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.

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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.

His job is done here, since he’s done his part to leave his successors with the smoking crater that used to be the U.S. economy.

Well done, Tim. Well done.

Cicero43 on June 30, 2011 at 7:39 PM

“Why can’t I go home now!?”
Turbo Tax Tim

Khun Joe on June 30, 2011 at 7:39 PM

Well, if the only qualification for Secretary of the Treasury is knowing how to use Turbo Tax software, I’m available for a career upgrade…

Jeddite on June 30, 2011 at 7:39 PM

Don’t forget to turn off the lights.

Chuck Schick on June 30, 2011 at 7:39 PM

He’s gonna go to work for Turbo Tax and show em’ where they went wrong.

BigWyo on June 30, 2011 at 7:39 PM

I just wonder what Marxist lunatic Obama’s going to tap to replace Geithner.

Aitch748 on June 30, 2011 at 7:41 PM

Excellent piece Allah….
:)

cmsinaz on June 30, 2011 at 7:42 PM

New face at Treasury……same old Progressive policies.

Yawn

PappyD61 on June 30, 2011 at 7:43 PM

Over/under on how long he’ll be at his next “job” before he moves to Goldman Sacks?

Wethal on June 30, 2011 at 7:43 PM

Krugman will replace Geithner.

visions on June 30, 2011 at 7:44 PM

His job is done here, since he’s done his part to leave his successors with the smoking crater that used to be the U.S. economy.

Well done, Tim. Well done.

Cicero43 on June 30, 2011 at 7:39 PM

This.

I don’t even think he did it on purpose.

BigWyo on June 30, 2011 at 7:44 PM

Lol chuck

:)

cmsinaz on June 30, 2011 at 7:44 PM

I don’t even think he did it on purpose.

BigWyo on June 30, 2011 at 7:44 PM

Yes he did.

Dr Evil on June 30, 2011 at 7:46 PM

nice Romney ad

r keller on June 30, 2011 at 7:46 PM

Krugman will replace Geithner.

visions on June 30, 2011 at 7:44 PM

I would soooooooooo love to see that happen. President PantLoad wouldn’t even make it through his one and only term.

BigWyo on June 30, 2011 at 7:47 PM

Having a job where he gets a paycheck subject to withholding of his income taxes has really harshed his mellow. He wants a job where it easier to cheat.

Aviator on June 30, 2011 at 7:48 PM

An appropriate way to thank TurboTax Timmy for his service at Treasury would be to leave the position unfilled for months, just like he did with those many spots under him.

Christien on June 30, 2011 at 7:49 PM

His job is done here, since he’s done his part to leave his successors with the smoking crater that used to be the U.S. economy.

Well done, Tim. Well done.

Cicero43 on June 30, 2011 at 7:39 PM

THIS.
And…

I just wonder what Marxist lunatic Obama’s going to tap to replace Geithner.

Aitch748 on June 30, 2011 at 7:41 PM

THIS.

Jenfidel on June 30, 2011 at 7:50 PM

Largest amount of new debt run up by any treasurer in history – 3.7 trillion. Not bad considering he’s only been there 2.5 years.

Bush ran up 4.9 trillion over 8 years. Obama should catch him by Christmas.

“Thank you, President Obama.”

Chuck Schick on June 30, 2011 at 7:50 PM

before it’s over “I worked in the obama administration” is going to be a serious embarrassment to tote.

And just wait ’til the insider leaks start, and they will, and everybody sees what a total joke this whole thing has been.

winston on June 30, 2011 at 7:51 PM

Now he can go sit on a multi-million dollar, phony-baloney job on Wall Street and quit paying his taxes again, since nobody will be looking anymore.

AUINSC on June 30, 2011 at 7:54 PM

This was on NRO/Corner earlier but their post was updated with a denial.

UPDATE: According to The Hill, reports that Geithner will leave after a debt deal is completed could be premature.

Link to The Hill

gh on June 30, 2011 at 7:54 PM

Former Treasury Secretary Hank Paulson will begin his new job at the University of Chicago on July 1.

Henry M. Paulson Jr., former U.S. Treasury secretary, will join the University of Chicago as a senior fellow and start an independent institute located at the university.

