House Dem: 'Growing' liberal consensus to dump Geithner

[notesdev]

Source: The Hill

A Congressional Progressive Caucus (CPC) member said there's "growing consensus" among liberals that Treasury Secretary Timothy Geithner should step down.

Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore "Main Street."

"A growing consensus in the caucus ," DeFazio said on MSNBC this evening, adding that some lawmakers are "considering questions regarding him and other economic advisers."

DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.

...

Read more: http://thehill.com/blogs/blog-briefing-room/news/68459-house-dem-gorwing-consensus-among-liberals-to-dump-geithner

---

about damn time

[wtbymark]

1. We've been screaming this for months

Geithner, Summers = neo-con economic wet dream

[Tansy_Gold]

4. Indeed we have. Some of us since Nov. '08

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=7922946

[bjobotts]

9. Since the election campaigns.Naomi Klein warned us big time bout these "Chicago Boys"

[bjobotts]

10. From the private sector to Gov. Service then back, then back again

[bjobotts]

11. "Too big to fail, too big to exist". We've been set up since Bernake and Bush

[yurbud]

144. this is why we need a ''no new corruption'' pledge for Democrats like GOP's ''no new taxes" one

[Roland99]

44. Yes, we have.

With all the early talk we all had of a quick change toward regulation and transparency, all we got was more of the same.

[spiritual_gunfighter]

116. Yeah

It looks like Tansy Gold called it way back then and was attacked roundly for their observations. Some of us have been pulling our hair out since November 08.

[Tansy_Gold]

118. And I have stood my ground, flames notwithstanding

I don't seek confrontation and I will avoid it when possible, but on this matter I knew I was right and these appointments would not be good.

Bill Greider of The Nation agreed back then and Elliot Spitzer agrees now. We'll see who gets to say "I told you so."



Tansy Gold, rubber stamp at the ready.

[Mari333]

2. oh please,dump him

asap.

[aquart]

3. In a civilized society he'd do hara kiri.

Or get left alone with a gun and a bullet. But no. We are beyond accountability and shame.

[pleah]

5. It has taken to long to get to this point.

We have been screaming this since the beginning.

[Hawkeye-X]

6. Dump Holder while you're at it

and find a REAL liberal lawyer to not only help drop the case against Siegelman, but also hold Chimp, Rove, Cheney and the entire Chimp maladministration responsible and sent off to the Hague to answer for their war crimes.

Hawkeye-X

[OnyxCollie]

21. +1

[katandmoon]

35. A-fucking-men. But again -- these Obama appointees are only doing what Obama wants.

[Enthusiast]

45. It is beyond curious that

the Administration needs to be told. Very suspicious.

[Zhade]

49. "Change"

NT!

[Deja Q]

124. Well, either Obama is a sell-out or Obama wants the corporate elite to really hear what people are

saying.

What the truth is, I don't care. I'm working on my own life and positive future.

[dotymed]

54. We wish

Too bad President Obama does not want these "evildoers" prosecuted. We are like Iran. We have a figurehead, who takes his marching orders from a ruling elite. I wish it weren't so, but the facts say otherwise....

[INdemo]

61. And he is a Democrat?

[Fire1]

97. Dump Arne, too. n/t

[mod mom]

106. "find a REAL liberal lawyer" or at least a fair one. I agree w your reasoning!

[tabatha]

111. Actually, it is not Holder's fault.

I heard Thom Hartmann say yesterday that the GOP is holding up everything - including lawyers.

[Blue_Tires]

129. and Duncan, too

[Guy Whitey Corngood]

7. Maybe if we dig up some obscure quote of his and forward it to Glenn Dick.

Then the White House will cave and and dump his ass. It seems to have worked with Van Johnson.

[Tansy_Gold]

12. Van Jones

Not Van Johnson

[Guy Whitey Corngood]

15. My mistake, Van Jones. Too late to edit. nt

[Tansy_Gold]

17. 'S okay

I never make mistaskes.

:hi:



Tasny Gold

[Guy Whitey Corngood]

18. I thought you'd say: "I thought I made a mistake once....

turns out I was wrong about that." ;)

[Holy Moly]

42. A Once and Future pope

"I may not always be right
but I'm never wrong.."
Pope Infallible CXXXIV

[louis-t]

130. "Damn you kids and your Eddie Van Heflin"

"Van Halen" "Whatever" :rofl:

[laughingliberal]

8. And while they're at it, Geithner & Summers can take that

effing Rahm Emanuel with them.

