It's a beautiful thing reading the debate that may ensue around one's diary. It's even more beautiful when you find vindication through someone else's recommended diary.
So let me take a little pleasure in noting that...
First, I beat David Sirota's own diary (recommended to rec list being no surprise--after all he is a superstar), who makes similar points to my original entry.
Second, much as I love David, I still think my point goes deeper. David suggests firing Geithner for either incompetence or dishonesty. Those are the "allowable" reasons in the glare of the political spotlight. I want Geithner (and Summers) out, unless he shapes up, because the mindset is all wrong. We'll not get satisfaction from him or Summers as long as they see nothing wrong with current, standard practices among financial firms.
Some comments in my last diary suggested that we need to give Geithner a chance. It's only been 50 days. There will be stumbles. To attack him is to attack Obama.
I see things a little differently. His stumbles are weakening Obama's hand substantially on other legislation. Moreover, if only Obama's response to these stumbles were: this is truly terrible, clearly we need to substantially re-regulate the financial industry, I'd say, "Fine, stumble away, Tim!" But this is not exactly what is happening. Instead, Geithner and Summers stumble and then have the gall to object to restrictions recommended by Congress and others in the Administration.
This is largely what happened when Dodd tried to restrict executive compensation while the Treasury pushed for (and won) removal of that provision. Net result: Treasury tries to smear Dodd with a falsely planted story that is the opposite of what Dodd, in fact, sought. And, now the Obama administration essentially looks like a bunch of bumblers because it has to implement that very legislation Dodd recommended that would have avoided this whole debacle.
This is not dishonesty; it's not necessarily incompetence. It is an attitude, a mindset, an insider's view of how finance is done that is a little too inside for its own good. As already mentioned, unless Geithner and team get more progressive and become far harder negotiators on behalf of the taxpayers as shareholders and lenders and a little less concerned about bankers' incentives, I don't see the actual "added value" of their roles.