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GOP Calls For Geithner’s Ouster Following Glum Economic Report

August 27, 2010 by  

GOP calls for Geithner's ouster following glum economic reportA new report from the National Association of Realtors has found that home sales fell by more than 27 percent in July and were more than 25 percent lower than at the same time last year. Experts say the expiration of the home buyer tax credit as well as the weak economic recovery that has produced far fewer jobs than expected have brought about this result.

The news sent the stock market down, with the Dow Jones industrial average and the Standard and Poor’s 500-stock index ending the Tuesday session with a loss for a fourth straight day, according to The Wall Street Journal.

In response to these results, House Minority Leader John Boehner has called on President Obama to fire Treasury Secretary Tim Geithner.

"We have been told that the president’s economic team is ‘exhausted’ — already, his budget director and his chief economist have moved on or are about to," Boehner said.

He added that "President Obama should ask for — and accept — the resignations of the remaining members of his economic team, starting with Secretary Geithner and Larry Summers, the head of the National Economic Council."

In response to the recent GOP criticism, Democratic National Committee released a Web video which warns Americans that the Republican leadership — which has called for extending the Bush-era tax cuts for the rich — will "take us back to the economic policies that nearly sank our economy," quoted by CNN.ADNFCR-1961-ID-19930963-ADNFCR

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  • Claire

    Geithner??? If I were the President of the United States I would never have picked this guy to be in my administration. Same with Holder. And a few others. Talk about a con artist, Geithner does not have the brains of a piss ant, bluntly speaking. I have watched him on TV and he cannot give any viable explanation for the so-called strategy he has used concerning the economy. He speaks in circles. Nope, not my choice.

    • Al Sieber

      Claire, these people are practiced at the “art of deception” Ben Bernake, Alan Greenspan etc. they are well trained at not giving straight answers, and most don’t pay income tax.

    • dan az

      Claire geithner couldnt balance his own check book when he failed to fiqure out how to work turbo tax I knew that he had to be the best allah could offer.I look in awe at the masters at work!

    • Momo

      Claire, good ole Tim couldn’t count his testicles twice and come up with the same number.

      • Marilyn

        There upon arrives Holder…all the cronies who backed Obama during his campaign. It doesn’t matter if they are intelligent enough to tie their shoes, they contributed and Obama owes them a favor. Obama had to reach deep into the pot to get these people. The bright ones on top were too brilliant for Obama’s agenda and may have tried to change Obama’s mind about his plans.

        Of course Housing is going down the tube. People are losing jobs, foreclosures, Short Buys…all makes the banking industry wealthy.FDIC sells those mortgages.
        First Bank buys the mortgages, turns around and makes a whopping profit when short buys are processed. Guess who is part of First Bank? Georgie Boy Soros. What tangled web is weaved when practiced to decieve. And, we accept all of the crap handed out by Obama…playing right into his hands-his agenda. The ruination of America.

        It’a about November so Democrats are trying to shake the Obama fever and change their minds about a few of their off the wall ideas. But, it’s too little too late. The damage is done and the majority democrat congress needs to be replaced. Some of the Republicans, as well, but Americans cannot continue with a lop-sided Congress, all learning to the left. It may be too late with all the economic reports coming in but Americans can try for “change” also. If Congress is “changed-out,” Obama may simply retire along with Pelosi, Reid and the other cronies. They will have a helluva time getting their Socialism/Marxism through a better, well balanced Congress…some people who can tie their shoes or at least shine them.

      • http://?? Joe H.

        Just as long as it doesn’t take him four tries!!!!

    • http://www.youtube.com/watch?v=YZDZzbUxrnM John Frum

      Geithner needs your help!!
      http://www.youtube.com/watch?v=YZDZzbUxrnM

  • s c

    Assuming that the GOP really gives a damn, those old farts might as well ‘go for the gold,’ and demand that the entire administration resign. Never before in American hstory has an ENTIRE administration been committed to destroying this nation.
    Mr. Obama’s shills, lemmings and back-stabbing low-lifes are running out of hiding places. Even the Brits know what kind of government America really has with Mr. Obama steering this Titanic.
    Who would have guessed that Mr. Obama’s many insane plans wouldn’t work? Oh, about 100 hundred million Americans had that idea a year and a half ago. I sure would like to know what Mr. Obama’s programmers told him what kind of ‘honors’ he would merit because of his special “genius.”
    Computer programmers know that “garbage in, garbage out” has but one outcome. I guess no one ever told
    Mr. Obama that fact of life. Can his planet-sized ego can stand the strain when his stuff hits the fan? Crank up the power, and let the fan do its thing, America.

    • kenny

      excellent and 100% correct, the proof is in the puddin and they are running out of places to hide, each day it’s like turning on the light and seeing all the cockroaches running for cover, and they try even harder to blame Bush or anyone else as far as that goes.

  • THINK ABOUT

    Since the economic did so very well from 2001-2009, we should follow their lead, cut taxes, increase spending and increase the debt. Now that would be intelligent, huh. What genius made and followed that plan.

    • kenny

      imagine that, with the facts looking one right in the face, someone will always want to blame Bush. Wonder who was in control of congress? O never mind, that really don’t matter, it’s all Bush’s fault…….gag, puke, Come on November so we can flush the toilet known as Washington DC, it really stinks with all the turds floating around.

      • Louiza

        Right on!!! I totally agree with your opinion of the male bovine extrement predominatly in the Washington DC area. What I don’t understand is that if so many people know about Obamanure then why can’t we get him out of office. We need to impeach him before all us ladies are dressed in black burkas.

