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Betting on Geithner’s Future
March 10, 2009 3:59 PM
ABC News’ Charles Herman reports: Complaints about the administration’s response to the worsening economic situation have zeroed in on the Treasury Department and Secretary Timothy Geithner.
Despite all that his overworked department has accomplished in the first 50 days of the new administration, his less-than-successful unveiling of the Financial Stability Plan (or Troubled Assets Relief Program 2.0) and subsequent public appearances and on Capitol Hill have resulted in Geithner receiving low marks for his leadership, as my colleague Jake Tapper reported.
Now the wondering is not just about when Geithner will reveal specifics about how to tackle the toxic mortgage assets still polluting banks’ balance sheets, but whether Geithner will keep his job.
Intrade, which lets you trade in predictions, has set up a futures market on whether or not Geithner will still be in office by the end of June and another one for him leaving office by the end of December.
You can basically look at the trade price as the percentage of people who think that some event will happen. Accordingly, 22 percent of people trading believe Geithner will leave office by the end of this year.
Intrade has futures markets for a range of topics like whether Apple CEO Steve Jobs will leave by the end of this year (55 percent), whether Osama bin Laden is captured in September (8 percent) and if General Motors files for bankruptcy by December (75 percent).
(Psst ... Adam Lambert is currently predicted to win “American Idol”).
March 10, 2009 | Permalink | User Comments (44)
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Geithner should have never been put in this job to begin with- this guy and the Budget Director Orzog are worthless. Clueless and worthless!! They seem to have no real , tangible plan and they also cannot seem to articulate an actual plan even if they have one or even think they do. Next time around, try starting the search with someone that can pay their taxes correctly!
Posted by: Angela | Mar 10, 2009 4:24:06 PM
Not worth print
Posted by: rightbehind | Mar 10, 2009 5:29:41 PM
I would hedge that the only ones voters want to get rid of are republicans.
Posted by: rightbehind | Mar 10, 2009 5:31:58 PM
The only person who can fire him is Obama and he probably won't do it .. after all, it isn't Geithner's fault that Bush and Paulson left him with such a financial mess and TARP was Paulson's idea to begin with.
Posted by: ZakD | Mar 10, 2009 5:33:38 PM
For a guy who can't even be prompt on his tax payment, he should not have been given this post. I'm sure there are a lot more qualified candidate than this slop house.
Posted by: EPC | Mar 10, 2009 5:33:47 PM
TAX CHEAT geithner symbolizes the complete absence of integrity and ethics in the pelosi-hussein regime, and he's well on his way to also being the symbol of its gross incompetence.
So, please, please, please keep him!
Posted by: ALEX H | Mar 10, 2009 5:37:32 PM
Geithner will resign very, very shortly! This is waaayyyy over his head. With his resignation, this will ONLY give Obama another excuse as to why the economy is not doing what he expects it to do. (He blamed it on Bush and with Geithner's resignation, he will then blame Geithner.) Sorry Geithner, you can't have your cake and eat it too.
Posted by: Marlene | Mar 10, 2009 5:39:43 PM
Anybody calling for Geithner's head at this point, is just being mischevious! He is doing just fine. We don't want to rush into a plan and then, rush out! The current financial problem we are having took years in the making, and therefore, will require very thoughtful solutions! Americans should learn to be patient. Our inpatience, is what brought to to this level. Moreover, the rise and fall of the stock market should not be a parameter for measuring progress. Stocks have always been rising and falling even in the best of times.
Please allow this guy to even stay a year in the office before calling for his head!! A word is enough for the wise!
Posted by: Dew5050 | Mar 10, 2009 5:42:16 PM
Who really cares, Obama will just put another loser in his place. The President has already proven that with a good third of his Cabinet.
Posted by: R Garcia | Mar 10, 2009 5:47:15 PM
I'm still wondering why a "whiz kid" would use Turbo Tax, if he's so damn brilliant. Makes you wonder! Not so brilliant in my thinking. He's overrated, just like the rest of these political lice we call a goverment.
Posted by: Geegee Stone | Mar 10, 2009 5:56:02 PM
I do not think he should be removed. We need to give him time to execute his plans and see the results; a Trillion dollars mess can not be fixed in two months.
Posted by: Alejandro | Mar 10, 2009 6:02:03 PM
I think he will do just fine. The Obama Administration needs to take the "boldness" of their agenda on the environment, labor regulation, and healthcare down a few notches.
I believe Mr. Geithner is highly qualified and highly intelligent for the task at hand -- the problem is that the Administration as a whole needs to target the current economic crisis and stabilize the financial system first. Other items on their agenda should wait until we get through the recession -- especially labor and environmental regulations that will be detrimental to growth.