[Iowa]

47. They can take Obama with them too...

His administration is little more than an extension of the Bush administration. He's a corporatist to the core.

[Hardrada]

53. And Arne Duncan too.

[dotymed]

56. If only Kucinich and Sanders were he and Bidens

replacements. He has to see how popular Dennis and Bernie are
to progressives, it seems like he would appoint them to
meaningful positions, even if they were still Congressman and
Senator, so we didn't lose their seats. These men have their
fingers on the pulse of "change we can believe in."
To not use (neither man would go against his principles) them
in some way, shows a lack of judgment. IMO

[Vidar]

148. Amen to that.

[INdemo]

143. I believe the appointment of Geithner was a orchestrated by someone inside

the Obama administration and Wall Street or Goldman& Sachs or whomever..but something never looked quite right..It seems that he would have been more of an appropriate choice for a Republican administration. As we look back at the arguments he has made for the banking industry and Wall St, he certainly does not have main street at the top of his agenda...
So yes it was a bad choice..But as it turns out I think Hillary would have been a better choice over Obama

[No Elephants]

156. Because Hillary would have hired fewer Clinton re-treads? And a director of WalMart would have

been less of a corporatist? Sorry, but I don't see Hillary as an improvement over Obama, but there's no point in trying to re-live the primary.

[INdemo]

162. True we dont know who she would have appointed and true we cant

relive the primaries..But never the less I am disappointed because it just seems like the corporate lobbyists got to Obama and told him the way it was going to be.And he has towed the line lock step with corporations and,banks,Wall St.

[Zhade]

50. Indeed. I'm sick of this conservative corporations-first Orahma administration.

NT!

[Stevepol]

13. Please let it be!

[inna]

125. I share the sentiment, but... it's extremely unlikely that he/they will be let go.

Unfortunately.

[frylock]

14. big knr

:kick:

[KoKo]

16. Kick...Interesting that DeFazio put this out there to "The HIll."

Leak? Does it mean that Obama has not met with the Progressives when they have tried to express their concern about Geithner?

[notesdev]

19. he said it on MSNBC

The Hill is just reporting on his TV comments.

[dflprincess]

31. I doubt that Obama or Rahm much care what the Progressives think about this

or anything else for that matter. The insurance bill pretty much showed that the Progressive Caucus lacks both a spine and any clout.

[Bluenorthwest]

68. Look up DeFazio's record. Obama has specificaly called him

out for not voting as the WH wished. Obama told DeFazio in public that he was keeping count of his votes for and against his wishes. So if Obama don't care, he comes off as petty as hell when he calls out Progressives and says 'I remember your vote'. His face looked like he cared quite a bit.

[inna]

128. Jesus. I missed that completely. Do you happen to have a link?

Seems like he doesn't "call out" anyone BUT progressives.

[chill_wind]

137. Here.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8310666

[dflprincess]

149. "Keeping score"

isn't quite the same as caring about the opinion of someone else and taking it into consideration when making decisions. It sounds more like a "you're with us or against us" thing.

[ChiciB1]

153. WOW! I Missed That One... Says Waaaaay To Much To Me About Where

Obama has landed! I have seen his rightward leaning, but I guess it's worse than I thought!

I'm even more depressed now! What can we do... all the writing, calling and signing petitions DO NOT seem to have ANY affect! I've thought for many, many months now that ROME is on the horizon! Today on C-Span I heard that America is at the very bottom, that last on infant mortality IN THE WORLD!! I had to GULP hard on that one, but sadly it seems it's true!

How much lower are we going to slide down the pole when it comes to other countries who seem to care SO MUCH MORE for their CITIZENS???

Meanwhile, we keep hearing about Sarah Palin! We are either very sick or VERY DOOMED!!!

JMHO!

[spiritual_gunfighter]

117. Even though they have never said that publically

their actions say otherwise. I know how Rahm feels about Progressives, I wonder how Obama feels about us.