He will also form the Paulson Institute to promote international engagement, with a special emphasis on relationships between the U.S. and China,

http://www.bloomberg.com/news/2011-06-27/henry-paulson-starts-paulson-institute-at-university-of-chicago.html

My guess is that Tim Geithner will follow fellow Dartmouth alum Hank Paulson to the new Paulson Institute at the University of Chicago where he can work on issues related to China.

wren on June 30, 2011 at 7:57 PM

c’mon I haven’t even gotten to use my TAX CHEAT stamp yet.

ctmom on June 30, 2011 at 7:58 PM

Btw,before leaving,could you square your account at the door of the IRS.(snark)
==============================

41 Obama White House aides owe the IRS $831,000 in back taxes — and they’re not alone
September 10, 2010 | 2:54 am
*******************************
********************************

And then we learned this guy Timothy Geithner owed something like $42,000 in back taxes and penalties to the IRS, which is one of the agencies that he’d be in charge of as secretary of the Treasury. The fine fellow who’s supposed to know about handling everyone else’s money. In the end this was excused by Washington’s bipartisan CYA culture as one of those inadvertent accidental oversights that somehow never seem to happen on the side of paying too much taxes.

And under Geithner’s expert guidance the U.S. economy has been, well, wow! Just look at it.

Privacy laws prevent release of individual tax delinquents’ names. But we do know that as of the end of 2009, 41 people inside Obama’s very own White House owe the government they’re allegedly running a total of $831,055 in back taxes. That would cover a lot of special chocolate desserts in the White House Mess.
(More………)

http://latimesblogs.latimes.com/washington/2010/09/congress-taxes-irs.html

canopfor on June 30, 2011 at 8:01 PM

You what is so fuc$#@! great about this?

This MBA brainiac aint’ gonna be slogging over at MSNBC, CNN or “Current TV” when he goes!

Hell, he’s not even gonna’ bother with the Soros team at Think Progress, Media Matters or any other lefty think tank.

Oh no, brother, he’s gonna’ go where the cabbage is planted!

Right over there where the docks are filled with yachts and the tarmacs are waiting with the Gulf Streams all gassed up with sweet crude oil based jet fuel: WALL STREET BABY!

Back to the ivory towers and champagne & caviar dreams!

Opposite Day on June 30, 2011 at 8:07 PM

Nice ad. All of the Republican contenders are actually working together against Obama if they produce ads like this.
Re: Geithner – he made a mess and now he’s running away from it.

c’mon I haven’t even gotten to use my TAX CHEAT stamp yet.

ctmom on June 30, 2011 at 7:58 PM

I’ve used mine plenty. Don’t worry, there are plenty more Geithner bills out there.

disa on June 30, 2011 at 8:07 PM

Getting out before the handcuffs come out?

I think Geithner has read the tea leaves. Who the hell bails like that, before an election? He must know he’ll need to find steady work now, because a future as Treasury Sec. won’t be there after 2012.

capejasmine on June 30, 2011 at 8:13 PM

Former Treasury Secretary Hank Paulson will begin his new job at the University of Chicago on July 1.

wren on June 30, 2011 at 7:57 PM

wren:D*mn thats on Canada Day to boot,anywho,heres
the Press release thingy!!!
==================================

Henry M. Paulson Jr. appointed distinguished senior fellow at the University of Chicago Harris School of Public Policy Studies
June 27 2011
************
************

Henry M. Paulson Jr., former United States Treasury Secretary and chief executive of Goldman Sachs, has been appointed as a distinguished senior fellow at the University of Chicago Harris School of Public Policy Studies.

The five-year appointment will take effect July 1

http://news.uchicago.edu/article/2011/06/27/henry-m-paulson-jr-appointed-distinguished-senior-fellow

***On a side note,it appears that all roads(Hopey related)
lead back to Chicago U!!

canopfor on June 30, 2011 at 8:17 PM

They’re both d*cks.

trigon on June 30, 2011 at 8:18 PM

***On a side note,it appears that all roads(Hopey related)
lead back to Chicago U!!

canopfor on June 30, 2011 at 8:17 PM

Yup. Time to shine a bright light on the University of Chicago to find out who is pulling the strings on these (hopey) coincidences.

wren on June 30, 2011 at 8:23 PM

nice Romney ad

r keller on June 30, 2011 at 7:46 PM

Very nice!

