House Dem: 'Growing' liberal consensus to dump GeithnerNovember 18, 2009
A Congressional Progressive Caucus (CPC) member said there's "growing consensus" among liberals that Treasury Secretary Timothy Geithner should step down.
Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore "Main Street."
"A growing consensus in the caucus ," DeFazio said on MSNBC this evening, adding that some lawmakers are "considering questions regarding him and other economic advisers."
DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.
"We need a new economic team," said DeFazio.
The veteran congressman specifically mentioned last year's bank bailouts and the Geithner's handling of the collapse of insurance giant AIG. At the time, Geithner was head of the New York Fed in the Bush administration.
"We may have to sacrifice just two more jobs to get millions back for Americans," the congressman added.
More from
Sam Stein at
HuffingtonPost:
November 18, 2009
Rep. Peter DeFazio called for the firing of President Barack Obama's top two economic aides on Wednesday for pursuing a recovery plan skewed too heavily towards Wall Street's favor.
The Oregon Democrat told MSNBC's Ed Schultz that he was dismayed with the administration's lack of focus on job creation and insisted it was time to dismiss both White House economic adviser Larry Summers and Treasury Secretary "Timmy Geithner."
"We think it is time, maybe, that we turn our focus to Main Street -- we reclaim some of the unspent funds, we reclaim some of the funds that are being paid back, which will not be paid back in full, and we use it to put people back to work. Rebuilding America's infrastructure is a tried and true way to put people back to work," said DeFazio.
"Unfortunately, the President has an adviser from Wall Street, Larry Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who don't like that idea," he added. "They want to keep the TARP money either to continue to bail out Wall Street...or to pay down the deficit. That's absurd."
Asked specifically whether Geithner should stay in his job, DeFazio replied: "No.
"Especially if you look back at the AIG scandal," he added, "and Goldman and others who got their bets paid off in full...with taxpayer money through AIG. We channeled the money through them. Geithner would not answer my question when I said, 'Were those naked credit default swaps by Goldman or were they a counter-party?' He would not answer that question."
DeFazio said that among he and others in the Congressional Progressive Caucus, there was a growing consensus that Geithner needed to be removed. He added that some lawmakers were "considering questions regarding him and other economic advisers" -- though a petition calling for the Treasury Secretary's removal had not been drafted, he said.
"(Obama) is being failed by his economic team," DeFazio concluded. "We may have to sacrifice just two more jobs to get millions back for Americans."
.....
Here are some able candidates for these jobs, Mr. President.
Elizabeth Warren and
Paul Volcker.
There is still time to rectify Geithner's and Summers' damage. But, Mr. President, that window is slamming shut.
Obama's tragic error: Allowing Geithner, Summers and Rubin to keep their hands in the till., October 28, 2009
A problem, Mr. President: Large numbers of voters think we have not done enough to help them., October 4, 2009
Taibbi: Draw your own conclusions about the distance between Goldman Sachs and the US government, July 13, 2008
Robert Reich: Goldman is back, and its high-risk business model is unchanged since Wall Street imploded, July 16, 2009
Taibbi: 'Goldman’s profit announcement is a giant “f---- you” to the rest of the country.' , July 16, 2009
Geithner and Summers need to go. NOW.