Heads Roll: Geithner Out, Or Maybe Never Mind

John Ransom
|
Posted: Jul 01, 2011 12:01 AM
Heads Roll: Geithner Out, Or Maybe Never Mind

In the latest remodeling of Obama’s economic strategy in front of the 2012 elections, a number of media outlets are reporting that Treasury Secretary Tim Geithner is getting ready to depart after Obama concludes debt ceiling and budget negotiations with the GOP.

Geithner’s departure would follow that of Obama’s previous top-economic advisor, Austan Goolsbee. Goolsbee announced his departure at the beginning of June.

“In the clearest sign that the administration's economic policies have failed,” I reported in Townhall on June 7th, “the White House announced Monday night that Austan Goolsbee, Obama's economic recovery guru, is leaving the administration for a teaching job with  the University of Chicago.” 

Now Obama’s newest, toppest econ advisor may be walking the plank as well.   

“Treasury Secretary Timothy Geithner may resign after President Barack Obama reaches an agreement with Congress on raising the national debt limit, CNBC, Bloomberg News and other media reported Thursday, citing unidentified sources,” says the Washington Business Journal.

Um, can he leave before those negotiations take place or maybe ASAP? Like, right now?

Because Reuters is reporting that Geithner hasn’t yet made up his mind.

“Treasury Secretary Timothy Geithner will not make any decision about leaving the Obama administration while focused on striking a deal to raise the U.S. debt limit, a U.S. Treasury official said on Thursday,” reported Reuters. “Earlier on Thursday, Bloomberg News reported that Geithner was considering leaving his post once a deal to raise the U.S. debt limit was reached.”

By pre-announcing his departure, and then saying that maybe he will or maybe he won’t leave, Geithner is displaying that same kind of lassitude that afflicts the administration on a lot of issues.

War, peace, jobs, wages; about the only things the administration really seem committed to are raising taxes, campaign funds and Obama’s backswing.

Geithner probably didn’t hear the words “fore” before this backswing from Obama smacked him in the head.

That’s likely because chief of staff Bill Daley told Obama that a head knocking was due.

Daley has been trying to make nice with business executives from whom the administration is seeking campaign cash, using the flimsy excuse that the whole socialist experiment in the first part of Obama’s term was just a big mix-up.

Daley met with manufacturing executives two weeks ago to explain Obama economic policies by saying, “Sometimes you can’t defend the indefensible.”

That’s the most succinct explanation of the theory and practice of Obama’s integrated economic policies. You have to give Daley credit. He came out and told the truth. And the truth runs contrary to policies that Geithner advocated this week.

As our own Mike Shedlock blogged about earlier this week, CNSNews reported that Geithner wants to raise taxes on small businesses that make more than $250,000 per year.  

“Treasury Secretary Timothy Geithner told the House Small Business Committee on Wednesday that the Obama administration believes taxes on small business must increase,” wrote CNSNews “so the administration does not have to ‘shrink the overall size of government programs.’”

So now Geithner may or may not leave; and the administration may or may not raise taxes on small business.

Just a normal day at the White House.

What time is golf?


See also these top features from Townhall Finance:
The Ticker Daily Market Commentary
John Ransom Heads Roll: Geithner Out, Or Maybe Never Mind
Mike Shedlock American Farmers Still Deliver Bumper Crop
Lincoln Brown Will the Kingdom Have a Candidate?
Bill Nelson Remember the Fourth by Celebrating Our Veterans
Gil Morales and Chris Kacher A Market Strategy for a Trendless Market
Zacks Investment Research 1 Ranks With Sales Momentum
Zacks Investment Research News Corp Selling MySpace

Join John Ransom on Facebook and follow him @Twitter 

email: thfinance@mail.com