Despite Calls For His Head, Geithner Tells White House He Is Staying

Tyler Durden's picture

Following a flood of demands for the head of Tim Geithner on a silver platter, the head of America's one-ply paper issuance and tax evasion department, has just told the White House he is doing the wrong thing (of course) and not going anywhere. "Treasury Secretary Timothy F. Geithner, a central figure in the U.S. government’s bailouts of Wall Street banks and efforts to raise the debt limit, told President Barack Obama that he intends to remain in his job, according to a Treasury Department spokeswoman. “Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,” Jenni LeCompte, assistant secretary for public affairs, said in a statement today in Washington. “He looks forward to the important work ahead on the challenges facing our great country.” Translation: goodbye foreseeable future. The only good thing is when the house of cards collapses (pretty soon at the going rate) Tiny Tim will be at the very top, and serve as the focal point of all accrued (if somewhat sharp, stainless steely and quite stabby) public "admiration."

From Bloomberg:

Geithner, the last remaining member of Obama’s original economic team, made his announcement after months of speculation over his future. He told White House officials this year that he was considering leaving once a deal to raise the nation’s borrowing limit deal was reached. Obama signed an increase in the limit on Aug. 2. 

 

His decision allows the administration to maintain continuity in economic policy at a time of investor concern that the two-year-old expansion may be stalling and after Standard & Poor’s cut the U.S. credit rating for the first time. The S&P 500 Index of stocks slumped 7.2 percent to 1,199.38 last week, the biggest weekly drop since November 2008 and the lowest level since Nov. 30, 2010.

 

Geithner’s challenges for the rest of Obama’s term include reducing unemployment, overhauling the housing-finance system, working with Congress to further cut the budget deficit and helping European leaders contain their debt crisis.

Of course, the unspun truth is that there is nobody, in either the public or private domain, stupid enough anywhere to take on Geithner's job. Which of course means the US economy is about to unleash its 5% annualized GDP growth rate for the next 10 years... Or maybe not.

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wang's picture
wang (not verified) Mineshaft Aug 7, 2011 2:59 PM

and Obama thought his weekend couldn't get any worse

MassDecep's picture

His Weekend is going as planned. He is elated about the latest downgrade! Alinski, right on schedule. This piece of evil could care less about you or I. His goal is Economic Collapse. His policies drive us there. Yup, Everything going as planned... Also, get ready for a few other things, not yet thought of ...This is going to fun Sheeple.

spiral_eyes's picture

"They took ma rings, they took ma rolex, I look to the homie to say damn what's next?"

Here's what's next:

http://azizonomics.com/2011/08/07/is-corzine-next/

Corzine, bitchez 

FEDbuster's picture

I would like to literally see his head roll along with Hank Paulson's, Alan Greenspan's and Ben Bernanke's.  Set up a guillotine  in front of the FED and Treasury building and drop a rusty, dull blade on their necks (one that would take three or four drops to cut through).

trav7777's picture

wtf difference does the Treasury Secretary make?  He doesn't set the fiscal policy nor propose budgets nor pass them.

Fire the Congress and Obama

Yen Cross's picture

HYPOTHETICALLY):  Good post though!

jdrose1985's picture

The Treas(on)ury Secret-ary just so happens to be an IMF governor who doesn't collect a salary from the USG, bitchez.

 

http://ppjg.wordpress.com/2009/03/24/treasury-secretary-does-not-work-fo...

Google is your friend.

Sudden Debt's picture

He's still sleeping his birthday party off.

The booze, coke and hookers took a heavy toll on him this weekend.

And why replace Geithner? He's the best of the worst screwups Obama has!

Motorhead's picture

I wonder if N'Obama (or anybody else) has a choice.  I'd bet that Tiny Tim's "decision" to stay or go is made by "others".

nmewn's picture

"And why replace Geithner? He's the best of the worst screwups Obama has!"

The country is in the very best of hands.

narapoiddyslexia's picture

At least we'll know where he is.

f16hoser's picture

Geithner should do the right thing and "Kill Himself!"  Just saying....He looks like a Monkey Fucking a Football! He makes US Government look even worse than it already is. Of course next to Obummer, Geithners' a Saint.

Papasmurf's picture

There's a reason for that. And the American people are the football.

hognutz's picture

He still has important to to do!  Like destroying America!

greased up deaf guy's picture

yup, and they state this as if it's something to be proud of:

"Treasury Secretary Timothy F. Geithner, a central figure in the U.S. government’s bailouts of Wall Street banks and efforts to raise the debt limit..."

sigh...

DCFusor's picture

I'm not a fan of stainless steely -- tool steel makes better knives.  A2 for me!

Hulk's picture

SV30...for knives, not sure about bearings...

DoChenRollingBearing's picture

52100 is a 1% carbon steel withe a teensy amount of chromium.  It is a hard and tough steel, but not very corrosion resistant.

JB's picture

A2 rocks. But not all stainless is created the same. H1 is pretty amazing stuff.

<--- Is carrying VG10.

Irrational Exuberance's picture

I smell a margin hike in gold futures coming!

hunglow's picture

Is it tax season yet.

