Wednesday, February 18, 2009

Geithner – Obama’s Rumsfeld?

JJ Cramer is on war path to expose Geithner skeletons. That is what his latest article is all about. This is getting hairy.

By now it is public knowledge that last week’s Geithner fiasco happened because he realized quite late that his ‘bad bank’ concept did not have cloths and then he changed at the last minute. Paul Krugman has ‘un-dressed’ Geithner for that. Trouble is that is not the only incident. With more triad coming online against Geithner, every day there is a loss of credibility to the most important Cabinet Position in Obama Administration.

Unfortunately, this does not end in any other way than Daschale. But to allow that to happen at this juncture for Treasury position is ‘hara-kiri’. Obama can not afford that. Meaning we have got Obama’s Rumsfeld. What happens is Bush waiting for 6 years before that travesty stopped. How long in Obama’s case? No wonder markets are still jittery.

As some right wing commentators said earlier – Economy is going to be Obama’s Iraq: all oxygen sucking single issue in the White House.

Things simply do not look promising in Obama land. The only solace is whatever way out from the mess is, it will be quite likely tentative and with all these false starts. Issue is how much trouble will be there in the process for Americans.

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