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Subscribe to RSSAs the deadline to raise the U.S. debt limit creeps nearer, Bloomberg is reporting that Treasury Secretary Timothy Geithner is mulling a departure from the administration after a deficit deal between Congress and the White House is forged.
[Geithner] signaled to White House officials that he’s considering leaving the administration after President Barack Obama reaches an agreement with Congress to raise the national debt limit, according to three people familiar with the matter.
Geithner hasn’t made a final decision and won’t do so until the debt ceiling issue has been resolved, according to one of the people. All spoke on condition of anonymity to discuss private discussions.
Update: In an appearance with former President Bill Clinton at a Clinton Global Initiative event Thursday evening, Geithner said for the "foreseeable future," he will continue in his position. "I live for this work. It's the only thing I've ever done. I believe in it," he said, according to the AP. Geithner added: "We have a lot of challenges in the country and I'm going to be doing it for the foreseeable future."
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Ron Paul in 2012
End the Fed! Prosecute these crooks!
Every last damn one of them.
Brianb-999431
I can't agree with you more kirby. The only troubling aspect of his departure is who will replace him. I know Turbo Tim is bad... and he has done more to harm the dollar than can be imagined, but who will fill in and how much worse can they make it?
Brian,
I guess you have Alzheimer's. Have you forgotten that before the republicans came to power under George Bush we had a balanced budget, a budget surplus and a thriving economy? Apparently you have also forgotten that together Bush 41 and Bush 43 increased the deficit to $9 Trillion dollars.
And on top of that republicans are proposing the exact policies that created this economic disaster in the first place. Incidentally, every time these republican policies have been put into effect they have cause a recession.
A vote for a republican is a vote for the Second Great Republican Depression.
johndevine--Bull Manure! You didn't get anything right. A vote for Obama is a vote for the total destruction and annihilation of America. This man is more dangerous than ten George Bushes.
I get tired of the lies which claim this economic disaster was caused by republican policies. What started out as a serious recession was created by Carter's CRA and Clinton's forcing the banks to provide loans by not "red-lining," i.e. giving home loans to people who can't afford them. Clinton also allowed 9/11 to happen with his pathetic foreign policy; I don't think anyone's stupid enough to believe it wouldn't have happened if Gore had been elected; 9/11 can be attributed directly to the Clinton policies; that disaster cost the economy an estimated one trillion dollar hit. The economy was doing fine in the Bush years until the democrats took back control of Congress and Barney Frank was in a position to start meddling with Fannie and Freddie. Obama comes along and wastes over three quarters of a trillion dollars in his first year alone. The proposed federal budget for next year doles out over two-thirds of its money to programs exclusively created by democrats. What started as a serious recession is turning into a depression thanks to the left and Obama's policies. He has to go, and we have to cut spending.
The economic crash is just like "global warming".
Sh!t happens.
Just so happened it was on GW's watch.
Wait till you see how Obama gets painted after he loses in 2012.
TheRealMerridian, do you know the three reasons OBL gave, for the attack on 911?
1) USA military presence in Saudi Arabia
2) Blind, uneven support for Israel
3) Iraq embargo responsible for death of 1m+ children
So, the reasons (excuses) he gives for 911 have only to do with USA policy.
As for the 2008 crisis that tanked the world economies, I blame deregulation and corruption. And, the flawed bonus policy of Wall Street execs (short-term results brings huge bonuses in spite of long term impact).
The red-lining was a relatively small part of the problem -- it was greedy bankers making risky bets. They could have bet on anything -- it could have been gold or coal. They knew what they were doing, but did not care, because the execs knew they would get their huge bonuses even if their company failed.
An obvious cliche: Another rat deserting the sinking ship Obama.
I wish this egghead would fall off the face of the earth for all the good he does as Treasury Secretary. He contributed to the fallout from the real estate crisis and was a stimulator of the stimulii that didn't stimulate anything. All he knows how to do is spend money that doesn't belong to him and to say "Yes, boss", everytime Obama whistles for him. He is useless and a failure just like Obama.
This is terrible!
"Little Big Headed Timmy" must have run out of paper and ink.
This little jerk was a loser from day one.
Go pack your stuff Timmy.
Leave the printing presses, they belong to US.
Well now, that would be an improvement to the administration.