Vince on June 30, 2011 at 8:24 PM

He’ll do just fine once puberty hits.

honsy on June 30, 2011 at 8:25 PM

Academia can solve this

Kini on June 30, 2011 at 8:26 PM

Hugh Hewitt’s favored candidate for Treasury Secretary is leaving? He must be heartbroken. We were told that if Congress didn’t approve Turbo Tax Timmy RIGHT NOW, the economy would crater.

Hmmm… this sure looks like a crater.

I like Hugh a lot and listen to him, but man… between backing Geithner AND TARP (that gift to Goldman Sachs, foreign banks, and the UAW)… Hugh’s made some bad calls.

theCork on June 30, 2011 at 8:39 PM

Nice analysis, Allah. Coldplay, heh. Is there anything left of Marxists for Obama to choose a replacement from? Maybe some Gaia-woshipping eco-marxists?

theCork on June 30, 2011 at 8:41 PM

Academia can solve this

Kini on June 30, 2011 at 8:26 PM

Kini:That Chicago U is a cesspool of pointy headed
Do-Gooder,Holier than tho Political Snobs!:)

canopfor on June 30, 2011 at 8:46 PM

canopfor on June 30, 2011 at 8:17 PM
====================
Yup. Time to shine a bright light on the University of Chicago to find out who is pulling the strings on these (hopey) coincidences.

wren on June 30, 2011 at 8:23 PM

wren:Amen,great point!:)

canopfor on June 30, 2011 at 8:49 PM

Whatever will we do? Weren’t we told he was the only person qualified to hold that position.

smitgx1 on June 30, 2011 at 9:08 PM

I don’t know if I am happy to learn Geithner is leaving or not. If there is a worse candidate for Treasury Secretary than Tubo Tax Timmy, Obama is sure to nominate him.

Mutnodjmet on June 30, 2011 at 9:08 PM

Timmy ready to reap his rewards from Goldman Sachs.

bayview on June 30, 2011 at 9:09 PM

No need for a Treasury Secretary when the treasury is bone dry.

B+, and remarkable.

BobMbx on June 30, 2011 at 9:11 PM

Allah doesn’t like Coldplay? Probably more of a Radiohead fan, eh?

Fallon on June 30, 2011 at 9:18 PM

Guy looks and acts weasely and is the last of the worst economic team. Get lost.

Schadenfreude on June 30, 2011 at 9:27 PM

***On a side note,it appears that all roads(Hopey related)
lead back to Chicago U!!

canopfor on June 30, 2011 at 8:17 PM

Yup. Time to shine a bright light on the University of Chicago to find out who is pulling the strings on these (hopey) coincidences.

wren on June 30, 2011 at 8:23 PM

Yep. It started with little Bammie. When the folks at Chicago Law first met him they though he was not Chicago U material and were not interested. “A few weeks later the law school got a phone call from the Board of Trustees telling them to find him an office, put him on the payroll, and give him a class to teach.” I’d sure like to know the name of the person on the other end of the line and who got to them. One of the Daleys perhaps?

All through this guy’s life, there have been others, unnamed, pulling strings for him. Who is that mysterious arab that helped him get accepted into Harvard?

slickwillie2001 on June 30, 2011 at 9:28 PM

Timmeh!

starboardhelm on June 30, 2011 at 9:59 PM

Take Bernanke out the door with you, Timmy.

Good grief, will the O-Team resurrect Robert Reichhhhhh next?

onlineanalyst on June 30, 2011 at 10:03 PM

That probably means Neal Wolin will have to be acting Secretary until a new Secretary can be nominated and confirmed.

Shirotayama on June 30, 2011 at 10:07 PM

Happy trails, Tim. Why don’t you go earn a Darwin Award in your spare time?

Uncle Sams Nephew on June 30, 2011 at 10:08 PM

Yep. It started with little Bammie. When the folks at Chicago Law first met him they though he was not Chicago U material and were not interested. “A few weeks later the law school got a phone call from the Board of Trustees telling them to find him an office, put him on the payroll, and give him a class to teach.” I’d sure like to know the name of the person on the other end of the line and who got to them. One of the Daleys perhaps?

