Tim Geithner: Welcome To The Unemployment Line

Tyler Durden's picture

The last rat is preparing to jump from the SS Obamic

GEITHNER SAID TO CONSIDER LEAVING TREASURY AFTER BUDGET DEAL

Explains why the market just ripped.

In the meantime, a cubicle at 270 Park is being prepared.

From Bloomberg:

Treasury Secretary Timothy F. Geithner has 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.

The Treasury secretary has said the U.S. risks defaulting on its obligations if Congress doesn’t raise the $14.3 trillion debt ceiling by Aug. 2. The administration and congressional Republicans are at an impasse in negotiations to raise the limit, which also is tied to efforts to cut the nation’s long- term deficit.

An exit by Geithner would complete the turnover in Obama’s original economic team, with Council of Economic Advisers Chairman Austan Goolsbee scheduled to leave in early August to return to the University of Chicago.

That would leave Obama with two key posts to fill as Republicans are seeking to turn the 2012 election into a referendum on Obama’s handling of the economy and the recovery is slowing. The unemployment rate rose to 9.1 percent in May, according to the Labor Department, and the U.S. economy grew at a 1.9 percent pace in the first quarter, according to Commerce Department figures released June 24.

Geithner, 49, has told associates that he needs a break from government service after dealing with the turmoil that followed the collapse of Wall Street firms including Bear Stearns Cos. and Lehman Brothers Holdings Inc., first as president of the Federal Reserve Bank of New York and then as Obama’s treasury secretary.

Family considerations also are playing a role in Geithner’s deliberations, according to the people. His son has decided to finish his final year of high school in New York.

If Geithner does leave the administration, Obama would be losing a member of his economic team who understands Washington institutions and the New York banking world as well the intricacies of the Chinese economy. Geithner has pressed the Chinese to let their currency appreciate faster to reduce the global imbalances that both he and Obama have blamed for financial uncertainty.

In addition to Goolsbee, who announced his decision to return to the University of Chicago earlier this month, three other top Obama economic advisers already have departed. At the CEA, Goolsbee replaced Romer, who returned to teaching at the University of California at Berkeley last September. National Economic Council Director Lawrence Summers and Office of Management and Budget Director Peter Orszag left the administration last year. Summers returned to Harvard University, and Orszag is now vice chairman of global banking at Citigroup Inc.

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Popo's picture

Rats. Sinking ships. And all that.

kito's picture

i get the sense its not rats leaving a sinking ship as much as its obama jettisoning the ire of republicans just in time for the campaign to ramp up.

whstlblwr's picture

George W. had three. Probably means he tired. They think they figure out how keep market going straight up. No worries.

nmewn's picture

"Probably means he tired."

Timmah's been raiding the federal employee pension funds...tsk tsk...he probably got paid a little visit.

Say, Timmah, dats a mighty fine lookin family yuz got deah... ;-)  

The Limerick King's picture

So Timmah is out of a job

Another poor out-of-work slob

But Timmah don't fear

As long as Ben's here

You'll be paid well for buffing his knob!

 

XenoFrog's picture

If life were fair, his next job would be cleaning out sewer pipes in New Dehli

Newsboy's picture

Meet the new rat,

same as the old rat...

old naughty's picture

...but then, aren't we all? Lab rats.

Number Yuan's picture

Read this over on a well known conspiracy site...

 

"In less than ONE year, FIVE of Obama's top economic advisers have resigned...which begs the question: If we were really in an epic economic recovery, why would the president's economic team be jumping ship?? Would they not want to sick around and take some credit for a historic recovery?

LOL...it's because they KNOW this whole thing is going DOWN IN FLAMES!!!

Here's the list:

DATE: JUNE 2010
NAME: Peter Orszag
TITLE: White House Budget Director
REASON FOR DEPARTURE: Bored of job; spend time with fiancee (LOL)

DATE: AUGUST 2010
NAME: Christina Romer
TITLE: Chair of the Council of Economic Advisers
REASON FOR DEPARTURE:Return to teaching.

