While Daily Kos was busy arguing the relative merits (or, depending on your perspective, de-merits) of the Democratic Health Care Reform bills emanating from House and Senate, an interesting thing happened at the Obama administration's Treasury and FHFA. As Bruce Kasting at Naked Capitalism recounts, Geithner's Treasury took another $200 billion dump on the American Taxpayer, picking the slowest of news days, Christmas Eve, to announce it:
I was disappointed with the Christmas Eve ditties from Treasury and FHFA re: the Agencies. To be honest, I was appalled. The two releases contained significant information. The timing was obviously an attempt to slip in some bad news while everyone is drinking eggnog.
Of course that backfired. The blogs, and yes, the MSM disintegrated those that sent the emails out on Christmas Eve. The smell that these announcements have created is not likely to go away anytime soon. (Diarist's note: serious sarcasm here)
If you are reading this you know the story. Treasury ponied up for another $200b for Fannie and Freddie and the management of these entities are getting serious paychecks.
You read that right....Geithner's Treasury transfered $200 billion to Fannie Mae and Freddy Mac, partially to be used to reward executives of those failed institutions. And announced it when you weren't paying attention, just like the Bush administration would have...
So much for transparency in the ongoing financial sector bailout saga...
Is this the very same Tim Geithner who couldn't be bothered to testify at hearings discussing mortgage cramdown legislation intended to help millions of American homeowners? The very same. Hot to help his banker buddies, but lukewarm on the cramdown to help struggling workers pay their mortgage.
Is this the very same Geithner blocking key progressive financial reform proposals espoused by, among others, the head of the Bank of England? The very same.
Is this the same Geithner who admits to poor communication skills and manages a dysfunctional Treasury part of Obama's economics team? Again, the very same.
Timothy Geithner would be a poor Treasury Secretary under a GOP Presidency. That he holds court in a Democratic one is inexcusable. As unemployment stays high and the recovery stutters in 2010, having a Treasury Secretary as in bed with his buddy bankers on Wall Street as the previous Treasry Secretary will be a severe liability to Democrats running for office everywhere.
He's bad for taxpayers. He's bad for policy. He's bad politics.
Timothy Geithner must go.