Pressured by White House, Treasury Secretary Is Expected to Stay at Post

[PoliticAverse]

Source: NY Times

WASHINGTON — Timothy F. Geithner, the Treasury secretary and dean of President Obama’s economic team, is expected to stay through the president’s term after intense White House pressure, according to officials familiar with the discussions.

But Mr. Geithner has not yet notified the White House of his intentions, and family considerations could still win out, advisers say.

Speculation from Washington to Wall Street has intensified because Mr. Geithner, the only holdover at the center of Mr. Obama’s original economic circle, said a month ago that he would decide on his future after the White House and Congress reached a deal to increase the nation’s debt ceiling. Mr. Obama signed that deal into law on Tuesday.

Mr. Obama and his chief of staff, William M. Daley, have been urging Mr. Geithner to stay, administration officials say, not only for continuity when the economy has weakened and to avoid an all-but-certain confirmation fight in the Senate over a successor, but also because Mr. Obama has developed a close rapport with Mr. Geithner.

Read more: http://www.nytimes.com/2011/08/04/us/politics/04geithner.html

[dflprincess]

1. It just gets better and better n/t

[DJ13]

2. Dammit

ShitShitShit!

Oh well, Obama has a bad habit of trading in a corporate tool for a bigger one anyway, so we might be better off this way.

[russspeakeasy]

4. He probably already tried to find a worse one, but there weren't any.

:spank:

[DJ13]

5. I didnt think of that

:hi:

[Ruby the Liberal]

6. Rumor is Jon Corzine is being vetted for the role.

Dem, former co-CEO of Goldman and former Gov of NJ

[Ruby the Liberal]

7. Article with info on Corzine potentially going to Treasury

http://www.businessinsider.com/corzine-treasury-secretary-bond-2011-8

[DJ13]

9. I guess thats slightly better than Jamie Dimon

I would prefer an actual economist over a former Wall St executive, but thats just me.

[Ruby the Liberal]

10. No kidding. And that goes for congress as well.

We elect lawyers and doctors and then expect them to morph into economists once they are sworn in and given the responsibility of setting fiscal policy for this nation (while relying on their 'vast' financial experience of running a Practice in the private sector).

Unfortunately, the ones I would be the happiest with are all Professor-type wonks who wouldn't go NEAR a federal election. Krugman, Roubini, Batra. Its a rather long list of people who could/would never put up with the campaign bullshit.

(Same goes for the CFPB - although I think the Cordray selection is on the right track, he is but another attorney)

[Demeter]

3. Well, if that's what it's gonna take

kiss the White House good-bye, Michelle.

[Poll_Blind]

8. LOL! Oh my god, they're strapping him to the BOMB!

"If you don't defuse it, don't worry about your next job. Out of sense of decency, however, we will double your Quaalude ration."

Holy shit...

PB

[alp227]

11. FIRE GEITHNER - hey that rhymes! n/t

[Marie Marie]

12. Sure.. Geithner he fights for. Elizabeth Warren, eh - not so much.

Wouldn't want to upset the Repubs or Wall Street and the bankers. Trying hard but understanding this man less and less each day.

[Ruby the Liberal]

13. Good point.

Although, I do see the argument about getting senate confirmation in this scorched earth congress. He didn't have that opposition immediately after his inauguration like he has today.

I just wish the lesson he took from 2010 was that the base is getting cynical (and pissed) and the key to independents is to stand for something (ANYTHING), not take a sharp turn to the right.

*Insert Harry Truman quote about true Republicans vs Republican DINOs here*

[classysassy]

14. Obama just following orders of his masters.

Too bad there are no decent republicans running ffor the oval office.