Bad news: America preparing for the post-Geithner era
posted at 7:37 pm on June 30, 2011 by Allahpundit
He’s the last remaining member of the rock-star economics team that’s brought us so much joy these past two years. And soon, it sounds like, he’ll be gone too. Now the only member left is the frontman. And he’s a — well, you know.
It’s like finding out that the three lesser guys in Coldplay have quit the band, and now all that’s left is Chris Martin plonking on a piano and caterwauling about corporate jets or whatever. You’d think the music can’t get more irritating, but it can. Oh, it can.
Treasury Secretary Timothy F. Geithner has signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to talk about private discussions…
That would leave Obama with two key posts to fill as Republicans are seeking to turn the 2012 election into a referendum on Obama’s handling of the economy and as the recovery is slowing. The unemployment rate rose to 9.1 percent in May, according to the Labor Department, and the economy grew at a 1.9 percent pace in the first quarter, according to Commerce Department figures released June 24…
If Geithner does leave the administration, Obama would be losing a member of his economic team who understands Washington institutions and the New York banking world as well as the intricacies of the Chinese economy. Geithner has pressed the Chinese to let their currency appreciate faster to reduce the global imbalances that both he and Obama have blamed for financial uncertainty.
The Times is hearing the same rumblings. CNS sends Geithner off with a flourish, noting that the national debt increased more during his tenure — $3.7 trillion and counting — than any other Treasury secretary’s. Duly noted, but c’mon: When a Coldplay song reeks, we all know whose fault it is. And it ain’t the bass player’s.
Courtesy of Romney 2012, here’s a deep cut off the double live album, Eternal Recession.