Friday, February 6, 2009

Please Check Your Lottery Ticket Numbers Today

...because for the first time I can remember, I agree with freakin' Larry Kudlow on something. That something is Tim Geithner has to go. Now.
Americans do not want tax cheats and tax dodgers in critical leadership positions. Tom Daschle tendered his resignation to become HHS secretary over this same issue. So did another high-profile nominee — Nancy Killefer — in the budget office. Mr. Daschle himself said that he doesn’t have the trust or confidence of the people to lead the nation on healthcare reform.

This is not personal. Geithner has good qualifications. But he is wrong on this key issue. I think most Americans know that. Mr. Geithner should give some serious thought to this.

I continue to beat this drum. I continue to believe that Timothy Geithner should resign as an act of conscience, confidence, and good faith. He has forfeited the trust invested in him. He cannot lead us through financial reform.

I disagree with Kudlow that Geithner is in any way qualified to lead us out of this financial mess. As NY Fed chief, he's responsible for, among other things, designing a plan to overpay tens of billions for bank assets under the first half of TARP. That responsibility falls on Helicopter Ben as well, and he absolutely needs to step down.

But Kudlow's last sentence is 100% true. Tim Geithner cannot lead us through financial reform whatsoever. He's part of the team that already has shown no ability to make the hard, hard decisions that are needed at this point in history. He has already been tested and been found wanting. It's time to clean house at Treasury starting with Geithner.

Remember that when the January job loss numbers come out here at 8:30 AM. At the very least another half a million people lost their jobs last month. I'm betting it'll be close to 600k.

We'll see.

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