Another Devastating Blow to the U.S. Economy (Geithner a danger at Treasury)

As President-elect Barack Obama assembles his team of economic advisors it has become readily apparent that he has abandoned his campaign promise of a more fair trade policy after several key positions have been filled by “free traders” with a global economic outlook.

Timothy Geithner, former President of the Federal Reserve Bank of New York, has been tapped by Obama to head up the Treasury Department. If confirmed, Geithner will be charged with shaping finance and monetary policy along with being the president’s principal economic advisor.

Geithner has a wealth of experience, working for 13 years at the Treasury Department and being at the forefront of staving off the financial crisis in his post at the Fed. Unfortunately, Geithner is also a proponent of the disastrous “free trade” agreements that have undermined American workers for years now.

At one point, Geithner served on the Council of Foreign Relations where he lead a task force on trade policy and recommended expansion of “free trade” as well as providing the president with “fast track” authority that effectively silenced Congress on matters regarding trade negotiations.

Mr. Geithner "will be a very strong voice for free trade in the administration…. He very much represents the center in the economic spectrum," said economist Kenneth Rogoff.

Geithner has been vocal in his opposition of economic nationalism, while at the same time acknowledging that the widening wage gap in the U.S. is undermining support for “free trade” policies.

"The economic price of protection, in terms of distorted incentives, reduced flexibility and broader costs on the economy as a whole, seem both more substantial and more enduring than any temporary political benefit," he said in a 2007 speech.

Geithner is also a strong proponent of the undemocratic and clandestine World Trade Organization despite the fact that it undermines American sovereignty. He seems to be more concerned with commerce than the Constitution.

“A successful conclusion of the Doha round of trade negotiations would provide some insurance against the risk that the process of economic integration will be interrupted or reversed,” he has said.

Although he was expected to have a smooth and easy confirmation hearing in the Senate, recent revelations could complicate things greatly. On Tuesday, it was discovered that Geithner failed to pay $34,000 in taxes earlier in the decade - a major embarrassment for the man charged with overseeing the Internal Revenue Service. In addition, it was also discovered that Geithner employed a housekeeper whose employment authorization expired three months before she quit. The Obama transition team has called both instances honest mistakes and pointed out that Geithner has already paid the balance and interest on his back taxes.

It appears that these incidents will not derail Geithner’s confirmation, however. Republicans and Democrats were quick to circle the wagons and defend the nominee.

“I still support him,” Senator Orrin G. Hatch (R-UT) said. “He’s a very, very competent guy.”

“I just find it to be really unfortunate,” Senator Judd Gregg (R-NH) said, “because here is an extraordinarily qualified guy who we really do want to have in leadership here in Washington.”

In all likelihood, Geithner will soon be the next Treasury Secretary and that has proponents of more fair trade and CNBC’s Jim Cramer up in arms.

"If Tim Geithner ... gets a top spot in Barack Obama's cabinet we are done, finished, kaput. It is that simple," Cramer told the BBC in November.

Please write to your senators and ask them not to confirm Obama's nomination of Timothy Geithner to be the nation's next Treasury Secretary.

Source EnterStageRight.com: The hopes that President-elect Obama might actually get the U.S. out of the worldwide depression were dashed when he chose Timothy L. Geithner as his Treasury Secretary. Geithner is an ideological free trader.

... According to Geithner and his mentor Lawrence Summers, the main challenge is to sell the American people on the benefits of letting foreign governments steal our industries. Summers, by the way, is being chosen by Obama to head his National Economic Council. Obama won Indiana, Michigan, Ohio, and Pennsylvania, largely because he advertised that he would do something about unfair trade. That was before the election.

I wouldn’t let anyone who had anything to do with the last 10 to 15 years of financial policy in America have anything to do with trying to solve our problems. Ask yourself, “How have the policies of the last 15 years worked out for us?”

Nope, I’d hire people who have managed to start and successfully run medium sized businesses all over the country. And none of them would be from companies that shut down American operations and moved to other countries.

Of course I have absolutely no idea of what I’m talking about, but damned if I think these people could do much worse than the ones who’ve actually been running it!

I have to say that the idea that increased protectionism is the proper response to our current economic conditions is about the stupidest idea I’ve heard in the last five years.

Does no one remember Smoot-Hawley?

“Obama won Indiana, Michigan, Ohio, and Pennsylvania, largely because he advertised that he would do something about unfair trade.”

That is correct. I think that was THE number one reason Obama got Ohio, followed closely by womens’ rights. Some will disagree and say fraud was the number one reason.

If the campaign commercials are archived, you can find the promises of jobs to Ohioans that Obama made. If he can’t do it, it won’t bode well for any Democrat - and Strickland’s re-election could be in jeopardy.

Isn't this the joker who wasn't competent enough to pay his taxes? I know college interns who are better suited to run this country thank people like this.

We are *so* toast!

Speaking of records. This guy has evaded paying his taxes and Obama wants to put him in charge of the Treasury Dept.? Whatever happened to the days when people like Zoe Baird, and Linda Chavez were battered from pillar to post for not paying the taxes for their domestic help.
This is just one of the peculiarities of the Obama administration that has become so very evident. I haven't even started on his case.
There are still the Richardson Pay for Play, Hillary Clinton's Pay for Play, and Eric Holder and the number of nefarious dealings in his repertoire.
If this guy is approved as head of the Treasury, we might as well kiss all our savings goodbye..

... followed closely by womens’ rights.

Womens' rights? When did that become an issue again? Wasn't womens' suffrage passed in 1920?

Womens’ rights? When did that become an issue again? Wasn’t womens’ suffrage passed in 1920?
______________

Well, yes - you are correct.

I’ve heard ‘womens’ health issues’ and ‘womens’ rights’ used interchangeably to describe birth control, abortion and women’s physical health issues. I don’t know about womens’ mental health issues. I don’t believe the younger generation even considers suffrage - rights, I think to them, means primarily abortion. I could be wrong, though. I’m basing this on discussions I’ve had with those a generation behind me and that would be for my region only.

Thanks for the clarification.

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