Thursday, March 19, 2009

Whose resignation is imminent, Bernanke or Geithner's?

The Washington Post just reported this: "Federal Reserve officials knew for months about bonuses at American International Group but failed to tell the Obama administration..."

"I was stunned when I learned how bad this was on Tuesday [March 10]," Geithner [Secretary of Treasury] said. "I shouldn't have been in that position, but it's my responsibility and I accept that."

Meantime, President Obama denied anyone at the White House flanked by Geithner and Summers was responsible and he praised Geithner for being the hardest working "guy" he knew. "Ultimately, it is my responsibility" said the President.

This is a B movie we have seen too many times. It often ends in predictable fashion: Geithner or Bernanke would tender his resignation and the president would "regretfully" accept.

The Obama economics teams is unravelling and it is painful to watch as more bad economic news is surely to follow. Yet the US does not seem to have a first rate team to cope with it.

The latest Rouhini comment in Forbes magazine is sobering. Read it at:

http://www.forbes.com/2009/03/18/american-economy-housing-bubble-madoff-opinions-columnists-ponzi.html?partner=daily_newsletter

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