Sec. Geithner defends his job, blames economic woes on Bush administration (Not good enough, Tim)

[seafan]

From Tony Romm at The Hill's Blog Briefing Room:


November 19, 2009

Treasury Secretary Timothy Geithner fiercely battled against the suggestion he step down from his post in light of growing concerns from both the left and right over his leadership.

In a fiery exchange at Thursday's Joint Economic Committee hearing with ranking Republican Kevin Brady (Texas), who suggested that Geithner had "failed" and should reconsider his job, the Treasury secretary asserted that he and his team had made great strides bringing the economy back from "the brink."

"I agree with almost nothing of what you said," replied a heated Geithner, charging President George W. Bush's leadership was to blame for the country's financial woes.

"Again, it's just a basic fact: A year ago, this economy was falling at the rate of 6 percent a year. We were losing between half a million and three-quarters of a million jobs a month," he said, noting those numbers changed when President Barack Obama took office.

That explanation, however, hardly satisfied Brady, who shot back that the country "has lost all confidence in your ability to do the job." He also said Geithner's failure was beginning "to reflect on your president."

Sensing the exchange was about to grow more pointed, Chairwoman Carolyn Maloney (D-N.Y.) informed Brady his time had expired. But Geithner still returned fire, blaming "almost a decade of public neglect," and the economic harm that it wrought on the country, on the Bush administration.

Replied Brady, "Tell all of that to the millions of Americans who no longer have jobs because of your decisions."

A number of lawmakers this week, including Democrats, have questioned whether the Treasury's recovery efforts have prioritized Wall Street at "Main Street's" expense.

"A growing consensus in the caucus ," Rep. Peter DeFazio (D-Ore.) said on MSNBC on Wednesday, a statement Brady cited during Thursday's hearing.

But Geithner left no doubt about the future of his job.

"If you look at any measure of consumer and investor confidence today, if you look at any measure of the stability and health of the economy ... it is substantially stronger today than when the president of the United States took office," he said. "And that did not happen on its own."

Photo credit: White House / Pete Souza



Rep. Peter DeFazio: "Obama is being failed by his economic team.", November 18, 2009

.....Asked specifically whether Geithner should stay in his job, DeFazio replied: "No.

"Especially if you look back at the AIG scandal," he added, "and Goldman and others who got their bets paid off in full...with taxpayer money through AIG. We channeled the money through them. Geithner would not answer my question when I said, 'Were those naked credit default swaps by Goldman or were they a counter-party?' He would not answer that question."

.....

Yeah, Tim, when you've lost the confidence of the people, you need to be shown the door. That's the way it works out here among the peasants, by the way.


And take your buddy Lawrence Summers with you.

[notadmblnd]

1. But.. but .. but if he resigns.. he won't be able to give away any more taxpayer money

to his banker buddies and then what would the rick folk do?

[MannyGoldstein]

2. But Obama's Only Had 10 Months

To fire Geithner: what's the holdup?

[Cant trust em]

3. They have a good point, but I'm not going to take that shit from a republican. nt

[lxlxlxl]

5. I agree...Timmy fought back against an asshole and tried to explain the situation.

Sure, I don't give a shit if Geithner leaves, but I agree, I'll be damned if some idiot GOP asshole tries to pull this 'everything should have been fixed already' bullshit.

[Larkspur]

7. Actually, I celebrate it as a true case of bipartisanship

Both Repukes and Democratic Progressives are reaching the same conclusion -- fire Geithner and Summers. They're good for Wall Street but not for anyone else.

[Cant trust em]

8. It would be real bipartisanship to hear Brady to call out Bush too.

Not sweep him under the rug.

"You're not cleaning up our mess fast enough!"

[lxlxlxl]

9. Obama or progressives should force out Geithner on our terms, not the GOP's

The GOP has zero idea what is going wrong, but would wave a victory flag if it looks like they are the ones that forced Geithner out.

[dixiegrrrrl]

4. Why would Republican Kevin Brady care about

"your president"?
Ok...I get it. Everybody piles on Geithner to show they care about the economy ( after years of going along with the massive swindling ), making brownie points.
I care not.
Actions always speak louder than words.
I am waiting to see what they DO re" Geithner.
I have already seen what Congress DID to get us in this mess.

[Larkspur]

6. I've been saying Geithner should be fired since he was first nominated

He and Larry Summers are Wall Street hacks and their policies have benefitted Wall Street without requiring Wall Street to be reformed. All Geithner and Summers are doing is helping Wall Street blow up another bubble.