Obama should fire Tim Geithner tomorrow or Friday. If he hangs onto Geithner through the mid terms it will cost us both houses.
I don't think it' possible to overstate the political gaff of hiring Geithner eventhough he owed 40K in taxes. If you recall we were told the reason we had to accept Geithner was because "he was the only person who could do the job". This was laughable on the face of it but we went along with it because we were fearful of the bottom falling out.
Geithner was the chairman of the NY Fed, he essentailly failed up.
I am not sure if I really understood the rage until yesterday. We voted for change and "change" cuts both ways. Change to me may not be change to you. However, we can all be sure certain the hiring Geithner was more of the same, and we have seen business as usual on wall street.
Obama nees to pick a fight not only with Wall Street but with Reaganomics in general. He needs to pick the fight on principle and position it as the fight he wants to have, really have.
The USA didn't have a single financial collapse from the implementation of the New Deal until the S&L scandal under Reagan. This can all be traced to Reaganomics and specifially the notion of getting the government out of the way. It's ironic that getting the goverment out of the way actually created the largest government intervention in banking history.
It's time to end the free for all on WS and set real rules for capitalism.
Call Obama at the white house and or send them an email demanding them to fire Geithner and Summers tomorrow.
He should hire Volker and Reich. This would be symbolic and substantive. Lets let the Blue Dogs hang themselves on the corporate rope. No one who drives a truck gives two shits about a CEO's bonus being taxed.
Obama needs to BE PRESIDENT and set the rules for financial regualtion. Now!!!!