Posted on 03/05/2009 12:15:06 PM PST by marshmallow
WASHINGTON (AP) — For five weeks, Treasury Secretary Timothy Geithner has battled the worst economic crisis in generations with no key deputies in place. That's made for a rocky debut for the man President Barack Obama put in charge of addressing the financial crisis.
With an awkward first television appearance, a bank rescue plan that lacked promised specifics and two restructured bailouts that raised taxpayer risk, Geithner has failed to calm financial markets desperate for answers.
Critics say part of the problem is that Geithner is flying solo: Not one of his top 17 deputies has been named, let alone confirmed. And without senior leadership, lower-level Treasury employees can't make decisions or represent the government in crucial conversations with banks and others.
As Geithner strives to address the financial crisis, advance Obama's agenda and work with foreign leaders to stave off economic disaster, he's assembled a 50-person "shadow cabinet" of would-be appointees. Those people have received hall passes and can advise Geithner, but they lack any authority.
"Everyone would think it's a travesty if the Defense Department didn't have a lot of their people in place, because you're in a crisis fighting a couple of wars," said Tony Fratto, who was a Treasury spokesman under President George W. Bush. "But Tim Geithner is fighting wars on a few fronts himself, and he doesn't have the generals there to help him."
Treasury's staff problems apparently have affected its ability to report to Congress on the massive bailouts it has been doling out.
At a Senate hearing Thursday about failed insurance giant American International Group Inc. — which has received four separate bailouts totaling more than $170 billion — Sen. Chris Dodd said he had asked Treasury for someone to appear, but that no one was available.
(Excerpt) Read more at google.com ...
Funny way of stating Geithner is in way over his head....
From The One on down... we have a government of glass-jawed, whiney crybabies.
This isn’t the first time Geithner’s had time management problems. That’s why his taxes were incomplete, don’t you know?
Battled it, hell. He has enabled and advanced it.
media excusing him for very poor performance
Being short a few people is not he problem. He is the problem.
How he got by the Senate is a mystery. Shame on them for not doing their job!
But ... but ... isn't geithner the only one who can help?
Can’t they find some way to blame his problems on George Bush?
More like ‘dumb as a doorknob’ Geithner can’t keep up
O and his staff are too busy going after Rush rather than naming help for Sec of Treasury!
Separated at birth?
He must be using Quicken to try to track the finances, like he used Turbo Tax to do his taxes.
Understaffed?? How about just plain Under as in Underqualified and so far under he has to look up to see down.
Watching this jerk in the hearings yesterday was both painful and terrifying. It is clear these people have no solution, are completely adrift and still, in the face of this disaster, are determined to pursue their Agenda.
“Funny way of stating Geithner is in way over his head....”
They are ALL in way over their heads. I have never seen an administration so inept and unable to even grasp the enormity of the problems facing the nation. When it’s all said and done, 0bama will have made Carter look great by comparison.
Methinks that the naming of the “top 17 deputies” will be left the Geithner’s successor.
I agree with the mainstream media, the problem at Treasury is bad luck. Too bad the entire American economy depends on just how destructive and incompetent Geithner turns out to be. The ongoing circus could get ugly.
AP smells blood. Their shark instinct is overriding their Messiah worship. It must be really, really bad at Treasury for them to publish this.
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