"I have complete confidence in Tim Geithner and my entire economic team," Obama said. "Nobody is working harder than this guy. He is making all the right moves in terms of playing a bad hand."
Right. Give me a break.
Now we hear from Senator Dodd that he weakened his own executive compensation limitation provision in the recent stimulus bill at the behest of Treasury officials. That must mean Geithner, since there is hardly anyone else there, except career types, who almost surely wouldn't have done that without instructions from the top.
Geithner has made it clear that he doesn't want the government messing around with what CEOs and bankers get paid, that much is clear. It's hard to know whether that's just his firmly held belief or whether he's just doing the bankers' bidding--maybe a little of both.
Does that also reflect Obama's position? One has to assume so, since he's the boss and he wants all criticism to come straight to him. Then why the outrage against AIG by the President? My answer: it's political and it comes across as fake to me. And I really dislike that kind of thing.
Tim Geithner has lost his credibility in the country, and it just doesn't seem possible to me that he will regain it. The longer Obama holds onto him, the worse it is going to get. Perhaps Obama feels like he doesn't have a choice, I don't know. But it was a sorry pick to begin with if you ask me.
And while you're at it, Mr. President, please separate yourself from the bankers and really get on the side of the average person in this. If you don't and this kind of thing continues, you are going to be severely weakened politically and that will not be good for you or for us.