Geithner to Become Treasury Secretary

[girl gone mad]

http://www.nakedcapitalism.com/

Oh dear. As reader Marshall said, "Well, it's not Summers...it's even worse."

I had really hoped for Volcker. That would have been 1000 points on the Dow, and more important, he is the only one I can think of who has the stature to negotiate with our friendly foreign funding sources about the future of the dollar. I have it from someone supposedly very well plugged in that he was offered the job and the Obama crowd was trying to persuade him to take it for a year.

From MarketWatch:

Sen. Hillary Clinton, New York Federal Reserve President Tim Geithner and former Energy Secretary Bill Richardson have all accepted posts in President-elect Barack Obama's cabinet, according to media reports. Clinton accepted the position of secretary of state, the New York Times reported. Richardson is in line to become Commerce secretary and Geithner was picked to be Treasury secretary, NBC News reported


The markets, however, are taking it better than I am. From Bloomberg:

U.S. stocks rose and the Standard & Poor’s 500 Index rebounded from an 11-year low as NBC News reported President-elect Barack Obama will nominate New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

[abelenkpe]

1. I am really disappointed

Tim Geithner? How is that change? I was really hoping for someone different.

[SlowDownFast]

2. Agreed.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3613066

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7907762

Unfortunately, some DU'rs are so enamored with Barack (disclosure: I voted for him, too) and/or that they fail to grasp Geithner's part in making this crisis even worse.

Geithner was closely involved in the design and execution of the Bush administration's $700bn banking bailout, which has proven less than popular with Congress and could become an issue during his confirmation hearing.

The possible pitfalls of his ties to star-crossed financial titans can be summed up by the headline on a recent Portfolio magazine profile of Geithner: The Man Who Saved (or Got Suckered By) Wall Street.

His bestest buddies are Hanky Panky Paulson and Bendover Bernanke. The 3 stooges of Treasury looting. He's part of the problem, not the solution.

What people here should be lamenting is that Geithner is the most powerful Federal Bank chairman. This is actually worse than the CEO of Goldman-Sachs being in this position, since you now have TWO Fed guys running the show. Do you suppose this banker of all bankers will be advising Obama to cut spending or increase borrowing?

Geithner is going to shred the dollar - GET THEE THE FUCK OUT OF THE DOLLAR!