As for Mr. Geithner - he needs to communicate his ideas to the public, the markets, and to Congress better than he has thus far. I would not fault him for this; I think the entire Administration needs to get more focused and needs to put its agenda off until later.
Posted by: Joe C. | Mar 10, 2009 6:17:57 PM
Aren't we tired of experts yet? It was expert private, corporate and political persons that created this mess and are perpetuating the very same crisis. We know where the blame lies, take care of that and a lot of trust will return.
Posted by: Ted Johnson | Mar 10, 2009 6:25:32 PM
He needs time. As they all do! Some people just want to complain, so they will complain about anything. Do something useful. Give time to your community.
Posted by: fempharoh | Mar 10, 2009 6:37:37 PM
C’mon! Obama has been in office for less than two months and his cabinet for an even shorter period! No, Obama can’t walk on water-----nor can any in his administration---never professed to! This is going to take some time and in the presidents own words, “it’s going to get worse before it gets better”. You’d think that the media was running out of stories to report on to have to commit to print something as insignificant as ‘betting on Geithners future’------Give the Obama administration and us a break. As if there isn’t already enough speculation and drama to keep this nation occupied!
Posted by: Leukevent | Mar 10, 2009 6:40:45 PM
Yes, he should stay on the job.
He is one of the brightest financial minds around.
He does however need to be more articulate as well as faster on his feet.
Remember, he just stepped into the drivers seat of a Ferrari going off of a cliff and he is trying to figure out how to downshift, brake, & turn all at the same instant.
Posted by: Darryl the Contractor | Mar 10, 2009 6:46:25 PM
Come on you guys...it's pretty sad when we're even having a discussion like this. Geithner deserves patience, support, and lots of prayer, not this nonsense.
Posted by: Candy in DR | Mar 10, 2009 7:03:34 PM
You would think - considering the last several months - that people would be a little more reluctant to gamble away their money on "futures". Well, once addicted to those endorphins, always addicted to endorphins, I guess.
Posted by: Jordan | Mar 10, 2009 7:05:05 PM
Geithner deserves a decent chance as well as a full staff. Right now he needs to learn to more effectively present the administration's plans and to project confidence or to have a spokesman who can do this.
Posted by: hopesprings52 | Mar 10, 2009 7:11:26 PM
Geithner deserves a decent chance as well as a full staff. Right now he needs to learn to more effectively present the administration's plans and to project confidence or to have a spokesman who can do this.
Posted by: hopesprings52
***********************************
It's easy for these bozos ranting on this page
to replace him. Half of them are flunkies themselves,
and their opinions don't even make mean anything.
Posted by: spacerook1 | Mar 10, 2009 7:30:38 PM
Geithner is in over his head.
Hay Tim...If you can't dazzle them with brillance...baffle them with Bull S&*%
Posted by: T. Smith | Mar 10, 2009 7:35:00 PM
IF IT'S BROKE--FIX IT!!
Posted by: Denisea213 | Mar 10, 2009 7:35:02 PM
Obama's first 50 days in the office have been a tremendous success, he has probably accomplished more the first 50 days than Bush did in 8 years. One by one he is undoing all of the corrupted policies that the Bush/Cheney administration put into place. I think that Obama would be wise to keep Geithner on board. The man inherited a huge mess and deserves enough time needed to get it straightened out.
Posted by: sun of a gun | Mar 10, 2009 7:40:00 PM
What if this was you? Would you want to get fired after only 50 days on the job while you are trying to figure out one of the greatest problems in American history. Give him a break, We are always too quick to shoot the gun, then ask questions.
Posted by: Pat | Mar 10, 2009 7:42:24 PM
One of this countries biggest problems assailing the country now is the level of critisim of the Obama administration. Now we will attack the secretary of the treasury and anyone else who has an idea as to how we get this country out of the mess we are in. Where the hell were all of the critics when George Bush was driving this country into the ground. All the folks making money without transparency and regulations were happy as peas in a pod. Now this Grand Old Country is really on the ropes and all there is to listen to are the whiners, critics and Rush Limbaugh fans. We are fortunate when the call to defend freedom and democracy after Pearl Harbor didn't produce the lack of support, and effort to defeat the Nazi's. The Greatest Generation rolled up there sleeves, volunteered for the services and went off to die so that we could have the bountiful life available here in the USA. I am disgusted with all the talk and talking heads. Get off your asses and be a part of the solution and quit worrying about what I! I! I! am not getting. The general character of this country is disgusting. What a shameful bunch of cry babies show up in these posts.
Posted by: subdude8 | Mar 10, 2009 7:42:38 PM
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