Video: Shelby plays Geithner Watch
posted at 3:13 pm on March 22, 2009 by Ed Morrissey
That “heckuva job, Timmy” moment from last week may not last. The mood on Capitol Hill has darkened considerably since Tim Geithner admitted that he pushed Chris Dodd into enabling the AIG bonuses that set Democrats to screeching last week. Senator Richard Shelby (R-AL) told Fox News that Geithner needs “a 180-degree turn” soon, if Barack Obama wants him to stick around:
Citing Treasury’s role in recommending the removal of a provision to block bonus payouts by TARP recipients, Shelby said “there’s a lot of questions to be asked. I’m not feeling real good about Treasury’s role or the specific role of Tim Geithner at the moment.”
Shelby, who voted to confirm Geithner, said “if he keeps going down this road, I think that he won’t last long. I think he’s probably on shaky grounds now, at least with the Congress and a lot of the American people.”
Shelby added “he’s going to have to do a 180 degree turnaround I believe to be a successful secretary.”
The rollout of Geithner’s bag-of-slogans plan won’t help build confidence. When the President has to keep saying that he has complete confidence in a Cabinet official, that’s not exactly a confidence-builder, either.
Blowback
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Anytime I am told that only one person can do a certain thing, I know I am being fed a pile of bovine feces.
ladyingray on March 22, 2009 at 3:24 PM
What’s the Intrade line on Geithner’s departure? It’s gotta be climbing.
OhioCoastie on March 22, 2009 at 3:27 PM
He may leave but who the hell would replace him since it sounds like treasury is a lot of empty desk ast the moment.
gsherin on March 22, 2009 at 3:29 PM
where the heck was Shelby when Paulson started the bailout mania? Republicans are the most partisan hacks ever
nice343 on March 22, 2009 at 3:30 PM
I’m just curious why anyone is even surprised at what is happening………….
………….. just like all those folks starting to take a second look at Mr. Teleprompter.
Seven Percent Solution on March 22, 2009 at 3:31 PM
I will never burn this image out of my mind
blatantblue on March 22, 2009 at 3:31 PM
Neither does the following:
1) “I didn’t cause this mess, I inherited it.”
2) “I’m the President”
) “The buck stops with me.”
Weight of Glory on March 22, 2009 at 3:32 PM
Why can’t anyone in congress, republicans especially, call out Obama’s incompetence? He selected Geithner and he’s busy goofing around with Leno, Kroft (who has no integrity as a “reporter”), and ESPN. Geithner has no one around him in Treasury. He is being planted by Obama’s administration as the fall guy for the economy. It is Obama who should be the sole bearer of blame.
jencab on March 22, 2009 at 3:32 PM
Maybe this was the plan to get Larry Summers into Treasury- have it become such a mess that the Harvard “controversies” wouldn’t matter during a confirmation.
It can’t be Christine Romer- she makes Geithner look like the Einstein of Finance.
jjshaka on March 22, 2009 at 3:32 PM
84% of Americans believe Obama inherited this mess. If Rethuglicans think they will win seats in 2010, they are in for a rude awakening
nice343 on March 22, 2009 at 3:34 PM
Cause they don’t wanna be labeled RAAAAAAAAAAACIST!
Key West Reader on March 22, 2009 at 3:34 PM
Was that a Kos Kidz poll?
Key West Reader on March 22, 2009 at 3:35 PM
Did Obama inherit Geithner? Thats slavery..
the_nile on March 22, 2009 at 3:37 PM
Was that a Kos Kidz poll?
Key West Reader on March 22, 2009 at 3:35 PM
nice343 on March 22, 2009 at 3:38 PM
The WSJ? The OPEN BORDERS AMNESTY rag? That right-wing rag?
RealDemocrat on March 22, 2009 at 3:39 PM
Yep and poor chris dodd is a victim (let’s ignore all the AIG and FNMA campaign contributions). I didn’t watch the show, did shelby talk about dodd resigning? I would guess not because the republicans make just enough noise to make their base think they care. They don’t actually do anything, just pretend to be outraged.
peacenprosperity on March 22, 2009 at 3:40 PM
Let Sasha and Mahlia do it. I’m sure mom has already taught them how to get get a 6-figure salary job….
RealDemocrat on March 22, 2009 at 3:41 PM
A talented executive is not afraid to walk into a mess. A talented executive works to stabilize the situation, find the most gifted people to apply to the problem, builds a plan that gains confidence, and then executes it with skill.
