to operate freakin' TurboTax, would make a dandy Treasury Secretary.

I say let him stay. He hasn't made any huge errors, just what Obama (and most of the Republicans, truth be told) want him to do. And things CAN get worse.

 

[bamacre]

Should Tim Geithner "step down" because Republicans ask him to?

No, but he should step down because Democrats demand it.

 

[halik]

Yaaay populist measures from people that don't have the slightest idea about the issue at hand.

People need to watch the last weeks Southpark where Cartman is the announcement person.

For the record, we were at the brink of great depression 2.0 / global financial clusterfuck and we've managed to avoid it. Ted spread is back down, vix is back down, overnight libor is down etc. etc.

 

[werepossum]

Yaaay populist measures from people that don't have the slightest idea about the issue at hand.

People need to watch the last weeks Southpark where Cartman is the announcement person.

For the record, we were at the brink of great depression 2.0 / global financial clusterfuck and we've managed to avoid it. Ted spread is back down, vix is back down, overnight libor is down etc. etc.

Perhaps. For the record, countries that did little or nothing are pretty much out of the recession (the notable exception being Ireland.) The USA and the UK did a lot of government intervention and are still firmly within its grip.

 

[StageLeft]

Maybe.

I do think Paulson should be given his walking papers and Bernanke.

Anyway I wouldn't want to get in an argument with geithner. I've seen him on other vids, he has a way of being just a little bit demeaning and is obviously very smart. Whether he's right or wrong ultimately is another matter but he doesn't give up ground easily.

 

[Darwin333]

Why exactly should he have been fired?

I love how the poster above said he's an "industry insider". Sorry, but the guy hasn't ever even worked for an i-bank. He's been in government service for the last 20 years, since he was 27.

He's been an academic and bureaucrat his whole life, hardly an "insider". The only bank relevant experience he has is the FRBNY, which is a political appointment.

Are you kidding? He presided over this entire mess during his stint with the Fed. He is either a fucking tax cheat or flat out incompetent to be the head of the IRS. The economy is seriously fucked regardless of what bullshit papered over nonsense some others want to say. Americans have lost a fuckton of money, taken by the same mobsters that are now racking in record profits made off the backs of the same people they fucking robbed. How about his guaranteeing the bonuses of the same fucks that needed OUR tax dollars to stay afloat. Those are the same assholes making those record profits now but hey, at least the people with GOOD credit get a big thank you in the form of 29% interest rates while they borrow at damn near nothing on OUR DIME. How is the dollar doing these days? How about jobs? Why don't you give me the long explanation on why P/E ratios being TWICE what they were in the last bubble is a good thing? Blatent front running and insider trading on a massive scale. Blatant fraud in the financial markets AFTER blatant fraud got us into this mess (with no indictments).

Thats just off the top of my head.

 

[LegendKiller]

Perhaps. For the record, countries that did little or nothing are pretty much out of the recession (the notable exception being Ireland.) The USA and the UK did a lot of government intervention and are still firmly within its grip.

And how bad was the situation going in?

Germany did a shit-ton, nationalizing several banks and lenders, including KBW and Hypo Real Estate. German Landes Banks were horribly off. However, they weren't as bad as British and US banks.

Japan is still in terrible shape while Canada never was in it much to begin with.

Re-evaluate your measurement sample.

 

[LegendKiller]

Are you kidding? He presided over this entire mess during his stint with the Fed. He is either a fucking tax cheat or flat out incompetent to be the head of the IRS. The economy is seriously fucked regardless of what bullshit papered over nonsense some others want to say. Americans have lost a fuckton of money, taken by the same mobsters that are now racking in record profits made off the backs of the same people they fucking robbed. How about his guaranteeing the bonuses of the same fucks that needed OUR tax dollars to stay afloat. Those are the same assholes making those record profits now but hey, at least the people with GOOD credit get a big thank you in the form of 29% interest rates while they borrow at damn near nothing on OUR DIME. How is the dollar doing these days? How about jobs? Why don't you give me the long explanation on why P/E ratios being TWICE what they were in the last bubble is a good thing? Blatent front running and insider trading on a massive scale. Blatant fraud in the financial markets AFTER blatant fraud got us into this mess (with no indictments).

Thats just off the top of my head.

Ohh, that's right, as Sec'y of the Treasury, he is the god of the economy and can make it all disappear, ohh, and he caused ALL of it as the head of the FRBNY.

Wow, get a fucking clue.

 

[werepossum]

Are you kidding? He presided over this entire mess during his stint with the Fed. He is either a fucking tax cheat or flat out incompetent to be the head of the IRS. The economy is seriously fucked regardless of what bullshit papered over nonsense some others want to say. Americans have lost a fuckton of money, taken by the same mobsters that are now racking in record profits made off the backs of the same people they fucking robbed. How about his guaranteeing the bonuses of the same fucks that needed OUR tax dollars to stay afloat. Those are the same assholes making those record profits now but hey, at least the people with GOOD credit get a big thank you in the form of 29% interest rates while they borrow at damn near nothing on OUR DIME. How is the dollar doing these days? How about jobs? Why don't you give me the long explanation on why P/E ratios being TWICE what they were in the last bubble is a good thing? Blatent front running and insider trading on a massive scale. Blatant fraud in the financial markets AFTER blatant fraud got us into this mess (with no indictments).

Thats just off the top of my head.

