Simon Johnson: Tim Geithner's Ninth Political Life

Baseline Scenario:

In modern American life, Treasury Secretary Tim Geithner stands out as amazingly resilient and remarkably lucky -- despite presiding over or being deeply involved in a series of political debacles, he has gone from strength to strength. After at least eight improbably bounce backs, he might seem unassailable. But his latest mistake -- blocking Elizabeth Warren from the heading the new Consumer Financial Protection Bureau -- may well prove politically fatal.

Read the whole story: Baseline Scenario

Comments

[MichaelAMundy]

01:29 AM on 07/17/2010

How about 10 lives, Simon?

Surely, the Banksters, Wall Street, Larry Summers and Robert Rubin - to name a few - got his back amply covered. Shall Obama find the gravitas to place Professor Elizabeth Warren at the helm of protecting consumers?

I've got strong doubts and considering Tim Geitner's “Plan beats no plan” position - the leak that she's not on his radar may very well be a political calculation and advance notice that they've other plans.

Big money is at stake and effectively cleaning the morass from this industry stands to cost huge sums in predatory financial profits. Think Obama and his handlers aren't aware of that fact?

I'd be pleasantly surprised hearing she's the appointment, but I'd be least surpised were she not.

[Yikes11]

04:53 PM on 07/16/2010

Geitner ain't goin' nowhere.

[mikerobjohn]

02:14 PM on 07/16/2010

This is very disturbing reporting. It is very clear that HP has a blatant negative slant towards the Treasury Sec. It's very obvious and they should be ASHAMED of themselves.

[CharlesKez]

04:22 PM on 07/16/2010

I wouldn't just blame it on HP. The media has been slamming this guy for a long time. The media started slamming him BEFORE he even got the job. That's how the "nine lives" have accumulated. I don't know why the media doesn't like him. Maybe because he is woven from the same fabric that is the infamous "greedy wallstreet banker". He has never been able to shed that image.

[InternationalManoMyst]

02:51 AM on 07/17/2010

Perhaps he's never been able to shed the image because it's true?
I'm sorry- where there's smoke, there's a fire. And while Geithner's mouth says he doesn't even know what fire is, somehow whenever he's around everyone's choking and suffering smoke inhalation....

The man and his career stink to high heaven, no two ways about it.

[castlerider]

01:06 PM on 07/16/2010

Wow...

This really makes my day to see that NOBODY else on this blog likes Geithner.
No reason anybody should feel bad for him, either. This shrimp has made multi-millions while in his very important positions without showing one bit of concern for average hard working Americans. Actions speak louder then words.

We can also tell that our media is helplessly lame by noting that NOT ONE pundit has EVER ASKED Obama..... Why do you keep Geithner?

Why? Millions of Americans wonder, and want to know.. Hey, Mr. President, why do you keep this guy, when you KNOW he makes you look SO BAD????????????????????

[InternationalManoMyst]

02:54 AM on 07/17/2010

Why? Easy!
The Wall Street guys want to keep him, so they can keep scurrying around under their rocks devouring what they've stolen from the average Joe.

But you're right- it'd REALLY be nice to hear someone ask him that- and then FOLLOW UP by really PRESSING HARD.

[audadvnc]

12:08 PM on 07/16/2010

Geithner is the public face of the PTB. He takes his orders from people you've never even heard of.

[Yikes11]

11:54 AM on 07/16/2010

Sign our emergency petition to the President today -- telling him to appoint Elizabeth Warren.

, and if we can reach 10,000 signers today the media will take notice and we can publicly shame Geithner.

Elizabeth Warren is feared by Wall Street.

As chair of the bailout oversight panel, she held Wall Street executives' feet to the fire and was not afraid to speak out.

ign our petition to President Obama in support of Elizabeth Warren today. Click here -- then tell your friends.

Then, please pass this urgent email to your friends. Over 3,000 people have signed already, and if we can reach 10,000 signers today the media will take notice and we can publicly shame Geithner.

Elizabeth Warren is feared by Wall Street.

As chair of the bailout oversight panel, she held Wall Street executives' feet to the fire and was not afraid to speak out.

In short, Warren is perfect for the position and most financial insiders have just assumed she would get it. That's why it's so outrageous that Geithner -- a longtime Wall Street insider -- would attempt to sabotage her appointment.

Sign our petition to President Obama in support of Elizabeth Warren today. Click here -- then tell your friends.

This is a moment that requires good people to fight back.

http://act.boldprogressives.org/cms/sign/petition_warren/?akid=1645.229072.OD9Lf2&rd=1&source=e1-passtxt-orighuffim&t=3

[InternationalManoMyst]

02:55 AM on 07/17/2010

I've already signed it! Thanks!

[PotomacOracle]

09:13 PM on 07/18/2010

Fanned. Thanks for the link. Anyone who currently faces credit card rates above 10% should sign the petition. The fr09876 banks are getting zero interest rate funds from the Fed and leveraging them up to 30% on credit cards.

And Geithner sees nothing wrong with that. What a little piece of shittake mushroom he is.

[winebuyer]

11:44 AM on 07/16/2010

If Geithner had even a shred of honour, he'd fall on his sword. Which means he'll probably get promoted and eventually become a University professor and write lots of books. The saddest of commentaries?

[lightningbolt]

11:26 AM on 07/16/2010

The only reason Geithner still has a job as Treasury Secretary is because Wall St. is threatening Obama with economic collapse or something similar. Everyone hates Geithner and Obama knows this, yet he still doesn't fire him. We have to find out how exactly Obama is being threatened and expose this crime. Defacto Wall St. control of the Presidency is unacceptable in a democracy.

[Flight]

11:15 AM on 07/16/2010

"Geithner was a junior but key member of the US Treasury team that badly mishandled the early days of the Asian financial crisis in 1997 and received widespread criticism (Life #1). He was promoted as a result and thereafter enjoyed a meteoric rise."

Promoted all the way up to Treas Secty handpicked by Obama. He has proven himself time and time again he is totally inept and forever tainted as a Goldman insider. Having this man alone in the cabinet come 2012 will kill any chance for an Obama party re-nomination much less a 2nd term.

[sposton]

10:45 AM on 07/16/2010

Geithner's rise is directly related to his subservience to the Wall Street. He is their main agent within the Obama administration. By the time he will have left all main concerns of Wall Street would be taken care of. For this work he will be well compensated by a high position with one of those too-big-to-fail bankster outfit.

[TheAntiOkie]

10:44 AM on 07/16/2010

"...received widespread criticism (Life #1). He was promoted *****as a result***** and thereafter enjoyed a meteoric rise."

***** is the thing.

He has finally reached his level of incompetence. PLEASE, Mr. President - shed this one off your back.

[DMMacN]

09:54 AM on 07/16/2010

It's time to end the Goldman Sachs strangle hold on the economics side of the Executive Branch
of the United States Government. Elizabeth Warren would be a good start.

[jetskier]

09:53 AM on 07/16/2010

If you scroll up to the picture above... is Tim getting a hernia check up, or a prostate exam??...

[Samson1]

09:43 AM on 07/16/2010

Can we get rid of this big business flunky and get in someone who knows what the word unemployed means? Actually, this might give him a chance to find out. Of course we would need to tie up all his money so he has to live like he is unemployed. Maybe do the same for Larry Summers.

[foc 1183]

09:36 AM on 07/16/2010

Just google "Geithner's desktop"

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/trichet/Geithner%20desktop.jpg