Government

Treasury Secretary Timothy Geithner Will Not Step Down

Geithner To Stay On As Treasury Secretary

In the wake of Standard & Poor‘s downgrade of the United States’ credit rating for the first time in the history of the ratings, Treasury Secretary Timothy Geithner has decided to stick around after all. It had been widely reported over the last two months that Geithner, who also served as the President of the Federal Reserve Bank of New York during the U.S. government’s bailouts of Wall Street banks in 2008, was considering leaving the Treasury once a deal was made to raise the nation’s borrowing limit. However it has been reported today that at the request of President Obama, Geithner has decided to stay on in his position at the Treasury. Bloomberg reports:

“’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.’

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.

‘The President asked Secretary Geithner to stay on at Treasury and welcomes his decision,’ Jay Carney, the White House press secretary, said in a statement today.”

While odds of a double-dip recession are still high, some investors think Geithner should keep his post because disrupting the continuity of the administration’s economic policy could lead to greater investor concern.

“‘His leaving would have been viewed as negative following the S&P downgrade,’ said Drew Matus, senior U.S. economist at UBS Securities LLC in Stamford Connecticut.”

However many politicians have demanded Geithner’s resignation following the S&P downgrade of U.S. credit and the S&P 500 Index of stocks plummeting  7.2 percent to 1,199.38 over the last week.

Republican presidential candidate and Minnesota Congresswoman Michelle Bachmann spoke with Fox’s Greta Van Susteren when the downgrade news broke Friday, calling for Geithner’s resignation:

“I call on the president to seek the immediate resignation of Treasury Secretary Tim Geithner and to submit a plan with his list of cuts to balance the budget this year, turn the economy around and put our people back to work.”

“I’m very concerned that the administration tomorrow might look for anyone else to blame. They may blame the Tea Party, they may blame the ratings agency or anyone else. They knew it was coming this year in January but they didn‘t write a plan and they still don’t have a plan.”

AFP reports that Republican Senator Rand Paul called on Geithner to step down for what Paul’s office called a “gross mismanagement of federal economic policy and his role in the first-ever downgrade of United States debt.”

Over the last year Geithner pushed back the debt-limit increase date 4 times: March 31, April 15, May 31 and finally August 2.

Comments (242)

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  • Fight for America
    Posted on August 7, 2011 at 5:42pm

    ‘The President asked Secretary Geithner to stay on at Treasury and welcomes his decision,’ Jay Carney, the White House press secretary, said in a statement today.” – I guess when it comes to priorities, our current president just told us what and who his are.

    My hope is that in the 2012 election, the American people will remove him from office.

    Report Post »  
    • boomboom
      Posted on August 7, 2011 at 5:46pm

      Who stole Timmy’s cheese?

      Ratatouille Tim.

      Report Post » boomboom  
    • NHwinter
      Posted on August 7, 2011 at 6:01pm

      The president needs him to complete his “Tranformation of America”.

      Report Post » NHwinter  
    • BCNU
      Posted on August 7, 2011 at 6:04pm

      Your children’s children WILL live under communism without a shot being fired.
      You Americans are so gullible.
      No, you won’t accept Communism outright; but we’ll keep feeding you small doses of Socialism until you will finally wake up and find that you already have Communism.
      We won’t have to fight you; WE’LL SO WEAKEN YOUR ECONOMY, until you fall like overripe fruit into our hands.
      Nikita Khrushchev , 1959

      Ladies and Gentlemen, Please take the time to read the communist manifesto to “know your enemy”. It is extremely dry and dificult to read/endure but it will “connect the dots” regarding our current world affairs specified/predicted therein..

      Report Post »  
    • rodamaa
      Posted on August 7, 2011 at 6:16pm

      His priorities are with his communists masters.

      Report Post »  
    • The_Almighty_Creestof
      Posted on August 7, 2011 at 6:25pm

      “some investors think Geithner should keep his post because disrupting the continuity of the administration’s economic policy could lead to greater investor concern.”

      What economic policy? The Ol’ FFL?
      (Find them, eff them, & leave them)

      Report Post »  
    • Redworc
      Posted on August 7, 2011 at 6:45pm

      BNCU more like the statement made in the movie Hook where Dustin Hoffman tells Robin Williams oh you will fight me peter or I will persue your children’s, children’s, children… I think they have gone 4 generations now after the last debt limit increase.