DATE: September 2010
NAME: Larry Summers
TITLE: Director of the White House National Economic Council
REASON FOR DEPARTURE: Return to Harvard University as a professor.

DATE: January 2011
NAME: Paul Volcker
TITLE: Head of the President's Economic Recovery Advisory Board
REASON FOR DEPARTURE:Unknown

DATE: June 2011
NAME: Austan Goolsbee
TITLE: Chairman of the President's Council of Economic Advisers
REASON FOR DEPARTURE:Returning to his tenured job as economics professor at the University of Chicago

What we are witnessing is a game of musical chairs...but in this case NO ONE wants to have a seat on Obama's economic team during the largest financial collapse in world history.

Also note this is ONLY his economic team!! Does not include other advisers,secretaries, etc such as David Axelrod, Rahm Emanuel, Robert Gibbs, etc!!!!!!

 

does make you wonder...

Al Gorerhythm's picture

No, just bumped up to new quarters on upper deck.

monoloco's picture

Ready to take his place next to Bob Rubin as a shining example to his future successors, of the gratitude shown to the loyal errand boys, by our universal masters for being a team player. Go Timmy!

Pladizow's picture

I heard Steve Lies-man of CNBS is to be his replacement.

So now Steve will be able to eat his own asshole!

Pladizow's picture

STEVEN - is that you who junked me?

Pladizow's picture

Did silly Kudlow and Cramer join in on the junking?

Cheesy Bastard's picture

Your avatar 3 times in a row just reminded me...is anyone looking for a puppy?

Muddy1's picture

And the picture is a picture of......?

Brokenarrow's picture

Is Liesman tge biggest asslicker of all time?

 

Yazaa, massa Fed. I sho do lick u balls!

Brokenarrow's picture

Is Liesman tge biggest asslicker of all time?

 

Yazaa, massa Fed. I sho do lick u balls!

Brokenarrow's picture

Is Liesman tge biggest asslicker of all time?

 

Yazaa, massa Fed. I sho do lick u balls!

Cognitive Dissonance's picture

Damn!

Now who's gonna help him with his taxes?

A.W.E.S.O.M.-O 4000's picture

Too bad they tore down the West Side Highway. He could have sucked cock for a living like the rest of us when this all ends badly. As it must.

101 years and counting's picture

he just really wanted to move back to NY now that gay marriage is legalized.

Ripped Chunk's picture

He sucked Bernanke's cock for 2 + years by going along with QE so his resume is now complete.

Timmy can now move on to the big time: A prime spot at the Port Authority bus terminal, 1:00AM to 6:00AM at $25 / blow.

WestVillageIdiot's picture

I'm sure Timmy could find a nice place on Christopher Street to ply his trade.  He doesn't have to just suck dicks down on Broad Street. 

John McCloy's picture

   Nobody wants credit for this coming disaster. 

DoChenRollingBearing's picture

John, Howard,

Completely correct.

The rats are running off the ship.

Prepare accordingly.  Why not gold?

HungrySeagull's picture

Yahoo! *Cartwheels.

I hope there is someone who can be a proxy to take his place.

SoNH80's picture

Yeah, get ready for Treasury Secretary Larry Summers (again).  (Wretch).

unununium's picture

Seriously, who should be the next Secy. Treas.?  One name springs to the top of the list,

Ron Paul

failing that, in the more realistic camp how about

Sheila Bair
Warren Buffett
Steven Rattner (the street fears him)
Tyler Durden

nmewn's picture

"Seriously, who should be the next Secy. Treas.?"

Sighhh...ok, I'll do it, I'll be the target. But only for a year.

I'll be needing five Miguel Cabellero suits and a few good hand picked men...gawd, the adventure, the mayhem, the soiled GS boardroom chairs ;-)