[No Elephants]

157. Obama referred to "my friends on the left." That pretty much said to me that Obama does not

consider himself to be among those on the left. Besides, Obama knew exactly who Rahm was when he hired him to be his right hand man. It's not as though Rahm was an unknown quantity when Obama hired him. Same for Geithner, for that matter. And Summers. And Gates. Etc.

[chill_wind]

20. "We need a new economic team," said DeFazio.

Truer words were never spoken and good on Defazio for saying them saying them straight up. He might as well.
He knows he made it on the WH's shit list early on in this admin. And good for citing the Tarp IG investigation, which made front page news in the NYT, but got coverage on page 24 of the Washington Post. His task would certainly be a steep uphill one.

27 more Dems who would probably support him in a heartbeat, though, for just immediate starters:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7031098&mesg_id=7031098

[Alcibiades]

22. If Geithner steps down

He gets a ten figure salary from Goldman Sachs, which is what he really wants.

Make him ambassador to Mali.

[AllyCat]

23. So Goldman Sachs can appoint a new leader?

6 of one half dozen of the other

[Greyhound]

24. Better late than never. n/t

:kick: & R

[truedelphi]

25. DeFazio also thankfully got on his high horse over the Stim Bill

"Shovel Ready" projects- he was PO'ed as many states such as Oregon cannot take money from the Federal Government unless the government plans to see a project through to completion.

Since many "shovel ready" projects in his district needed three years of funding and the stim bill only allows for eighteen months of funding, the stim bill didn't do him any good and he really railed about it.

[chill_wind]

41. Obama didn't like it. "Don't think we're not keeping score, brother."

That's the kind of diss I thought he would have reserved for the Bluedogs and Republicans, not a Dem like DeFazio.
I was sadly wrong.

[Bluenorthwest]

69. I remember Obama saying that just a few months after Peter

DeFazio had done so much for him in this district including an early endorsement. Many Primary undecideds asked me 'who does DeFazio back' and that was how the decided to go Obama. I was actually in a large room with many people including DeFazio on election night and he was elated when Obama won. Peter won too, but he really had no opposition so his win was a done deal. As is his next win, by the way.

[chill_wind]

76. And that was well after he had voted "YES" on the final version

which is what made it all the more unnecessarily vindictive, IMHO.


I know you know the history, but this is for anyone even thinking about trashing DeFazio on that.

http://www.blueoregon.com/2009/02/defazio-open-letter-on-the-economic-stimulus-package.html

I think the targeting by the WH goes back even further to the bailout giveaway before Pres Obama's team was even in the WH -- Pete DeFazio not only described to the media the thuggish arm-twisting by the Bushie C.O.C to kill any regulation with the bill, but also by Laura "The Street Wouldn't Like It" Tyson--- who got sent in to wrestle Dems, and who, turned out was part of the Obama transition team at the time.

I believe she sits on PERAB now as her reward.

[KoKo]

79. Thanks for that link... Good to read his views. n/t

[chill_wind]

80. He did get trashed right here on DU the first time around.

by the blanket supporters, EVEN THOUGH he voted a final yes.

[truedelphi]

161. I am very glad to hear that his next win is assured, and

Am sorry that my elation over Obama's election has seriously tapered off.

[glitch]

99. Damn that's creepy. nt

[Metta]

26. That mf'er was a slap in the face to hard working Americans. A betrayal, actually.

Such a bad choice and completely w/o spiritual merit.

"Without spiritual sustenance, it is difficult to get and maintain peace of mind."
HH the Dalai Lama

[MissDeeds]

65. Agreed

Dare we ask why Obama chose him in the first place and still hasn't dumped him?

[Metta]

120. We can always ask.

:toast: :hi: :)

[spiritual_gunfighter]

121. I think I know the answer n/t

[bertman]

27. He's legally looted the Treasury so he might as well leave and get his reward from the

Wall Streeters who put him in there in the first place.

It's great that Rep. DeFazio and the progressives are pushing this idea, but it's another classic case of closing the barn door after the horse is out.

Geithner and Summers could both wave goodbye and say "Mission Accomplished" if they were fired.

[glitch]

101. Apparently they are not quite finished. nt

[MannyGoldstein]

28. That's Really Unfair. He's Made The Best Of A Bad Situation.

His hands were tied - he and Larry Summers saved the world from economic collapse.