      Report Post » Redworc  
    • right-wing-waco
      Posted on August 7, 2011 at 6:49pm

      Well, when he is doing such a good job destroying the country, why would you want to him to leave? Geithner just “looks” evil to me. Boot the entire bunch to Git-Mo and let them wait for trial.

      Report Post »  
    • AvengerK
      Posted on August 7, 2011 at 7:16pm

      When has Timmy Geithner been right about anything?

      Report Post »  
    • HKS
      Posted on August 7, 2011 at 7:54pm

      Hang in there Timmy, go down with the ship.

      Report Post » HKS  
    • the hawk
      Posted on August 7, 2011 at 8:48pm

      It;s one big Crime family, it’s totally One for all ,all for one !

      Report Post »  
    • Secret Squirrel
      Posted on August 7, 2011 at 10:49pm

      .
      Why step down?
      Competence is not a requirement in the Obama administration.

      Report Post » Secret Squirrel  
    • IntransigentMind
      Posted on August 8, 2011 at 1:39am

      I don’t want him to step down. That’s a symbolic gesture at this point, don’t you think? Better to prepare:
      http://markamerica.com/2011/08/08/monday-morning-what-awaits-at-the-market-open/

      Report Post »  
    • @ Coyote2
      Posted on August 8, 2011 at 10:06pm

      Question– Is this thing really as dumb as it looks???

      Report Post »  
    • ying
      Posted on August 9, 2011 at 2:20pm

      Geithner is a jew; Obama is a jew.

      Report Post » ying  
  • Multiple Arms
    Posted on August 7, 2011 at 5:41pm

    (Sarcasm alert!)

    Why should he step down? Things are going as planned.

    Report Post »  
  • LadyIzShy
    Posted on August 7, 2011 at 5:40pm

    of coarse the total distruction of the USA has not taken place, we could still fix things but they do not want us to fix things. lets all hear it for one world order one world currency and one supreme leader, BHO BHO BHO

    umm gag

    Report Post » LadyIzShy  
    • 8jrts
      Posted on August 7, 2011 at 9:18pm

      @LadyIzShy
      You are right except BHO will be cast down with the rest of us peons when he is no longer useful to the Master….Spooky Dude who no doubt will be leading the “Von Vorld Order”.

      Report Post » 8jrts  
    • turkey13
      Posted on August 8, 2011 at 3:33pm

      You people don’t get it – this man is the only man in the country that was smart enough to find a bug in Turbo Tax. If it wern’t so Turbo Tax would have sued him. Just look at the drop in their sales after Tim had to pay $40,000.00 + intrest. If it wern’t for Standard & Poor the martket would be up today.

      Report Post »  
  • Donald
    Posted on August 7, 2011 at 5:39pm

    Tiny Tim continues to tiptoe through the tullips.

    Report Post » Donald  
  • Mateytwo Barreett
    Posted on August 7, 2011 at 5:39pm

    He has so much more to do.. .. Increase interest rates. Colase an other 50 banks. Fine tune the monetary gestapo! When he leaves- nobody is going to be able to fix it! Jeez, I wish I could get close enought to slap his eyes into line with the smirk.

    Report Post » Mateytwo Barreett  
    • sooner12
      Posted on August 7, 2011 at 5:52pm

      Colase is an anti-constipation med. What the heck did you mean?

      Report Post »  
  • Stehekin912
    Posted on August 7, 2011 at 5:38pm

    Why should he step down? He was only following orders. Just listening to his masters’ voices. Everything is going according to plan.

    Or so they think.

    Report Post »  
  • Imagettinsome
    Posted on August 7, 2011 at 5:37pm

    Like it’s his decision….”I don‘t care how awful of a job I’m doing, I will not quit…doing an awful job”

    Report Post »  
  • whatisay
    Posted on August 7, 2011 at 5:36pm

    A picture of this guy smiling ought to be next to the definition of s**t eating grin in the urban dictionary.

    Report Post »  
    • loveoursoldiers
      Posted on August 7, 2011 at 9:27pm

      Hey if I got paid $175,000.00 and didn’t really have to do anything and never had to worry that I would get fired for doing nothing or even for do a terrible job…. heck.. I’d be grinning too.. That is the American dream for Obama and his moronic staff.. Do nothing and get a big fat check from the American people.. just because.. well because they won, ya know.. all that BS about hope and change.. they didn’t mean it would be good change or that it would happen quickly… anyway.. empty suits.. empty promises.. and Americans with empty bank accounts
      get the bums out in 2012….. we need to speak loudly to these destroyers of our country.. get the eff out
      just get out.

