Clock Starts Ticking on Geithner

Geithner-Obama Economics: A Joke That's Not Funny

When they start making jokes about you, it's hard to recover. And that's what is happening now to Treasury Secretary Timothy Geithner.

The fundamental problem, of course, is that Geithner hasn't come up with a financial rescue plan. There is nearly unanimous agreement among economists and policymakers that the single most important thing the Secretary of the Treasury should do now is develop a plan to deal with the "toxic assets" that threaten the survival of financial institutions. But Geithner, who has been acutely aware of this problem for months, doesn't have such a plan. If he had, the comedians wouldn't be talking about 1-800-IDEAS.

The situation has gotten so bad that Geithner is the subject of private buyer's remorse from some of the very politicians who supported him. A number of senators voted to confirm Geithner, even with tax problems they deemed disqualifying, because they believed the financial crisis required immediate action. Now, with little happening, their feeling is: We put aside some very troubling concerns for this?