Best regards,

Your friends at Goldman Sachs

[Zhade]

51. LOL! Awesome post.

NT!

[glitch]

102. Thank you for doing God's work. nt

[MilesColtrane]

29. Volcker is tanned, rested, and ready to take over, Mr. President.

[MannyGoldstein]

32. Volcker, Krugman, and the others with good track records have been marginalized

Volcker would be great, but there's probably not an elegant way to "rehabilitate" him.

[AnneD]

82. Marginalized??????

Try Elizabeth Warren...She is the poster child for marginalization.

[gateley]

98. Krugman was my fantasy appointment when Obama won. nt

[Garam_Masala]

38. VOLCKER IS ALL TIME BEST FED CHAIRMAN, PERIOD.

[Iwillnevergiveup]

40. Looking good, sir! n/t

[Beacool]

91. Andrew Ross Sorkin was just on the Joe & Mika radio show.

Joe asked him what he thought about the progressives wanting Geithner & Summer out. Sorkin didn't think that they were going anytime soon. Then Joe asked him about Volcker to take over for Geithner, Joe thought that he would do a good job. Sorkin agreed that he would be a better choice, but that the DC types can't think outside the box and they wouldn't let Volcker at the table.

:(

[seafan]

30. Rep. Peter DeFazio: "Obama is being failed by his economic team."

House Dem: 'Growing' liberal consensus to dump Geithner

November 18, 2009

A Congressional Progressive Caucus (CPC) member said there's "growing consensus" among liberals that Treasury Secretary Timothy Geithner should step down.

Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore "Main Street."

"A growing consensus in the caucus ," DeFazio said on MSNBC this evening, adding that some lawmakers are "considering questions regarding him and other economic advisers."

DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.

"We need a new economic team," said DeFazio.

The veteran congressman specifically mentioned last year's bank bailouts and the Geithner's handling of the collapse of insurance giant AIG. At the time, Geithner was head of the New York Fed in the Bush administration.

"We may have to sacrifice just two more jobs to get millions back for Americans," the congressman added.

More from Sam Stein at HuffingtonPost:


November 18, 2009

Rep. Peter DeFazio called for the firing of President Barack Obama's top two economic aides on Wednesday for pursuing a recovery plan skewed too heavily towards Wall Street's favor.

The Oregon Democrat told MSNBC's Ed Schultz that he was dismayed with the administration's lack of focus on job creation and insisted it was time to dismiss both White House economic adviser Larry Summers and Treasury Secretary "Timmy Geithner."

"We think it is time, maybe, that we turn our focus to Main Street -- we reclaim some of the unspent funds, we reclaim some of the funds that are being paid back, which will not be paid back in full, and we use it to put people back to work. Rebuilding America's infrastructure is a tried and true way to put people back to work," said DeFazio.

"Unfortunately, the President has an adviser from Wall Street, Larry Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who don't like that idea," he added. "They want to keep the TARP money either to continue to bail out Wall Street...or to pay down the deficit. That's absurd."

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."

DeFazio said that among he and others in the Congressional Progressive Caucus, there was a growing consensus that Geithner needed to be removed. He added that some lawmakers were "considering questions regarding him and other economic advisers" -- though a petition calling for the Treasury Secretary's removal had not been drafted, he said.

"(Obama) is being failed by his economic team," DeFazio concluded. "We may have to sacrifice just two more jobs to get millions back for Americans."

.....

Here are some able candidates for these jobs, Mr. President.


Elizabeth Warren and Paul Volcker.




There is still time to rectify Geithner's and Summers' damage. But, Mr. President, that window is slamming shut.




Obama's tragic error: Allowing Geithner, Summers and Rubin to keep their hands in the till., October 28, 2009

A problem, Mr. President: Large numbers of voters think we have not done enough to help them., October 4, 2009

Taibbi: Draw your own conclusions about the distance between Goldman Sachs and the US government, July 13, 2008

Robert Reich: Goldman is back, and its high-risk business model is unchanged since Wall Street imploded, July 16, 2009

Taibbi: 'Goldman’s profit announcement is a giant “f---- you” to the rest of the country.' , July 16, 2009





Geithner and Summers need to go. NOW.

[inna]

134. Excellent post and links!

You should make it an OP!

