Obama is making a mistake with his defense of Geithner and suggesting it's scapegoating. Quite a few people - myself included - were skeptical of this hire from the beginning. These are extraordinary times and of course, mistakes can happen. The issue here is whether Geithner shows any leadership ability to navigate such a crisis and increasingly the answer is a clear "no." He remains too worried about Wall Street retention, as if there is anywhere to go. It's OK to make mistakes but fewer people have confidence in the general direction of Geithner's plan, whatever that plan may be. Even then, how many mistakes can people accept when this rudderless ship (ahem, Mr President) goes nowhere?
Most Americans are outraged by this bonus system and would much rather see tax dollars going to important projects such as infrastructure and education as opposed to the summer mansion or new car for someone on Wall Street. Geithner has been working with Wall Street for too long and is too cozy with them. Whether Obama wants to admit it or not, Geithner is the wrong person for these critical times.
President Barack Obama told CBS's "60 Minutes" that Treasury Secretary Timothy Geithner's job is safe and that Wall Street needs to appreciate the frustration on Main Street over the magnitude of executive bonuses paid by government-bailout beneficiaries during a severe economic downturn, according to a Saturday preview of an interview to be aired Sunday night.Ha, ha. That's really funny and almost as hysterical as making fun of the Special Olympics. He needs to knock these stupid comments and get serious or else in a very short period of time the American public is no longer only going to be angry with Wall Street and Geithner. This economy is not a joke but the response to it so far has been a big joke.
Obama told "60 Minutes" interviewer Steve Kroft that criticism of Geithner is natural and that neither he nor Geithner had mentioned the possibility of a resignation. The president, according to CBS, joked that he wouldn't accept the Treasury chief's resignation even if it were tendered, saying he'd respond, "Sorry, buddy, you've still got the job."
On the financial-sector recovery itself, the president hinted at a measure of impatience. "It's going to take a little bit more time than we would like to make sure that we get this plan just right," Obama told Kroft. "Of course, then we'd still be subject to criticism: What's taken so long? You've been in office a whole 40 days, and you haven't solved the greatest financial crisis since the Great Depression?"