Not one word of that applies to Barack Obama, or to his administration.
Don’t be a cheerleader for failure. It’s a ridiculous look.
beatcanvas on March 22, 2009 at 3:41 PM
Oh, and by the way, after a week of “kill the rich people” and “we’d like to seize everything, but don’t know how or when or if it’d even work”, the administration is back to the “everything should be fine within a year” line… Seriously:
Weight of Glory on March 22, 2009 at 3:44 PM
What’s REALLY going on in the White House.
A bit of humor.
Key West Reader on March 22, 2009 at 3:45 PM
Bob Schieffer of CBS asked Summers the simple question that has haunted the American public since the bailouts began last fall: “Do you know, Dr. Summers, what the banks have done with all of this money that has been funneled to them through these bailouts?” What followed was a monologue of evasion that, translated into English, amounted to: Not really, but you little folk needn’t worry about it.
Yet even as Summers spoke, A.I.G. was belatedly confirming what he would not. It has, in essence, been laundering its $170 billion in taxpayers’ money by paying off its reckless partners in gambling and greed, from Goldman Sachs and Citigroup on Wall Street to Société Générale and Deutsche Bank abroad.
Summers was even more highhanded in addressing the “retention bonuses” handed to the very employees who brokered all those bad bets. After reciting the requisite outrage talking point, he delivered a patronizing lecture to viewers of ABC’s “This Week” on how our “tradition of upholding law” made it impossible to abrogate the bonus agreements. It never occurred to Summers that Americans might know that contracts are renegotiated all the time — most conspicuously of late by the United Automobile Workers, which consented to givebacks as its contribution to the Detroit bailout plan. Nor did he note, for all his supposed reverence for the law, that the A.I.G. unit being rewarded with these bonuses is now under legal investigation by British and American authorities.
- Frank Rich
MB4 on March 22, 2009 at 3:46 PM
Smackdown! Good job!
Key West Reader on March 22, 2009 at 3:46 PM
thank you very much for acknowledging Bush created this mess
nice343 on March 22, 2009 at 3:48 PM
Geithner Watch? Shelby hasn’t seen enough?
RealDemocrat on March 22, 2009 at 3:49 PM
Tim Geithner meet the underside of the proverbial bus.
RobCon on March 22, 2009 at 3:49 PM
There is a woman whom I saw interviewed a few times this past week who might be good. She heads some kind of congressional oversight committee. Granted, she’s a Harvard academic, but I guess I like her because she said we need to take a deep breath before acting and we should be asking why all this money is going in AIG’s front door and out its back door to Goldman Sachs and a bunch of foreign banks.
Good advice and a good question. Sorry, I cannot remember her name.
BTW, today, I think Frank Rich (NYT) sufficiently torched Lawrence Summers to keep him out of the running to replace Geithner.
Also, BTW, how come we haven’t read in MSM that Obama’s special envoy Holbrooke was an AIG director through mid-2008, during the time these bonus arrangements were put in place?
http://www.foxnews.com/politics/first100days/2009/03/19/obama-envoy-holbrooke-served-aig-board-bonus-bonanza/
BuckeyeSam on March 22, 2009 at 3:51 PM
Sounds like Shelby has a touch of BUYER’S REMORSE.
Little late isn’t it. You buy into mediocrity, you get mediocrity. Or did you expect a sudden lurch into intelligent thought?
GarandFan on March 22, 2009 at 3:54 PM
I found Romer decidedly unconvincing on Fox Sunday today. Her dismissal of the Friday CBO report sounded like a cheerleader of a team down by 20 going into the fourth quarter with all five starters in foul trouble.
BuckeyeSam on March 22, 2009 at 3:55 PM
Shelby’s going to bat for Dodd? Why does this remind me of Hastert going to bat for “Cold Cash” Jefferson?
Shelby did used to be a democrat.
funky chicken on March 22, 2009 at 3:55 PM
I believe he inherited this mess. I also believe that he is making it much worse. Obama will find that the pass he gets for, “I inherited this mess”, has a very short self life. It is already showing signs of mold.
Rethuglicans? That is so, like, you know, grade school.