[seafan]

145. Thanks, inna. Keeping Geithner and Summers is Obama's worst mistake, imho.

Since last night, there is increasing pressure to dump Geithner, and we've got to capitalize on it.


And Summers needs the boot as well.

[DU GrovelBot]

33. ## PLEASE DONATE TO DEMOCRATIC UNDERGROUND! ##

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[stevedeshazer]

36. Grovelbot, please take Rep. DeFazio seriously. I promise I'll donate next payday (Friday)

Sincerely,

steve

[katandmoon]

34. Like Obama won't just replace them with the same?

[closeupready]

87. Sadly, I fear that you are correct.

I don't think he's the one who's picking these clowns.

[democracy1st]

37. K & R

[metapunditedgy]

39. I'll believe in change when I see it... in this case.

Banksters have been raping humanity since money was invented.

[amandabeech]

43. Geithner's nomination should have been pulled when his tax problems turned up.

Those problems showed where his head was, and it was on his shoulders.

I'm afraid that Obama will appoint the tool Goolsbee.

Elizabeth Warren would be a nice alternative.

[democracy1st]

46. I'm wondering when will the Pres start taking heat for these horrible appointments!

[JHB]

52. When the swooners finally learn to distinguish...

..."make him do it"(see FDR)-style criticism from tea bagging or pony-wishing.

[amandabeech]

55. Getting rid of his economic team, sans Volcker, couldn't come soon enough.

The Progressive Caucus appears to be on Obama's case. It's about time.

[Jim Sagle]

127. Oh stop it, you silly PUMA.

;)

[SergeStorms]

59. You see.........

Obama is the chess master, and the reasons for all of his appointments and decisions will be revealed to us in due time. He's thinking 20 moves ahead. ;) Needless to say, we mere mortals cannot begin to understand the intricacies of the Obama Master Plan. :sarcasm:

I wish I had a dime for every time I've read stuff like that on DU. :banghead:

I expect an announcement from President Obama soon that expresses full confidence in his economic team. What else can he do? Presidents don't admit that they made bad choices. It's a sign of weakness, at least that's what they think. What happens after the "full confidence" announcement is anyone's guess.

[JDPriestly]

48. Best choice -- Elizabeth Warren. She knows where Main Street is.

[chill_wind]

78. Yes.

[Toucano]

85. Oh, please let someone be listening to you.

Warren actually gets the WHOLE picture and she understands how important it is.

[spiritual_gunfighter]

122. I loved her answer to Michael Moore's question

in Capitalism: A Love Story

Moore: "Where did all the money go?"
Warren: "I don't know!"

Her honesty was refreshing.

[closeupready]

84. Geithner obviously felt he could let the clock run out on

the statute of limitations prescribed for tax cheating. How such corruption is change from the prior administration, I will never understand.

[Jeneral2885]

57. L Summers not Geithner

Get Summers out first--he's too neo-liberal to clean up any economic mess.

[Enthusiast]

100. Neo-Liberal?

What Reich Wing radio talk show did that come from?

[Romulox]

112. Neoliberal is the correct term. Google is your friend. nt

[ieoeja]

114. Neo-liberal has been in use around DU for some time.

DLC, New Democrats, Bluedogs, Third Way are all neo-liberals.

Neo-Libs: interventionist, environmentalist, pro-business, negotiable civil rights are.
Old-Libs: interventionist, environmentalist, pro-labor, pro-civil rights.

Neo-Cons: interventionist, anti-environment, pro-business, anti-civil rights.
Old-Cons: isolationist, anti-environment, pro-business, anti-civil rights.

[Enthusiast]

132. Oh yeah, I've

heard the term often. I just wonder about classifying Geithner as a neo-liberal. I guess I don't much care for "neo-liberals".

[Romulox]

154. That's not the source of the term. "neoliberal" and "neocon" are not parallel terms...

From wikipedia:

Neoliberalism, or neo-classical liberalism is a product of classical economic liberalism. The term was coined in 1938 at the Colloque Walter Lippmann by the German sociologist and economist Alexander Rüstow, one of the fathers of Social market economy.<1> The label is referring to a redefinition of classical liberalism, influenced by the neoclassical theories of economics. Today, the term "neoliberalism" is mostly used as a pejorative by opponents.<2>
Contents


Broadly speaking, neoliberalism seeks to transfer part of the control of the economy from public to the private sector,<3> under the belief that it will produce a more efficient government and improve the economic indicators of the nation. The definitive statement of the concrete policies advocated by neoliberalism is often taken to be John Williamson's<4> "Washington Consensus," a list of policy proposals that appeared to have gained consensus approval among the Washington-based international economic organizations (like the International Monetary Fund (IMF) and World Bank)...

