Time to Go, Timmy

Recently, I watched David Gregory interview Secretary of the Treasury Tim Geithner on Meet The Press. Gregory became incredulous as Geithner explained that large financial institutions needed to take more risks. WTF??? Did we not just bail them out of a similar situation?? I know that my memory is not what it once was, but it seems that we really did take innumerable billions out of the taxpayers’ – past, present and future- collective pockets in order to remedy the fallout from such behavior.

Barney Frank had introduced some legislation that would seemingly ameliorate the situation, but apparently it has more holes than a colander and would not affect the most egregious of the offenders one iota, as it would permit any number of secret deals that would seemingly not be in favor of the general population. Dylan Ratigan posted a rant on Huffington Post that he continued on “Morning Meeting,” in which he stated unequivocally that Turbo Tax Tim must go. What really got his attention was Geithner’s assertion that if unlimited pay and bonuses are curtailed, the taxpayer will never get their money back. Hmmm, let’s see……unlimited money and secret deals is giving me an uncomfortable sense of déjà vu.

Even Alan Greenspan recently admitted that TBTF concerns should be broken into smaller groups, and that the economy could not tolerate another similar upheaval. Thanks, Big Al, even if you are a number of days and an incredible number of billions of dollars short in this particular calculation.

Ratigan further asserts that the administration is at a point where they no longer deserve the benefit of the doubt, and I agree. The time has come to cut our losses, and stop throwing good trillions after bad. Geithner is in this up to his neck, and his ultra-fragile credibility is a thing of the past. If the average person has any hope whatsoever of seeing a light at the end of the tunnel, it’s time for Tim to go. If he continues with his plan, the only light any average American will see is that of an oncoming train.

This is an open thread.