MB4 on March 22, 2009 at 3:55 PM
Summers is actually competent. We couldn’t have Summers overshadowing Rich’s Dear Leader, could we?
funky chicken on March 22, 2009 at 3:57 PM
If you insist on making that assertion, you might want to try backing it up. Citing a poll on whether people hold Obama responsible for the situation does not constitute evidence that people are blaming Bush – let alone evidence that Bush is responsible …
RedPepper on March 22, 2009 at 3:59 PM
Summers is more confident and would actually do things but his politics and economic bent is the same as Dear Leader. An incompetent Geithner will continue to weaken this administration. I say let him continue to sway in the breeze.
genso on March 22, 2009 at 4:05 PM
rplat on March 22, 2009 at 4:06 PM
I thought Haliburton created this mess?
Firebird on March 22, 2009 at 4:07 PM
If Geitner left (and I doubt it unless he has a nervous breakdown) Obama would put in a former person that worked for Bill Clinton.
Speaking of Clinton, why does Hillary have such a low profile as SOS? It seemed that Sec. Rice was in the news daily. The little I have seen Hillary it seemed like she was more acting like she was on an overseas campaign trip to bolster her foreign travel credits.
albill on March 22, 2009 at 4:07 PM
OT: Too Funny – Venezuela’s Chavez calls Obama “ignoramus”
What happened to house Negro?
Obama = Stupid idiot.
Firebird on March 22, 2009 at 4:09 PM
I’d be happy with an administration and Congress that lived up to that standard.
NeighborhoodCatLady on March 22, 2009 at 4:09 PM
We are screwed. Michigan Governor Granthold gives Obama advice on how to fix the economy
William Amos on March 22, 2009 at 4:10 PM
OT: Too Funny – Venezuela’s Chavez calls Obama “ignoramus”
What happened to house Negro?
Obama = Stupid idiot.
Firebird on March 22, 2009 at 4:09 PM
ha ha ha….Diablo Negro
RealDemocrat on March 22, 2009 at 4:12 PM
Some resignations need to start. Bomma isnt going to have a choice if this keeps up. WHat will it take? Riots?
This tea bag crap is a joke.
johnnyU on March 22, 2009 at 4:12 PM
Watch out for the quiet type.
RedPepper on March 22, 2009 at 4:12 PM
Hillary is practicing “youtube” diplomacy. She is busy making videos to send to Iran to impress them.
William Amos on March 22, 2009 at 4:14 PM
Nice343, your party has had congress for two years. But I’m sure you hold them blameless for anything bad.
Speedwagon82 on March 22, 2009 at 4:15 PM
Stop funding the Illegal Aliens and our problems will be solved almost overnight!!!!
RealDemocrat on March 22, 2009 at 4:16 PM
This guy is in the banking committee and is part of the problem.
If the FBI or DoJ start going after these politicians, you will see massive resignations.
They are running scared and now is the time to get them.
getalife on March 22, 2009 at 4:16 PM
In Case you think Im joking
Hillary Clinton, e-diplomat, embraces new media
William Amos on March 22, 2009 at 4:16 PM
What caused the need for the TARP bailout and what scared Congress into passing it? It wasn’t Bush.
goat on March 22, 2009 at 4:21 PM
Now who would be able to draw down so much money so fast? Obama’s puppetmaster and financier, Soros?
Wethal on March 22, 2009 at 4:26 PM
TOTUS is working overtime, eh?
chunderroad on March 22, 2009 at 4:26 PM
Wethal on March 22, 2009 at 4:26 PM
Soros was the first one to come to my mind when I saw this back in February. Whoever it was that needs to be investigated thoroughly.
goat on March 22, 2009 at 4:30 PM
We are Doomed
Obama to ask Soros and other Hedge Fund managers to bail out the economy.
William Amos on March 22, 2009 at 4:32 PM
Yes, Shelby was a proud supporter of this deregulation that caused this mess and wants to let his mess fail;
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105
He should resign.
getalife on March 22, 2009 at 4:34 PM
If someone who wants Geithner gone can bring someone who’s willing to say that China dumps currency and junk, then they can let that person replace Geithner.
Otherwise keep your selling out to third world countries at home.
sethstorm on March 22, 2009 at 4:36 PM
Your breath smells like donkey shit. You clearly have been gobbling up the little balls of shit that roll out of getalife’s mouth.
csdeven on March 22, 2009 at 4:36 PM
What was happening with the election on September 15 to prompt this action?
chunderroad on March 22, 2009 at 4:38 PM
csdeven on March 22, 2009 at 4:36 PM
Dude, you have shit on your mind in every post.