Chicago School

The Chicago school of economics describes a neoclassical school of thought within the academic community of economists, with a strong focus around the faculty of University of Chicago.

The school emphasizes non-intervention from government and rejects regulation in laissez-faire free markets as inefficient. It is associated with neoclassical price theory and libertarianism and the rejection of Keynesianism in favor of monetarism until the 1980s, when it turned to rational expectations. The school has impacted the field of finance by the development of the efficient market hypothesis. In terms of methodology the stress is on "positive economics" – that is, empirically based studies using statistics to prove theory.

http://en.wikipedia.org/wiki/Neoliberalism

[No Elephants]

158. It's hard, sometimes impossible, to be both environmentalist and pro-business.

[JCMach1]

58. Good way to underline Obama's differences from Bush would be to show Geithner the door...

As we know, Bush never wanted to get rid of anyone no matter how incompetent or a failure.

[stlsaxman]

60. Give Elliot Spitzer a pardon and put HIM in...

Am I crazy? Tell me why. I don't know much about him except he was hated by Wall Street.

[Dinger]

63. Good Idea. How About arne the asshole duncan next?

I like it.

[tclambert]

62. Be careful what you wish for.

He might replace him with Lloyd Blankfein.

[sendero]

64. More and more it looks like Obama..

... is going to be the "too little too late" president.

Now that there is a credible report that billions upon billions were wasted on the AIG bailout for the SOLE PURPOSE of lining the coffers at Goldman Sachs, there needs to be a scapegoat.

Obama was a fool to pick Geithner in the first place and dumping him now is good but no where near enough - the damage is done.

[WinkyDink]

66. Thank goodness there's not enough money for SS/Medicare/health-care/etc.

[BennyD]

67. Geithner needs to step down. n/t

[b el_zabubba2]

70. he should be fired like

from a cannon

[jakefrep]

71. What a stupid idea. What's so bad about Geithner?

[natrat]

72. he is the embodiment of a corporate whore,,great if you are into that

but let's get serious here, he's not going anywhere. Neither are the thousands of bush hold overs left in place by obama. There is government and there is shadow government.One is just for show.

[tiredtoo]

74. Personally

I sent mail to the Democratic party shortly after the bailout requesting the removal of both Geitner and Sommers. Both of these guys are complicit in the creation of the mess we are currently in.

[Raineyb]

94. You mean besides the fact that he was in charge of the NY Fed when this mess happened?

He's admitted that he's never been a regulator (which given his position is a mindset he would need yet shows no interest in adopting.)
He's taking calls from Wall Street daily while not bothering to hear from consumer groups.
He's wedded to the same pathetic mindset that caused the problem in the first place.

You'd think that was enough.

Edited to specify NY

[scentopine]

73. With stimulus package in hand, wall street is trickling down on us -nt

[glitch]

104. More like dumping. nt

[Joe Chi Minh]

119. A prostate problem always seems to go with that territory.

[nc4bo]

75. So what if they do force Timmeh out?

:rofl: yea sure, whatever. Keep dreamin'. What makes any of us(them) think that he won't be replaced with another just like him.

If any of us are hoping for SIGNIFICANT change then I think we'd all have better luck finding pots o' gold at the end of rainbows.

I bought the H&C line hook, line and sinker - silly me. I didn't always feel this way.

:silly:

[swilton]

77. Overdue

:kick:

[Myrina]

81. Yes, today please. And thanks.

:thumbsup:

[closeupready]

83. Do it yesterday.

K&R

[w4rma]

86. K & R ! ! ! Amen ! (nt)

[lib2DaBone]

88. Get a big dump truck... load Geithener and Summers in the back...

..on the way out of town.. toss in Rahm Emanuel, Eric Holder, Bush-Bot Secy of Defense Gates and the rest of the neo-cons.

Drive to the garbage dump... dump the whole stinking mess in the ground and cover with dirt.

