The Business Insider
Sunday, January 10th, 2010
Tim Geithner is in a lot of hot water.
But he won’t quit or be forced to leave office until after the mid-term elections.
We would like to see Geithner go now. He has badly bungled the financial rescue and failed to lead on financial regulation reform. He is now so discredited on Capitol Hill that there is little chance he can be effective as Treasury Secretary.
But there’s little chance this will happen. The Obama administration cannot afford to show weakness. If it caved to Congressional critics of Geithner, lawmakers would be further emboldened to chip away at the president’s authority. Senate Republicans would likely turn the confirmation hearing of Geithner’s replacement into a brawl—one that would not reflect well on the White House or Democrat Congressional leadership.
There’s also little political upside to getting rid of Geithner now. It will not save Congressional Democrats any seats in the mid-term election. Obama’s popularity ratings won’t rise. None of the administration’s priorities will be furthered by firing Geithner.
This article was posted: Sunday, January 10, 2010 at 6:12 am