      Report Post » loveoursoldiers  
  • BOMBARD
    Posted on August 7, 2011 at 5:35pm

    Obama “Welcomes his decision to stay on”

    Of course he does!!
    All aboard the Fundamental Change train!

    Report Post » BOMBARD  
    • myway
      Posted on August 8, 2011 at 5:53am

      Obamanomics has accomplished all of the following in record time…

      · Increased the national debt by almost 50% in less than three years

      · Forced more than 30% of working Americans into unemployment or under-employment

      · Forced the economy into an extended depression

      · Forced banks into bankruptcy

      · Forced states into bankruptcy

      · Seized control of several key industries

      · Set the entire Middle East on fire

      · Turned old U.S. allies into new enemies

      · Identified all true American patriots as potential domestic terrorists

      · Decimated the U.S. Military and Intelligence community

      · Dismantled the Constitutional Republic using leftist federal courts

      · Crushed the Tenth Amendment Rights of the states

      · Turned what was left of the free press into a 24/7 leftist propaganda machine

      · Turned U.S. law enforcement into an S.S. style Gestapo.

      · Eliminated congressional oversight of the Executive and Judicial branches

      · Destroyed the life savings of millions of American families

      · Turned the Department of Homeland Security into a brown shirt operation

      · Turned the White House into a playpen for communists and socialists

      · Destroyed the value of a college education

      · Forced investors and employers to flee for foreign markets

      · I could list at least a hundred more items…

      Report Post » myway  
  • CountMeIn
    Posted on August 7, 2011 at 5:33pm

    Would it really make any difference if he did step down? Obama would just replace him with someone equally as pathetic.

    Report Post »  
    • Shasta
      Posted on August 7, 2011 at 5:51pm

      Or more likely he would replace him with someone even worse, like he did when he replaced Robert Gibbs with Jay Carney. I did not think there could exist a more arrogant and stupid press secretary than Gibbs, but Carney proved me wrong.

      Report Post » Shasta  
  • Want our country back
    Posted on August 7, 2011 at 5:33pm

    Timmy: Step up and step down

    Report Post » Want our country back  
  • Obama Bin Lying
    Posted on August 7, 2011 at 5:32pm

    This is just par for the course….none of these Bozo’s will ever admit that any of them are wrong, and that any of them have caused this horror

    Report Post » Obama Bin Lying  
    • west1890
      Posted on August 7, 2011 at 10:21pm

      But they don’t see anything they have done as “wrong’. They are doing exactly as directed…tear this country apart-economically, socially, racially. Don’t ever underestimate them…there is a reason for everything they do and none of it is designed to benefit the U.S. Don’t talk about Obama being beaten in the next election- we don’t have that much time. Time is truly not on our side. Much is planned to occur before November 2012. That economic uheaval before the 2008 election was no coincidence and we can expect much worse before November 2012.

      Report Post »  
  • NOBALONEY
    Posted on August 7, 2011 at 5:31pm

    Pesident Obama will never do what President Clinton did. He’s going to continue his agenda. Fox business’ Charles Gasparino sumed it up best yesterday, when he said, ” We‘re going to be in this muck until Obama’s re-election or not”.
    To reverse course President Obama would have to fire Treasury Secretary Geithner, Fed Chair Bernanke, and Information and Regulatory Czar Sustein, because of lies, quantative easings, and onerous regulations.

    Report Post » NOBALONEY  
    • HairOfTheDogSob
      Posted on August 7, 2011 at 5:36pm

      S&P stated Saturday..AA for nine to eighteen years..save further downgrades..where are the hollywood sluts and sprigstein now?

      Report Post » HairOfTheDogSob  
  • Tear Em Up
    Posted on August 7, 2011 at 5:31pm

    OK, if he will not step down can we get him to jump?? Preferably off a tall object?

    http://traffic.libsyn.com/mikeleeandterrymartin/Number_75_August_6th_2011.mp3

    Report Post » Tear Em Up  
  • The-Monk
    Posted on August 7, 2011 at 5:30pm

    He won’t “step up” and tell the truth either.