Appoint all new PROGRESSIVE members with the goal of "America First".

If condition persists... rinse and repeat.

[No Elephants]

159. Gee, what is the common thread among Rahm, Gates, Geithner, Summers and Holder?

Sorry, but, if you dump all of them, the same guy who hired all of them will simply hire more people like them.

[glinda]

89. There are a few in the Admin. that should be dumped and replaced with less

bought out and corrupt people. This Country needs a good cleaning.

[still_one]

90. Step down for what? For a financial crisis that was caused by the republicans and the previous

administration, that a fair amount of Democrats took part in, especially with the repeal of regulation started under reagan, including Bill Clinton, and ending with george bush

Obama choose these people for better or worse. No one called for Paulsen to step down.

[notesdev]

92. And where was Geithner?

He was running the NY Fed. In other words he was the chief guy responsible for regulating the very Wall Street banks in question.

No list of who is responsible for the banking crisis would be credible without listing his name near the top!

[still_one]

109. I don't argue your point about geithner, but my point was all the actions that he took

were allowed because of Congress, starting with Reagan

I was just amazed at the gall of some of these Congress people, especially the republicans, assuming no responsibility in where we are today

They made jobs a big issue on this hearing, blaming geithner for it, but it amazes me that they provided the encouragement, including tax benefits for companies to offshore jobs for cheap labor, and pretend they have no responsibility

[notesdev]

115. No doubt he is one of many culprits

and Congresspeople of both parties are responsible as well.

But we just had an election and overwhelmingly voted for change. Why are we not getting it? We threw out an awful lot of bums in 2008, so where's the change?

Even in terms of pure politics, the bottom line on Geithner is that the work he does and viewpoint he espouses is damaging to the economy. He is an advocate for fraud and theft, looting and pillaging. No excuses will help at the polls when legions of deprived and unemployed show up to "throw the bums out". Unemployment shooting the moon, standards of living are plummeting, and Wall Street makes record profits and hands out obscenely large bonuses, which are only possible at all because of direct government support... how long can this go on?

Both Congress and the Administration need to make fixing the economy - for real, not mere rhetoric, and not via yet another alleged reform that serves to make the problem worse - their highest, and dare I say, sole priority, at this point in time.

Such measures have overwhelming popular support, this should be a no-brainer, and it is very disturbing that so few seem to "get it".

[Romulox]

93. No...for his mishandling of the "banksters first!" recovery plan. nt

[fascisthunter]

95. well, it's turned for the worse

and sorry, but the dems are now going to be blamed for appointing the very same folks who were responsible for deregulating and screwing up the economy. Regardless of what the GOP has done, what have the dems done since?

If ya think it was only the GOP behind this, you will lose more independents and even some democrats who know better.

It's this kind of defending that hurts us more than helps, and the problems we see today will be pushed off into the future for generations to come.

[glitch]

110. Very well said. nt

[Skittles]

96. Geithner is doing what Obama wants him to do

[Enthusiast]

103. Any "bailout" should have

come with strict conditions. These conditions should have included breaking up of those "too big to fail" and restoration of rules and oversight that kept the country from going through such a meltdown for over 70 years.

The fact that no action has been taken is almost beyond belief. What is the fuck is going on here?

Please, tell me why you think President Obama has not moved on re-regulation and oversight. He has the authority. This can be seen as the greatest of emergencies yet nothing has been done.

[chill_wind]

131. Fear-mongering and even threats of martial law were alluded

if there was any silly dallying with things like that.
Brad Sherman- C-Span

http://www.youtube.com/watch?v=gnbNm6hoBXc

Plus we all read about the Chamber of Commerce's helping and putting on the hurt.
And did I mention The Sreet's Laura Tyson? She's on PERAB now. Nothing to stop her from offering some sage advice.

[avaistheone1]

105. Dump Geithner, Summers and the whole Goldman Sachs crowd

from the Treasury and the administration.

These are the same criminals who caused the Wall Street crisis and our country's meltdown in the first place.

[glitch]

107. He would only be replaced by someone equally inept/corrupt. Or even worse.

In deep sorrow for what could have been.

[Joe Chi Minh]

126. A change is as good as a rest. In any case they wouldn't be as clever at

being inept in terms of serving our interests. I'd prefer slightly more bungling usurers, to the sharpest on the block.