The discussion on raising the U.S. debt limit is laughable when compared with the outstanding liabilities (debt) of the entitlement programs including Medicare, Medicaid and Social Security. When those liabilities are included in the debt, it could add up to $120 trillion to the total, resulting in a debt-to-GDP ratio of 900 percent.
Here is an article discussing this looming fiscal nightmare:
http://viableopposition.blogspot.com/2011/04/hidden-american-100-trillion-debt.html
Tell him I said he didn't have to wait!!!
Well this is certainly bad news. I was looking forward to the continued lectures and distortions from Little Timmy from Goldman Sachs as to the inability of the government to prioritize debt payments. I also look forward to seeing a copy of his next tax return for 2011. I'm betting it won't have been done on Turbo Tax.
Reading some of the comments from conservatives it, it amazes me. Some of you folks must be ignorant or have a death-wish.
A failure to raise the debt ceiling is not a good idea at all. You are looking to destroy our economy, before it is destroyed. If this sounds illogical, it is! This is what is called a self full-filling prophecy.
Others here cry for less regulation. Give me a break. Lack of regulation is what got us to where we are now.
What are you folks smoking? Or is it simply that you want our economy to tank, so you can throw your straw hats into the air and cry "Obama did it!"
I think the problem is that the regulation has become so bloated and bad, that instead of the government being a referee it has become a coach. Unfortunately, no matter how educated the people in Washington are, they do not have the combined knowledge and experience of the 350 million people in this country. In addition, the financial reform bill did not even attack the problem of mortgage securities and Fannie/Freddie. Thus, it is just a straw man with politicial ambitions. People on both sides need to WAKE UP.
BrentAZ,
My idea I have been floating around: eliminate all political parties.
No campaign donations. No lobbyists.
Just candidates, issues and positions.
Also, I agree FinReg did not address the real problems. Add to your list: transparent shadow banking, excessive leverage on derivatives, separation of banks and investment houses, liability for rating agencies (Moodys et al) and collaborative corruption between business, government and academia.
The problem with Capitalism is Capitalists. In pure Capitalism, the Invisible Hand of Adam Smith will destroy our civilization. Read Adam Smith -- even he acknowledges that laissez faire is flawed. He warns that regulation should be implemented with great care, but that it should indeed be implemented to temper the natural greed of humans.
I don't think you really understand the situation. Study up
Cautiously Optimistic> And continuing to raise the artificial debt ceiling and continuing to spend like 700 drunken indians is sound fiscal policy?
You can assume I have not studied, but indeed I have. Since i lost a third of my net worth in 17 minutes in September of 2008, I decided to study the problem in detail.
I have been a serious investor for decades, have you? I know investment bankers, top CPAs and top corporate lawyers.
I throw it back at you, go and study up.
As for debt ceiling, yes, we had better raise it, or else we basically are killing ourselves to prevent being murdered.
As for the spending, it should stop when the economy stops the free-fall. We are pretty close to that point.
Did you even bother to study the Great Depression, or other similar great recessions?
How dare you challenge my research.
Why do you believe the rhetoric of Obama?
The US has plenty of revenue to pay the US debt.
Cut Spending, MAKE THE ENTITLED go to WORK! Cut government waste!
When one is paid NOT TO WORK, equal to what they get paid to work, why would one work!
Just because one has a "education", does not make one "smart" or "competitive".
Learn to compete, fend for oneself!
Where does it say in the US Constitution, one American has the right to another Americans earnings?
Wow. Throughout the entirety of human civilization nothing could have prepared mankind for anything as stupid and self-absorbed as the American Conservative. Bravo.
Wow, nothing is as greedy,lazy and selfish as the parasites that make up Oblunders liberal base. Leech away, Cadeyrn.
Liberals Work Conservatives Whine. Who is the real parasite here?
Honestly, I keep thinking these people have to be smarter than the rest of us. Then they continue doing stupid crap. Heck I would put Bart Simpson in there instead of Timmy G.
It's about time this weasel left. He's totally ruined our economy. It's time for "Tax Cheaters" to crawl back into their holes.
