Treasury Secretary Tim Geithner's Sinking Ship

Tim Geithner is way over his head. It should have been a sign during the confirmation process, but a Democratically controlled Senate wanted to exercise their power and not turn down of Obama's selections. If a guy can't pay his taxes, why would we want him to be the head of the U. S. Treasury? Tell me why! 

Geithner has no credibility! He's way over his pay grade. Furthermore, on Monday he'll be releasing a new plan?

Sen. Richard Shelby said Sunday he doesn't think Geithner will last long unless he starts doing a better job. Treasury Secretary Timothy Geithner is on "shaky grounds" these days with Congress and many in the country, according to the Senate Banking Committee's top Republican. Shelby, who voted to confirm Geithner, said he has less confidence in the treasury secretary each day -- over the AIG bonus mess, solving the nation's financial troubles and helping to turn around the economy.

And more junk, more revelations about bonuses are on the way!

Making initial miss-steps by an incoming administration are what every new president needs to do; however, with such high approval ratings, Obama opted to step out boldly. However, in his favor he had to do something bold and risky, because the economic perils demanded it. Choosing Geithner was bad enough; however, standing behind his mistakes isn't going to help. My bet is that Geithner will go, he will resign before the year is out and in spite of what Barack is saying, he'll accept the resignation.

Sen. Judd Gregg of New Hampshire added fuel to the fire today by saying that President Barack Obama's massive budget proposal will bankrupt the country. Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies.

The plan that's being developed by Treasury Secretary Timothy Geithner aims to purchase as much as $1 trillion in troubled assets, utilizing the resources of the $700 billion bank bailout fund, the Federal Reserve and the Federal Deposit Insurance Corp. The initiative, which is to be released on Monday will seek to entice private investors, including big hedge funds, to participate by offering billions of dollars in low-interest loans to finance the purchases and also sharing risks if the assets fall further in value.

Who wants to participate in our current bankrupt policies?