Senator Calls for Geithner's Head

Posted by Mike Tirone - Tuesday, August 9th, 2011

The further away from the new debt-deal and the downgrade of the U.S. credit, the more the heads in Washington continue to talk.

Now it is Senator Rand Paul who echoes Rep. Michelle Bachman's efforts to have U.S. Treasury Secretary Timothy Geithner resign from his cabinet post.

In a press release from Sen. Paul's website he is quoted saying,

“Secretary Geithner assured everyone that raising the debt ceiling without a plan to balance the budget would not result in a downgrade to our debt. He was clearly wrong. Our debt has been downgraded for the first time in history, and now American taxpayers will have to suffer the consequences.”

The release moves on and continue to question Geithner's resume' as Treasury Secretary saying,

"This is not the first time Secretary Geithner and his team have failed to correctly diagnose or manage an economic problem. During his tenure at the Federal Reserve and as Treasury Secretary, Secretary Geithner has had a direct role in the failure of the Fed to diagnose and act on the housing crisis. He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans."

In the interview with CNBC on Sunday, Geithner was also asked about his op-ed piece in the New York Times which he announced to the American public “welcome to the recovery.” He's response was to cut the question short and explain the wording was not his decision, but from the New York Times themselves. Sen. Paul seems unconcerned with who wrote it, he clearly points out, “our economic crisis has continued. He has contributed not only to the first-ever debt downgrade, but is on the record as clearly disputing it could ever happen.”

With this press release, it is clear that the political blame-game has yet to change, while the economy seems to be just as stagnant.

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