Creepy .
getalife on March 22, 2009 at 4:38 PM
Look at the timing of the withdrawals………
………. just in time to influence and election.
Seven Percent Solution on March 22, 2009 at 4:39 PM
Just because you want to see a conspiracy there doesn’t mean there is one before your eyes.
sethstorm on March 22, 2009 at 4:40 PM
Ignore that donkey shit eating loon. This economy belongs to Oslime-a right now. The budget plan he is following is killing what good was left in the market.
csdeven on March 22, 2009 at 4:42 PM
Ah, the question of the “lost” money?
Good luck finding that answer.
getalife on March 22, 2009 at 4:43 PM
chunderroad on March 22, 2009 at 4:38 PM
McCain and Palin were pulling ahead in the polls.
goat on March 22, 2009 at 4:43 PM
Indeed. When she talks about the economy and Obama’s plans, there’s a certain “Stepford” aspect to it. She’s all smiles, so calm, while saying really nothing. Sometimes, I almost expect her to have a tray of cookies to hand out. It’s strange.
No doubt.
Weight of Glory on March 22, 2009 at 4:44 PM
It’s impossible to ignore the chunks of donkey shit that are stuck between your teeth. And your breath smells like a stable.
csdeven on March 22, 2009 at 4:44 PM
csdeven on March 22, 2009 at 4:44 PM
You are one sick puppy with your shit fetish.
Beyond creepy dude so let the adults okay?
getalife on March 22, 2009 at 4:46 PM
Maybe this had something to do with it.
chunderroad on March 22, 2009 at 4:46 PM
Let the adults talk.
getalife on March 22, 2009 at 4:46 PM
Pot, meet kettle.
chunderroad on March 22, 2009 at 4:47 PM
Thank you, I was reviewing the archives to make sure.
chunderroad on March 22, 2009 at 4:48 PM
FIRE SALE!
chunderroad on March 22, 2009 at 4:49 PM
It is good you are looking for the “lost” trillions but doubt it was Soros or he would reinvest it back to make the President look good.
The money is “lost” and good luck finding it.
getalife on March 22, 2009 at 4:50 PM
…and then the house of cards fell in Wall Street, taking McCain and his partners in crime with it.
sethstorm on March 22, 2009 at 4:53 PM
getalife on March 22, 2009 at 4:50 PM
So do you have any theories with which to enlighten us morons.
goat on March 22, 2009 at 4:53 PM
“The little I have seen Hillary it seemed like she was more acting like she was on an overseas campaign trip to bolster her foreign travel credits.”
Hillary! is getting frequent flier miles. Just as Barry has learned, when it gets hot, stay out of Washington. Hillary! will reappear in a little over 3 years from now. Something about “The country will not re-elect Barry, now it’s my turn”.
Oh, and I’m not a “Washington insider”, haven’t been in the capital for 4 years.
GarandFan on March 22, 2009 at 4:54 PM
I missed the part where somebody other than China is buying our debt which Obama is running through the roof. If China used the economic nuclear option, our currency would collapse. They can do whatever they want with currency in the mean time, sell lead-filled plastic toys and punch the Dali Lama in the nuts for all I care. That’s also how Geithner should see it.
chunderroad on March 22, 2009 at 4:54 PM
No, they need to milk this crisis longer to enable Obama to get his legislative agenda through. Emanuel’s “never let a crisis go to waste” probably has a corollary: “Use up all your crisis. Don’t let any go to waste.”
Soros has enough money that he can bide his time, and as Bill Amos’ link shows, the TARP II plan will involve working with hedge funds – like Soros’.
Wethal on March 22, 2009 at 4:55 PM
Pay no attention to the man behind the crisis george Soros
William Amos on March 22, 2009 at 4:55 PM
In what way was McCain involved in the financial crisis, and how is he connected to Wall Street when he sits on no relevant committees and took a quarter of the campaign cash Obama took from bailed out institutions?
chunderroad on March 22, 2009 at 4:57 PM
Republicans requested 40% of the 9,000 earmarks in the Porkulus bill. Senator Shelby himself wanted $800,000 for a catfish farm back home in ‘Bama.
So, yeah he’s doing yeoman’s work here on TV helping speed Tiny Tim down the road, but to me it rings hollow coming from a guy who has been in Congress since 1979.
