Saturday, July 2, 2011

Timothy Geithner Deciding to Leave Treasury Secretary Post



Treasury Secretary has the responsible to control the economic health of the country. High unemployment and massive budget deficits are a detriment to overall health of the economy. The tax-cheat Timothy Geithner has failed to perform his duties. Adhering to President Obama idiotic policies, the Treasury Secretary allowed the current mess this country is seeing. The solution is for Geithner to step down. For Obama, it is a catch-22. He needs to improve the economy to win re-election in 2012. Changing Geithner, Obama is opening a can of worms because he is showing a lack of leadership.

(Reuters) - Timothy Geithner may be musing about stepping down as Treasury secretary but President Barack Obama has ample reason to try to talk him out of it, not least that doing so would avoid a bruising succession battle.

Given the poisonous political atmosphere on Capitol Hill, getting a new Treasury chief through Senate nomination hearings and a vote in which some Republican support would almost certainly be needed would be a struggle in itself.

Beyond that, the process of choosing a successor would create a stage for the administration's Republican opponents to highlight the economy's continuing woes just as Obama prepares for a tough 2012 reelection bid.

Simply finding a candidate to bridge some of the divide between the White House and Republican lawmakers and to deal with a business community coming under tougher regulatory scrutiny would be a challenge.

Geithner is the last of Obama's original economic team, a trusted adviser who came in during early 2009 to help steer the economy out of the worst of the 2007-2009 financial crisis and into what is still a fragile recovery.

He is considering stepping down when an agreement to hike the nation's $14.3 trillion debt limit is finally reached, according to sources familiar with his thinking. The sources said he has not made a final decision.

The Treasury chief, who was the head of the New York Federal Reserve Bank when the financial crisis broke, hedged when asked about his plans, but with his family moving to New York in a few months and after several grueling years, he has reason to want to leave.

One of Obama's problems is that his reelection bid will be fought in a climate tinged by a weak economy, persistent high unemployment and huge budget deficits -- all issues that a Treasury chief is expected to cope with.