It's a bit like soccer. England's hackers, particularly in the dirty sixties and seventies used to think they could beat clever foreigners, but the more skilled they were at football, the more skilful they tended to be at fouling. The Italians used to regularly drub us. Still do, I suppose, if it comes to that. But, hey, maybe things are changing under our new Italian coach. They've been doing very well lately when fielding the full team. But I digress: let's go for a slightly bumbling level of competence, rather than Goldmine Sachs fly-boys. The damage they could do, would be somewhat less.

[jonestonesusa]

108. This is good news.

The dissent needs to be consistent, public, and unrelenting against this sold-out economic team. Returning to Main Street economics has got to be a part of the solution, but with Wall Street so well represented in the White House, we're sunk. President Obama is a better listener than most - Congress needs to gain his ear on alternatives to the current failed and failing finance policies.

[chill_wind]

113. People really need to hear the full breath of what DeFazio is saying

"We think it is time, maybe, that we turn our focus to Main Street -- we reclaim some of the unspent funds, we reclaim some of the funds that are being paid back, which will not be paid back in full, and we use it to put people back to work. Rebuilding America's infrastructure is a tried and true way to put people back to work," said DeFazio.

"Unfortunately, the President has an adviser from Wall Street, Larry Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who don't like that idea," he added. "They want to keep the TARP money either to continue to bail out Wall Street...or to pay down the deficit. That's absurd."

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."

DeFazio is right about the unspent Tarp money. It really is indefensible to keep him and Summers, especially once more with this latest news just today:

1 Million Americans Face Loss Of Jobless Benefits In January, 3 Million by March

The National Employment Law Project says that the public’s perception of what will happen to insurance benefits for the unemployed early next year is flawed. Most press reports on Congressional action on the matter say that one million people have had their benefits extended well into 2010. That apparently is not so.


(...)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7046755

[Deja Q]

123. Re-write title:

Growing "Liberal" consensus.

People on every side of the aisle are... worried.

[yurbud]

135. conservatives (at least at the top) seem to like for Wall Street by Wall Street economic policy

[yurbud]

133. ABSOLUTELY! we don't need an economic policy that's by Wall Street, for Wall Street

[yurbud]

136. DEBATE THAT'S NEEDED: How can we regulate Wall St. so that it helps not cannibalizes real economy?

We can't get that from an economic team that made it's bones in the cannibalism business.

[notesdev]

138. Finance may have to be transformed into a public utility

any expansion of finance that exceeds the growth of the overall economy is by definition parasitical - that industry produces nothing, all it does is facilitate transactions. Everything else they do is a legalized form of gambling and/or theft.

[yurbud]

139. that's the simplest and best way to sum it up!

[chill_wind]

142. Well said.

[chill_wind]

140. We could start by revisitng

what some experts and economists like Galbraith, Baker, Stiglitz and others were saying from the beginning.

We could replace the whole PERAB set of second stringers, too. If there's even one fully economic progressive even on THAT team, I missed it. I mean, Martin Feldstein. WTF?

http://en.wikipedia.org/wiki/President%27s_Economic_Recovery_Advisory_Board

[defendandprotect]

141. Oh, please, please do -- !!!

[pjt7]

146. Rep. Peter DeFazio (D-Ore.)

is one of the better Congressma.

I knew Geithner was a horrible pick from the beginging. I went from having hope in the Obama administration & being excited about my first "D" Presidential pick.. to knowing that another financial crook was put in a place of power.

If O ever replaces him & Summers with moral, financial leaders, it wil be a GREAT day in the re-building of our Nation.

[Vidar]

147. K&R.

[Vincardog]

150. about damn time

[Triana]

151. So. Dump him already. And don't replace him with someone worse. n/t

[ChiciB1]

152. Will Make ME Happy & Another Person Who Talks About Him In A Very

negative way almost EVERY DAY, Dylan Ratigan! I really like Ratigan and I love his style!!!

[femrap]

155. That's about

fucking time! So our GNP of roughly $11 trillion is a bit less than our deficit of $12 trillion?

[mvd]

160. I think that would be both a popular and good move

Yes he knows the workings of Wall St., but it turns out he's not willing to give the President fresh viewpoints.