When Obama actually brings in independent business and economic experts and actually listens rather the continuing with his ideology things might change. That, of course, is not going to happen because he is so ideologically rooted and supported it cannot happen. The only decent outcome is "one and done". See you later, Mr. President. With a little time away from golf and trips at taxpayer expense perhaps you will again remember the ages of your children. Or how many states constitute the US of A.
Bye Turbo Tim. Now we should have some independent auditors in there to see how much $$$$ is missing / Stolen. I'm just surprised that Turbo Tax didn't sue Timmy over his statement or make a statement.
Then again what do you expect from a in experienced person in the White House, employing his friends and supporters. Beside incompetence, they play basketball together.
One example of how obama isn't a leader, he could have resolved this entire economy issue just by calling timmy and charlie rangle instead of reid and Speaker Boehner.
Wall St. bandit Geithner - another useless tool under a useless tool President who's kidding himself about a re-election during a Great Depression he managed to turn into a Greater Depression. A leader would have fired Geithner over a year ago, but, as we all found out now, Obama is not a leader. Geithner's idea of debt ceiling compromise is to make sure what's left of America's Middle Class gets taxed into poverty to pay for the rich not paying any taxes.
We can't get rid of Turbo Tax Timmy soon enough. He is a stooge from Government Sachs for the Wall Street establishment. Let's see if Obama can nominate anyone other than another Government Sachs stooge.
obama's economic advisory team now consists of (obama) ???????????
MSNBC get it together. This was listed as the Top Headline under "Politics" - just above the newer but buried headline under "Business" (?):
Geithner says he'll stay for 'foreseeable future'
Rats jumping ship before the Obama implosion. The next 18 months will be the long downward death-spiral for this failure of an administration.....Hey Timmy!.....Thanks for the "Summer of Recovery".
Mr grover's 1 world govt gop, birthers, & tea party insist on lowering taxes because of the economy. But from 2000 to 2008 they lowered taxes for 8 straight years. But the economy went nowhere but into the tank.
Look at the dow. Exactly the same place in 2008 that it was in 2000 when mr grover's tax cuts started. In fact, the dow was actually down by 50% if inflation was considered. Terrible. It's because all the companies from gm to bank of america was tanking.
What difference did the lower taxes make? Nothing. Unemployment soared during 2000 to 2008 like it was 1929. None of mr grover's minions have been able to explain it.
Someone tell me that they have seen an actual plan offered by the Democrats ?
Someone tell me you have seen Obama do something besides campaign funding, playing golf , visiting factories for photo ops,, or giving speechs . Obama's own budget was rejected without a single Democratic vote.
Ryan put his plan on paper, it passed in the House,, and sat gathering dust in the Senate until they decided the time was proper to reject it. But when they rejected it, they offered no alternatives.
If you check the Gov. revenues,, they went up in 2010 and will go up again in 2011. We have a spending problem as everyone knows, and it is called Stimulus I , Obama Care, Dodd Frank, an no budgets passed by the Democrats for over the last 2 years. Only a Mule would consider the Democrats responsible without a budget. Unfortunately ,, they were too busy ramming every piece of legislation down our throats as fast as they could.
Geightner is nothing more than a tax cheat. He was given written alerts by his employer that he was to pay the taxes and he whiffed on it. He did not pay knowingly. He needs to go on down the road .
Obama tells Congress to go to work, then rejects an offer to participate today. Obama has no plan other than tax increases ,, which is why he declined . Obama is brain dead.
Obama's arrogance , Class Warfare, Tax and Spend,, has landed him exactly where he deserves -- unfortunately not where the American people deserve.
Obama is the Liberals President. Obama is more of a President to illegal aliens than he is most citizens.
Check the polls my Liberal fellow Americans,, there is no chance of compromise or agreement in Congress with Obama as President. The Republicans do NOT HAVE TO TAKE HIS BS anymore. Obama has set a course of failure with the largest deficits in history .
Welcome Rick Perry and Marco Rubio to the White House in 2012 .Obama will be working for George Soros then . But that is no surprise,, he works for Soros now !
Perhaps he needs some extra time to work on his taxes.
Anyone else getting the feeling that Obama's house of cards is starting to get a little shaky???
Could it be that, obama's economic team bailed because he wouldn't listen to them, like he wouldn't listen to his generals?
Sheriff Joe and Gov. Walker in 2012
Or, could it be you have a screw loose?
lol