All through this guy’s life, there have been others, unnamed, pulling strings for him. Who is that mysterious arab that helped him get accepted into Harvard?

slickwillie2001 on June 30, 2011 at 9:28 PM

slickwillie2001:Thanks for the Linky,I’ve had it saved for
a few years,but a great reminder,on his surr
endered law licence,Michelle’s as well!

Graet site,thanks…again!:)

canopfor on June 30, 2011 at 10:11 PM

All through this guy’s life, there have been others, unnamed, pulling strings for him. Who is that mysterious arab that helped him get accepted into Harvard?

slickwillie2001 on June 30, 2011 at 9:28 PM

Here are the details you are looking for on the connections that helped Obama to get into Harvard:

Bill Ayers father Thomas Ayers, the rich and powerful former Chairman and CEO of Commonwealth Edison and dear friend to the overtly corrupt Chicago left-wing political machine of Mayor Richard J. Daley, served on both corporate and community organizing efforts with none other than Black Panther mentor Dr. Khalid Al-Mansour …….(aka Donald Warden).

Donald Warden was the 1960s community organizer behind the Black Nationalist movement known as the Black Panthers.

Warden later adopted the Islamic faith and the name Khalid Al-Mansour, when he became the international deal-maker and fixer for the Saudi Royal Family.

Warden has been the international business partner and front-man for Prince Alwaleed bin Talal since the 70’s.

You will remember bin Talal as the Saudi Prince that angered Mayor Rudy Giuliani with his $10 million dollar check days after 9/11, which he blamed on America.

In a May 2008 TV interview, another community organizer from New York City, Percy Sutton, explained how he was contacted by dear friend Donald Warden (aka Khalid Al-Mansour), who was “raising money for Obama’s education” at the time.

http://theobamafile.com/_associates/KhalidAlMansour.htm

wren on June 30, 2011 at 10:13 PM

Well, this appears to be one description that’s floating out there on the interwebs, among several:

http://blogs.wsj.com/washwire/2011/04/21/neal-wolin-treasury-pit-bull/

Shirotayama on June 30, 2011 at 10:15 PM

When Geithner was with the IMF he ruined Asian economies, now ours. Wither Tummy next?

theCork on June 30, 2011 at 10:16 PM

One wonders what sort of taxpayer funded golden parachute he gets after burning down the economy.

CurtZHP on June 30, 2011 at 10:21 PM

When Geithner was with the IMF he ruined Asian economies, now ours. Wither Tummy next?

theCork on June 30, 2011 at 10:16 PM

The IMF, of course.

NaCly dog on June 30, 2011 at 10:49 PM

Pay your f–ing taxes you weiner.

Mason on June 30, 2011 at 10:58 PM

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.

This is gold.
…dam# I like reading this blog.

Baxter Greene on June 30, 2011 at 11:02 PM

My guess is that Tim Geithner will follow fellow Dartmouth alum Hank Paulson to the new Paulson Institute at the University of Chicago where he can work on issues related to China.

wren on June 30, 2011 at 7:57 PM

Jesus Christ! About 2-3 years I moved 1/2 my investments to China figuring I really did not trust Obama and his gang including Timmy. Now he’s going to advise the Chinese on managing their economy? I’ll have to move everything to another country again.

The worst part is, Timmy was only around for a few years, but the debt he helped run up will hurt my kids and probably my unborn grandkids.

Over50 on June 30, 2011 at 11:24 PM

Another rat leaving a sinking ship.

GarandFan on July 1, 2011 at 12:42 AM

Good riddance to the “Little Boy who Cried Wolf!”!!!

Good luck to anyone who hires this miserable failure to do anything important. Is there anyone who has ever been more completely clueless and/or dishonest about finance and the economy than Timmy Geithner???

landlines on July 1, 2011 at 1:02 AM

I like that when it isn’t gwb or jet-set republicans that destroyed the economy its the chinese.

snoopicus on July 1, 2011 at 1:18 AM

Make no mistake about it, Tiny Tim knows full well that many bleak financial storm clouds are blowing our way and he’s simply cashing out his chips and walking away while there’s still time.

Expect him to be buying a 1000 acre mansion somewhere off the coase of Costa Rica and living the remainder of his years with his family totally taken care of by maids and servants while living in the lap of luxury.

The rest of us? Well that’s a different story altogether.

Mahdi on July 1, 2011 at 5:24 PM