SheepDog-One's picture

Hang yourself Timmah!

Founders Keeper's picture

OT

Tyler, thank you for creating and maintaining ZH. 

Being at ZeroHedge is like being at the right place at the right time.

Hope the ZH servers can handle this week!

 

Gringo Viejo's picture

I guess Goldman doesn't have his successor lined up yet.

CrownThomas's picture

He's got nowhere else to go - Goldman is cutting costs.

Ted K's picture

Tyler Durden, Do you plan on giving any explanation to your readers regarding this story----->  http://screwtapefiles.blogspot.com/2011/08/bear-necessities-of-silver-li...

?????

Gringo Viejo's picture

Didn't know he owed an explanation Ted..not to me anyway.

I read, digest and draw my own conclusions. Howabout you?

Al Gorerhythm's picture

Let's see now: Brian O'flannigan, Kid Dynamite, Jeanne D'arc (whoever the fuck that is) have just made many a surprising (sarc) comment and world shattering expose` that the guys who run SGS have a bias towards gold and silver. Jeanne found it conspiratorial that the 3 bears vid found its way to the pages of ZH. Funny that. You three or four subscribers to to the screwloosefiles blog spot, need to take those tin foil hats off and stop being so paranoid. 

Transitory Disinflation's picture

“Secretary Geithner has let the president know that he plans to stay on in his position at Treasury,”

Now what position is that...  Bent over a table? On all fours?

 

Cpl Hicks's picture

Not to worry, Barry has his rear, uh, his back.

FEDbuster's picture

I am sure there will be no reach around.

Hasten the Collapse, OBAMA 2012

CrownThomas's picture

He's got nowhere else to go - Goldman is cutting costs.

papaswamp's picture

Guillotine Bitchez!

f16hoser's picture

Lets see what the Asian Markets have to say tonight about Amerika. I don't think Bernanke can print/type money fast enough to save the "WORLD" from excessive Socialism and Debt. Just because a government official (I like servant better) says their currency is stable and fully backed; doesn't mean shit to me. PM's spit with defiance in their face!!!

carbonmutant's picture

Does that mean he's leaving?

papaswamp's picture

Guillotine Bitchez!

carbonmutant's picture

Grand Jury Investigation next...

Piranhanoia's picture

That ought to do it. We are going to need some charts that have a much larger X axis.  These rectangles on their sides just aren't going to work any more.  

knukles's picture

"Treasury Secretary Timothy F. Geithner, a central figure in the U.S. government’s bailouts of Wall Street banks and efforts to raise the debt limit, told President Barack Obama that he intends to remain in his job, according to a Treasury Department spokeswoman."

Holy Jesus H Fucking Christ on a Crutch.
Stone Deaf

Fucking Stone Deaf.

The market (what Knukles thinks is imaterial to this point) thinks that Mr Geithner is a disaster.
The market believes his role in the bailouts and debt managemant has been less than satisfactory for a man in such a position.  When in fact, much of what occured about him was not of his making or under his control.

To cite those activites as positives by Treasury is..... disturbing.

DC is stone deaf.

Zero Govt's picture

Spot On

We are 'led' by crones, cretins, clowns and crooks... Govt staff in a nutshell

Bob Sacamano's picture

He would be foolish to step down now -- would definitely look like the downgrade fall guy and pin blame on the Administration as they try to defect blame to conservatives.   He may have a window to step down in early 2012. 

48North's picture

Everyone needs a good reach around-where's the soap?

Zero Govt's picture

"Of course, the unspun truth is that there is nobody, in either the public or private domain, stupid enough anywhere to take on Geithner's job."

Timmays the man for the post of 'Stupid'... elite educated, an entire career spent in the chaotic, pig-ignorant, calamity zone that is public sector, he was born to be an institutionalised crone (moron)

"Geithners challenges inculde reducing unemployment, overhauling housing finance, working with Congress to further cut the budget deficit and helpin European leaders to contain their debt crisis"

Yes and what a fuking good job he's done all 4 topics til now... i fail to see how Tiny Tim can help on the budget cuts when all he's done is bleat and shill across the media how the US Govt needs a bigger credit card to help his very own 'unsustainable' budget to balance! Haven't you got the wrong end of the stick retard?

Keep on 'winning' Timmay, i'm sure you'll turn it all around real soon even if it looks like you've been a remarkable failure on everything you've applied your magic touch to to date

aaronb17's picture

Isn't Geithner just basically the accountant/check writer for the executive branch?  As far as I can tell, his primary role in the debt ceiling debate was to say "hey guys, you have all these bills and the checks are going to bounce if we don't get more credit."  

To blame any of the US debt fiasco on him seems absurd.  It's the dumbasses who keep wannting to spend more money than they are willing to earn (or in the government's case, raise through taxation).  Geithener has nothing to do determining U.S. tax levels or spending levels, does he?

Talk about shooting the messenger . . . it's congress and the executive branch as a whole (but primarily congress) who's responsible, not the guy who ultimately has to distribute the funds to carry out their orders.