Geithner is not going anywhere
posted at 4:30 pm on August 7, 2011 by Tina Korbe
The National Journal reports that Treasury Secretary Tim Geithner doesn’t plan to step down, despite numerous voices urging him to do so:
Treasury Secretary Timothy Geithner has told President Obama that he will stay at his current job, the agency announced on Sunday afternoon, the Associated Press is reporting.
The announcement comes as Asian markets are set to open for the first time since Standard & Poor’s downgraded the United States’ credit rating on Friday, a decision heavily criticised by the White House. Geithner remaining at his post will help maintain the stability of President Obama’s economic team during a stressful time.
“Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,” Jenni LeCompte, assistant secretary for public affairs, said in a statement. “He looks forward to the important work ahead on the challenges facing our great country.”
Heh. While the markets are anything but stable, it’s a comfort, at least, to know President Obama’s economic team will be. Not. And, of course, that’s not even accurate, anyway. Tim Geithner is the only guy not to go.
The secretary informed President Obama that he plans to say on in his position, ending speculation that the last member of President Obama’s original economic team would depart. White House Press Secretary Jay Carney says President Obama asked Geithner to stay. …
The Obama administration routinely states that its actions helped prevent the economy from becoming even worse, but unemployment has remained high and growth low during the Obama presidency. Several prominent members of Obama’s economic team have departed such as Larry Summers, Christina Romer, Peter Orszag and Austan Goolsbee.
Given Obama’s track record at selecting economic advisers, it probably makes little difference whether Geithner stays or goes. But it would have been a pleasant surprise if Obama tacitly acknowledged the nation’s frustration by not begging Geithner to remain.