Published by WallStreetWeather.net
There has become an increasing clamor that has reached a fervent pitch this week as a handful of Republicans and Democrats are calling for Treasury Secretary Timothy Geithner to resign.
Yesterday Rep. Peter DeFazio (D-OR) called on Geithner to resign. Testifying today before a Joint Economic Committee hearing on financial regulatory reform, Geithner was verbally assaulted by Rep. Kevin Brady (R-TX), who accused Geithner of being responsible for every economic woe plaguing America today. Geithner stood his ground while trying to keep his temper under control, pointing out that the Obama Administration for the most part is dealing with the fallout from the excess spending and economic policies of the last eight years.
I did not think Timothy Geithner was qualified to be Treasury Secretary, nor did I think National Economic Council Director Lawrence Summers deserved to have a key role in the Obama Administration either since both contributed to the laissez faire policies that precipitated the financial crisis. As I’ve written so many times, you can’t solve the problem with the same policies and people who contributed the problem! Besides, it did not resonate with President Obama’s campaign of “change we can believe in.” However, to have members of Congress speak in such a disrespectful manner to a Treasury Secretary shows that there is a deeper problem that goes beyond the nation’s economic ailments. And from a geopolitical perspective, it shows that certain members of Congress are putting their own political interests before the nation’s best interests as they have failed to consider the impact their melodramatic displays of immaturity have on our economic relations with other countries.
The Treasury Secretary was correct in responding to Rep. Brady that his perception was not “fair and accurate.” To blame Geithner for every economic ill is ludicrous and the politicians attacking him know it. No one person – Republican or Democrat – could turn the economy around after such a deep financial crisis that had been building for years, in a short amount of time.
What we have today is politicians taking a cue from “reality TV,” trying to be ever more outrageous. And the media is only too happy to oblige. Not only is there no sense of bipartisanship in Congress, but certain Democrats have no compunction trying to take down their own party and President. The planetary influences of Saturn in Virgo opposing Uranus, Jupiter conjoining Neptune in Aquarius, and now Saturn squaring Pluto this year have resulted in politicians and faux grassroots organizations such as FreedomWorks,* who prize destruction over creation. Their purpose is to maintain and profit from a corrupt status quo, using extreme ideological beliefs and tactics to try to create an atmosphere of overblown hysteria.
Monday’s Scorpio New Moon squaring Jupiter and Neptune formed stressful alignments to Geithner’s Sun and Uranus in fiery Leo, attacking his performance as Treasury Secretary out of proportion. Jupiter and Neptune will continue to affect Geithner’s Sun/Uranus through early 2010, raising opposition over ethical (Jupiter) concerns that Geithner since his days as president of the New York Federal Reserve, has been too close to Wall St. Neptune opposing his Sun reflects that Geithner has failed to present a clear and accurate accounting of why AIG’s counterparties were paid in full and how the Bush and Obama Administrations determined which companies lived and which ones died. The influence of Saturn squaring Pluto during the Pluto-ruled Scorpio New Moon is to dig deep below the surface to uncover the secrets that the government and other powerful and influential people are attempting to keep from us in order to advance their own agenda.
Rep. Brady aptly described Saturn conjoining Geithner’s Mars in Libra when he told Geithner at the hearing that “you have to be responsible for your decisions.” But if Geithner is forced to resign, then Rep. Brady, DeFazio and the other members of Congress who agree with them should be demanding that Ben Bernanke resign too. As the head of the Federal Reserve, Bernanke was Geithner’s boss. As a member of the Fed Board of Governors, Bernanke encouraged Fed Chairman Alan Greenspan to keep rates too low for too long, creating the housing bubble. A Republican, Bernanke was also Chairman of President Bush’s Council of Economic Advisors prior to President Bush appointing him Fed Chairman. And now Bernanke’s policy of zero interest rates and excess liquidity has spawned yet another bubble that will burst, creating yet another financial crisis.
If these politicians are truly concerned about the state of our economy, they will ensure the Senate votes against reappointing Ben Bernanke Fed Chairman.
*Steve Forbes is a director and so is Richard J. Stephenson, the head of Cancer Treatment Centers of America. Former U.S. House Majority Leader and corporate lobbyist Dick Armey is Chairman of FreedomWorks.