Mike D. on March 22, 2009 at 4:57 PM
Senator Shelby and Sessions, my senators, voted against Tarp in 2008, nice 343.
dragonash on March 22, 2009 at 4:58 PM
My reading of the news clips is the event occurred. My conclusion is the Fed was asked who or whom, and they refused to say. You would know that the Pres and Congressional officials would have asked as well. If a name had been given we would have known by now.
The fact that this is largely unknown as to who and why rests squarely with the Fed. For this simple reason among dozens I would shut down the central bank. For those not so sure, Geithner will make an end run around Congress this week as the NYT article infers, using the Fed and FDIC. Another 1 trillion on top of the trillion printed by the Fed last week with no oversight, congressional approval, or vote. They sense the opportunity and are taking it.
Starlink on March 22, 2009 at 4:59 PM
Soros is, no doubt, a creep, and he has pulled off some impressive stunts like breaking the Bank of England and funding the Rose Rebellion. He is not the man behind the curtain, but he is acting in concert with a few others.
chunderroad on March 22, 2009 at 5:00 PM
Sniff…*GAG*….dude, really, you need to get your teeth bleached or something! All that shit you eat and regurgitate is disgusting.
csdeven on March 22, 2009 at 5:01 PM
I want “FAILURE” to fail.
Mojave Mark on March 22, 2009 at 5:02 PM
I don’t use name calling but I do have one that I can’t prove but think the money is in the safest place in the world:
http://www.treas.gov/tic/mfh.txt
getalife on March 22, 2009 at 5:02 PM
csdeven on March 22, 2009 at 5:01 PM
You post at the lgf?
getalife on March 22, 2009 at 5:03 PM
I want “FAILURE” to fail.
Mojave Mark on March 22, 2009 at 5:02 PM
Two negatives make a positive….yes?
RealDemocrat on March 22, 2009 at 5:04 PM
stormy is a hater. Everything wrong in the U.S. today is Ronald Reagan and the Republican Party’s fault. From the current financial mess to the heartbreak of psoriasis. Trying to have an intelligent discussion with him is like arguing with Pee Wee Herman.
thomasaur on March 22, 2009 at 5:06 PM
Once their constituents have been billed, there’s no reason the legislators should not try to compete for funds allocated to their districts. Earmarks are abused when they are deliberately inserted into legislation acting as payola.
Republicans had no part in the writing of the stimulus and were not at any time consulted on it.
chunderroad on March 22, 2009 at 5:08 PM
Soros huh?
Send it to Beck, he will run it.
getalife on March 22, 2009 at 5:08 PM
getalife on March 22, 2009 at 5:02 PM
What does that chart of who holds Treasury notes have to do with a run on money market accounts? Just curious
goat on March 22, 2009 at 5:10 PM
Honestly, I don’t care about that debt at all beyond using it as a weapon against China. They’ll fall as well.
It’s time we had someone who didn’t sell out like Bush II (Elaine Chao and her business interests in that general region) or the Clintons(too many examples to count). We do understand them, and honestly we shouldn’t care to cater to their every whim.
Phil Gramm, and UBS.
sethstorm on March 22, 2009 at 5:11 PM
I’m not arguing with him, but injecting reason into the conversation, clarifying my position (since he sometimes jumps on my comments) and keeping the confusion at a minimal level — a tough task in stormtrooper’s case.
chunderroad on March 22, 2009 at 5:11 PM
I’m not the one throwing childish insults.
sethstorm on March 22, 2009 at 5:12 PM
On september 14th, Lehman had filed for bankruptcy.
mph on March 22, 2009 at 5:12 PM
Phil Gramm has been out of Congress for over six years, and “UBS” IS not an answer. Since you mention it, Gramm was a lobbyist and adviser, not an operating executive. And he had nothing to do with the forces that impelled banks and banking executives into foolish behavior in recent years; cheap money, greed, and a bubble mentality are far bigger than Gramm.
chunderroad on March 22, 2009 at 5:14 PM
Democratic Proverb:
If the facts do not conform to the theory, they must be disposed of.
anniekc on March 22, 2009 at 5:14 PM
goat on March 22, 2009 at 5:10 PM
The theory is they made a run and put it in a safe place.
It happened world wide.
getalife on March 22, 2009 at 5:15 PM
mph on March 22, 2009 at 5:12 PM
Hmm, that would be one piece of the puzzle.
goat on March 22, 2009 at 5:15 PM
I think the total world wide “lost” was 8 trillion for 2008.
getalife on March 22, 2009 at 5:18 PM
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