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Why Geithner Should Remain as Treasury Secretary


Timothy Geithner came into a war armed with a pistol and made it out in one piece.


In March of 2009 I opined that we were being tested. Not only our capital accounts but our integrity, character, and resolve. Social acrimony was no longer a word in Wikipedia; it became a constant in our coffee shops. We stood and held our ground and it has been a slingshot for stocks ever since. The news of Treasury Secretary Timothy Geithner potentially departing his post is disheartening and potentially demoralizing at home and abroad. He came into a war armed with a pistol and made it out in one piece. We have seen Larry Summers depart, we have seen Austan Goolsbee depart, and that list continues. What we need in Washington are strong leaders dedicated to the people, not their parties or personal agendas. We also need individuals who understand the magnitude of the moment.

From Sunday's interview with Geithner on Meet The Press:

This is going to take a long time still. This is a very tough economy and for a lot of people it's going to feel very hard, harder than anything they've experienced in their lifetime, for some time to come. That is because that is the tragic effects of a crisis this deep and this bad caused by a long period of lost opportunities to do things to make the country stronger.

Geithner fits this protocol. If he were to depart, I'm sure former hedge fund manager -- I mean CEO of Fannie Mae -- Jim Johnson would be on President Obama's short list. I suppose he would have first-hand knowledge of the government's guarantee. I can't say for certain our forefathers would be proud of our recent work. It's time America fought back and gained its ground as a leader by infrastructure and actions. As the August 2 debt ceiling deadline creeps closer, our global perspective has shifted to an issue of confidence. If Washington fails to act in a timely manner, who's to say that buyers may step away? Geithner was in "the room" and navigated us through unchartered waters in 2008. I have a feeling his experience with this type of adversity will be called upon again. Just look at the the debt situation around the world.

Click to enlarge
Source: The Credit Blog

Also refer to the quote below from Theodore Roosevelt's "Citizen in a Republic" speech at the Sorbonne in Paris, April 1910. What they accomplished was powerful:

It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.

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No positions in stocks mentioned.

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