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Geithner-Will He Stay or Will He Go?

Geithner-Will He Stay or Will He Go?

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Timothy Geithner could be the only original an affiliate the Obama administration’s white house economic team left, plus it appears like his days are numbered also.

Geithner will be the latest Obama cabinet member to jump the white house ship just like a rat from your sinking Revenue ship, despite the fact that he continues saying that he wants to stick to for the remainder of the season. However, those close to the white house point out that after the debt ceiling debate is settled along with the budget deficit is placed he’s „outta there.“

The family of Tim „Tax Cheat“ Geithner has been said to have already moved returning to their comfortable New York suburban neighborhood, usually the one they lived in before Geithner made the move to the White House, in order for his son to accomplish senior high school. Despite Geithner’s weak efforts to quell the rumor mill, those who work in the loop are already wondering who would replace him as the Treasury Secretary.

Among the most notable candidates, based on CNN, are Erskine Bowles-the Democratic co-chairman of Obama’s budget deficit committee-Roger Altman, a good investment banker; Jacob Lew, current White House budget director-Jamie Dimon, CEO of JPMorgan Chase, and White House Chief of Staff Bill Daley. Obama should be careful about who he chooses, even perhaps much more than former presidents in similar situations, namely due to the tax payer funded stimulus packages he favors so much. These „bail outs“ helped save automobile manufacturers and banks from much-needed bankruptcy restructuring. If Obama picks someone like Dimon, for instance, it would be horrible PR. Not surprising, but a negative PR choice.

Others feel that Obama is going with someone unfamiliar with Washington and also the banking industry for that matter, and Berkshire Hathaway’s Chairman Warren Buffet’s name fits that bill, as does New York mayor Michael Bloomburg. However, Bloomburg has denied any interest in the career, openly praoclaiming that he intends on completing his term as mayor, which ends in 2013. Also a plausible denier is Bowles, who, on the chronilogical age of 65 says that he is „looking toward being useful in part-time endeavors.“

If Geithner does tend to step down, the current political climate will most likely make confirming a brand new Treasury Secretary impossible ahead of the 2012 presidential election, making the whole thing a moot point. Republicans promised to never confirm anyone to lead the Consumer Financial Protection Bureau, a bunch created by the monstrous Dodd-Frank financial reform bill, simply because they want the committee’s official abilities to be substantially diminished. It is this blockade that intentions to stop any confirmations of a new Treasury Secretary, should Geithner leave, dead in their tracks.

This replacement uncertainty is among the significant reasons experts think that Geithner will continue to be put, at the very least for awhile. Regardless of where his family moves or exactly what the rumor mill says, right now Geithner hasn’t budged. If he does though, it won’t be a surprise on the American people. No surprise in any respect.