This morning, I saw what I have been dreading for months. Newsweek just published "How Obama Got Rolled by Wall Street" and right in the middle of the article is this sentence:
It was little surprise last week when Republican House leader John Boehner, sensing blood in the water—and a possible speakership in his future—attacked the president’s economic team and called for the resignations of Geithner and Summers.
The article also notes that the administration has avoided using its bully pulpit to criticise the bonuses at big financial houses, and has not launched Milken-and-Boesky-type prosecutions of those complicit in the subprime-mortgage scam.
Last week Badabing posted a diary about the soon-to-be-released film "Inside Job". The trailer boasts a still of Bernanke, Geithner, and Summers and the reviews are excellent. Obama needs to do something about Geithner and Summers. They are hurting Democrats up for re-election this year.
The situation will worsen as press coverage of the inability of Obama's economic team to get us out of our economic quagmire consolidates. For example, the front page of today's New York Times highlighted an editorial, "Waiting for Mr. Obama" and an article "Policy Options Dwindle as Economic Fears Grow". More is sure to come.
Obama needs to replace Bernanke, Geithner, and Summers immediately, both to distance himself and his party from them and to publicly acknowledge that new economic talent is needed. The window for action is closing soon.
Title changed to "claim" from "own" due to comments. I do not think that Boehner is saying this for any reason other than that he will say anything to hurt the Democrats. However, it is amazing that this issue is even available to him.
Update:
Watch Geithner refuse to tell Warren how he measures success for his mortgage modification program -- all the while treating her with the utmost disrespect (oops, that video has been decommissioned by Huffington Post -- if anybody knows its whereabouts, please let me know in the comments.) Meanwhile, here is another, not nearly as revealing, but still worthwhile:
http://www.youtube.com/...