    Report Post » The-Monk  
  • Talmid of Yeshua
    Posted on August 7, 2011 at 5:30pm

    Wow… and this moron swore up and down, watch the video on another story, that S&P wouldn’t downgrade us. Yep.. more incompetence from the Marxist demoncrats.

    Report Post » Talmid of Yeshua  
  • tckid17
    Posted on August 7, 2011 at 5:30pm

    What me a bad Treasure Secretary?, I got good Marx from Karl.

    Report Post »  
  • stanbeck
    Posted on August 7, 2011 at 5:27pm

    What did Joe say? This is a big Fing deal!!!

    Report Post »  
  • cosette
    Posted on August 7, 2011 at 5:27pm

    Did anyone expect he would? They are well on the way to finalizing the fundamental change of our beloved country. The economic system is on the verge of collapse. This was their goal. We are all about to become surfs with Obama as our patroon. It’s going to get ugly.

    Report Post »  
  • redbone007
    Posted on August 7, 2011 at 5:27pm

    We are trying to replace the wrong person. Obama needs to be replaced.

    Report Post » redbone007  
  • wrs840
    Posted on August 7, 2011 at 5:27pm

    I believe he is a malicious evil elf. it’ll take an exorcist to get him out of our wallets.

    Report Post »  
  • stanbeck
    Posted on August 7, 2011 at 5:26pm

    America’s middle class is about 174 million people. China’s middle class stands at 150 million but estimated to be at 600 million in 2020. India’s middle class is at 50 million but estimated to be 500 million by 2020. Total population of both countries is about 2.5 billion people. With us leaning toward socialism and China and India leaning more toward capitalism we are at the same point in the Rocky movie where Apollo Creed was sitting at the table gloating about the after fight ceremonies. I see the small business person, the hard working average American and the Tea Party as the trainer in the other room. They watch 2.5 billion people fighting and scratching to get just a small piece of what American’s have but the people in power and the media are gloating over how they are making America just like Europe. Will it be in the 3rd or 4th round before the average person wakes up to see the fight is already over?

    Report Post »  
  • 13th Imam
    Posted on August 7, 2011 at 5:26pm

    And Barry won’t stand up. But is Present

    As Joe Bite Me said
    “Stand up Chuck” but Chuck was in a wheelchair.

    Report Post » 13th Imam  
  • stanbeck
    Posted on August 7, 2011 at 5:26pm

    The perfect analogy for where we are in America today is the 1st Rocky movie. Apollo Creed is sitting at the table with all his advisors discussing all the flamboyant after fight ceremonies instead of training for the fight of his life. One of his trainers is in the other room watching Rocky train in a freezer pounding on a half of a cow. The trainer turns to the flamboyant fat dumb and happy champ and says, this guy thinks this fight is for real. It wasn’t until the 3rd or 4th round that the champ realized the implications of what the trainer was saying. But by then it was too late.
    My point is that America got flamboyant and fat dumb and happy through the greatest capitalist system ever built. We pulled more people out of poverty through innovation because of capitalism that we take for granted the things that we have accomplished. Could the Great Cesar of Rom talk instantaneously to a friend in another country? A young black child in Detroit can talk to his grandmother in Africa and even see her face on the screen. Now how did that happen? Was it because of communism or Marxism? The answer is no. It happen because the founders of America put together the greatest system of freedom which in turn breeds capitalism. A couple of kids in a garage have a dream to build a computer and become rich and there was no government in the way to stop them from their dreams; i.e. Microsoft.

    Report Post »  
    • Drakkhanlord
      Posted on August 7, 2011 at 10:26pm

      you do know that gates and others are depopulating the world thru dangerous and deadly innoculations… was great he made a company and all…But Dam…

      Report Post » Drakkhanlord  
  • EqualJustice
    Posted on August 7, 2011 at 5:24pm

    I SAY REPLACE him with Donald Trump and watch things turn around! I hope the NEXT PRESIDENT in 2012 does just that :)

    Report Post » EqualJustice  
    • Canadianaleye
      Posted on August 7, 2011 at 6:27pm

      I SAY REPLACE him with Donald Duck and you’ll get better results (than Geithner) :)

      Report Post » Canadianaleye  
    • nickyinva
      Posted on August 7, 2011 at 7:04pm

      Ditto to Trump. A business man has to make a living!

      Report Post »  
    • FlowerBell
      Posted on August 7, 2011 at 10:16pm

      You could replace him with a whoopie cushion and get better results.

      Report Post » FlowerBell  
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