Yes, and the Republicans generally thought he was the Messiah come to save them during his confirmation hearings. (The Democrats thought he was the other Messiah. LOL) None of this is at all surprising - as you say he is either totally amoral or totally incompetent. TARP was supposed to buy up all these "toxic assets" and the government would take the hit, acknowledging that it's actions (in bizarre HUD requirements that Fannie Mae & Freddie Mac make forty-odd percent of their loans to people who can't afford to buy houses) caused the problem. Instead TARP went straight to operating expenses, all those toxic assets are still on the books, the HUD requirements are exactly the same, even the freakin' deregulation that allowed this mortgage finance crisis to take down the whole financial sector hasn't been fixed. It's getting hard to believe that the politicians on either side are actually trying to fix the problem rather than make it worse in ways advantageous to their own party and backers.

 

[halik]

And how bad was the situation going in?

Germany did a shit-ton, nationalizing several banks and lenders, including KBW and Hypo Real Estate. German Landes Banks were horribly off. However, they weren't as bad as British and US banks.

Japan is still in terrible shape while Canada never was in it much to begin with.

Re-evaluate your measurement sample.

IIRC Canada didn't securitize mortgages like U.S., but a lot of their banks had exposure to RE backed assets. Their RE market didn't get hit anywhere near as bad as ours.

But to the core of the argument: recession and stable financial system are two different things. Recession is virtually inevitable when you have this much excess capacity and speculation and while painful, it's not really that bad. On the other hand, things like overnight libor at 700+ freezes all credit everywhere.

 

[werepossum]

And how bad was the situation going in?

Germany did a shit-ton, nationalizing several banks and lenders, including KBW and Hypo Real Estate. German Landes Banks were horribly off. However, they weren't as bad as British and US banks.

Japan is still in terrible shape while Canada never was in it much to begin with.

Re-evaluate your measurement sample.

Yeah, Japan is in terrible shape. Why, their unemployment rate is half ours! Scandal! Their manufacturing and overall economy is going up and has been for months (and not due to their government pumping in borrowed money.) Japan hit very targeted areas with money instead of flinging it everywhere, or at least everywhere political cronies could be found. Pretty much everything that sucks here is much better there. http://www.bloomberg.com/apps/news?pid=20601080&sid=aR9mH0WosC1A

Likewise, Germany took a hard look at its financial sectors, took what it had to, shut down what it could afford to do, and fixed the factors that allowed it to get into that shape. We're still playing grab-ass with our financial sector, we seized Chrysler and GM and gave them to the union (for unsecured debt) whilst shafting bond holders with preferred debt, and we wonder why American venture capital goes elsewhere. And to top it all off, we've fixed none of the underlying problems.

Obviously the problem is my sample.

 

[LegendKiller]

Yeah, Japan is in terrible shape. Why, their unemployment rate is half ours! Scandal! Their manufacturing and overall economy is going up and has been for months (and not due to their government pumping in borrowed money.) Japan hit very targeted areas with money instead of flinging it everywhere, or at least everywhere political cronies could be found. Pretty much everything that sucks here is much better there. http://www.bloomberg.com/apps/news?pid=20601080&sid=aR9mH0WosC1A

Likewise, Germany took a hard look at its financial sectors, took what it had to, shut down what it could afford to do, and fixed the factors that allowed it to get into that shape. We're still playing grab-ass with our financial sector, we seized Chrysler and GM and gave them to the union (for unsecured debt) whilst shafting bond holders with preferred debt, and we wonder why American venture capital goes elsewhere. And to top it all off, we've fixed none of the underlying problems.

Obviously the problem is my sample.

Have you checked out Japan's debt/gdp lately? Or the fact they are *STILL* in the grips of a deflationary spiral. Or the fact they've yet to pull out of the early 90s recession? Or the fact that many Japanese banks are still fucked?

Let's talk about Germany. The country that has huge amounts of unions, thus, they can barely lay off people. Their debt/GDP isn't great either. Although they didn't go INTO this situation as bad, so, naturally, they'll come out better.

 

[Darwin333]

Ohh, that's right, as Sec'y of the Treasury, he is the god of the economy and can make it all disappear, ohh, and he caused ALL of it as the head of the FRBNY.

Wow, get a fucking clue.

Him and his coworkers do share some of the blame. Its really simple, either they were asleep at the wheel or they weren't. Which is it?

How about some real world proof? The mobsters who got us into this mess seem to be making record profits while the rank and file are footing the bill. Agree or disagree? I mean, us normal folk are hard up for jobs, still underwater on our retirements, pensions, houses (just about all of their assets), the banks that the very same people bailed out are kind enough to jack their GOOD customers credit cards up to 29%.... but yeah, its all peachy, hell of a job their Geithner, mister Treasury Secretary (head of the Obama administrations economic team, supposedly for EVERYONE and not just the mobsters that ripped us off)

The mobsters seem to be making record profits, huge bonuses and golden parachutes. I got no problem with capitalism and people getting paid whatever the market will bear but thats not what this is, is it?

 

[Darwin333]

Have you checked out Japan's debt/gdp lately? Or the fact they are *STILL* in the grips of a deflationary spiral. Or the fact they've yet to pull out of the early 90s recession? Or the fact that many Japanese banks are still fucked?

Let's talk about Germany. The country that has huge amounts of unions, thus, they can barely lay off people. Their debt/GDP isn't great either. Although they didn't go INTO this situation as bad, so, naturally, they'll come out better.

I got $20 that this all falls apart within the next year. No complex standards, simply the economy is either doing better ,I'll give you equal too, or is it doing worse than it is right now. Deal?