      • THINK ABOUT

        Yes the facts are looking you in the face, you want to know who was in charge in Congress, guess you are looking at the Republicians, I never said it was blame Bush, I just pointed out the plan to cut taxes and spend more did not work during those years to provide all the jobs which did not happen then either. Did any of the administration start resigning about that failure, no. Facts are facts, cutting taxes did not increase employment.

  • Sarge 907

    Expert, expert, all we ever read is that some “expert says”. In my humble opinion an expert is a nerd with a college education and who’s ego decrees him/herself to be an “expert” in reading tea leafs or cystral ball gazing.

    Probably due to our colleges or universities not teaching common sense anymore.

  • Norm

    The brilliant John Boner, man tan and all, has once again trashed the administrations policies. That would be great if just once he would actually present an intelligent, viable alternative.
    It’s easy to criticize and drag your feet, but it’s difficult to put together a destroyed economy.

    • Momo

      Especially when Obama is the one destroying it.

      • Norm

        Momo
        Yeah Obama’s a baad boy!

        One of the very difficult parts of the decision I made on the financial crisis was to use hardworking people’s money to help prevent there to be a crisis.” –George W. Bush, Washington, D.C., Jan. 12, 2009

        I’ve abandoned free market principles to save the free market system.” –George W. Bush, Washington, D.C., Dec. 16, 2008

        I’ll be long gone before some smart person ever figures out what happened inside this Oval Office.” –George W. Bush, Washington, D.C., May 12, July 18, 2008

        • Momo

          Yeah Bush screwed up, but your boy Obama is accelerating that trend with no end in sight.

        • http://?? Joe H.

          Hey namby norm,
          most of the people here have said more than once that Bush is/was a progressive RINO!!!! I know “waaa bush bad, waaa Bush mean, but waaa BUSH GONE, DUMBAZZ!!!

          • Norm

            Joe H
            Unfortunatly his damage will last for many years.

          • coal miner

            JoeH,

            Careful,Norm might sue you.He is just a two bit phoney liberal.What are you born again Christians going to do when you found out that a top republican conservative is gay?Ha HA HA

          • coal miner

            JoeH,
            The best form of rule,is no rule.
            anarchy:
            c : a utopian society of individuals who enjoy complete freedom without government.

  • http://www.purple50.org Gregory Zorn

    Summers, Geithner, with their pals Rubin and Greenspan laid the groundwork for the collaps. Surley America has better men than these.

    Gregory Zorn
    gzorn@purple50.org

  • Momo

    Here’s my plan to get this economy going again:
    Number 1 keep the tax cuts
    Number 2 get out of Iraq and Afghanistan.
    Number 3 we have over 800 military bases around the world, do we really need that many? I think not, cut them by 50 percent.
    Number 4 repeal the health care bill, replace it by expanding medicaid, medicare.
    Number 5 take the caps off the social security tax, i.e. if you make a million dollars you pay social security tax on one million dollars.
    Number 6 Cut spending, and I mean spending not its rate of growth.
    Number 7 Give business certainty, business isn’t hiring because they don’t know how the next mandate coming out of D.C. will effect them.

    There’s more, but you get the idea. The sad fact is we as a nation are tapped out and can’t afford a government this big.

  • http://gmail i41

    Norm, that what democrats always do, is f–k up everything they touch and meddle in. John did give a specific way to cure the problem send your sorry a$$ed friends packing. I see you brought up skin color, a favorite stunt of socialist democraps. In 2006 when fuwl prices were high. and the Stansbury report was released in April about the 2 trillion barrels of oil in the Rocky Mts., who sat with the facts jammed up their rears. The socialist democraps, who beleives in the UN having control over the USA, the socialist democrats. who cheats on taxes more and manages the tax codes for everyone else, the curly porcine squealing democrats. Norm let go of you blow up Blarney Franks Frtanks doll and your Gagin Kagin suck up doll and read something besides Alice and Herry books. Check out what happened in the 30′s.

  • eddie47d

    Bernake,Greenspan,Summers,Geithner have all been around for a very long time. They have served under Republicans and Democrats yet our politicians keep appointing these same folks over and over again.I never approved of Geithner because of his tax cheating and that should have eliminated him from the get go. I have little respect for John Boehner and his arrogance either. All these folks are stubborn and rigid and don’t know right from wrong and aren’t willing to change.

  • jopa

    sc; Yes there was an administration devoted to destroying this nation do you remember Dick Chaney and Tator Bush.Also John Boners plan would add another 3.7 trillion dollars to our debt over 10 years.We are just so lucky to have great leadership today cleaning up this mess.

    • s c

      O, self-deluded one, I can only hope that you and your fuhrer will be happy together as you march in lockstep and try to enslave us with an American Reich. In the event that you’re even more clueless about world history than you seem, America helped bring about the downfall of the first Hitler. Do you really think America will bend over and smile while we’re expected to endure another one?
      Get help now. That slow leak in your head needs immediate attention, and Obama’s healthcare scam won’t waste time or money trying to ‘fix’ it.

      • dan az

        sc
        I have just the thing for that leak.forty cal.

        • http://?? Joe H.

          dan az,
          Slug n plug!!! I LIKE IT!!!!

  • J.M.R.

    geithner not going anywhere as he’s doing just what the muslim thug wants him to do.

  • http://PersonalLibertyDigest Virginia

    Are you insane? What are you going to do in five years, or so, when you are led by the nose to eat, sleep and maybe they’ll allow you to go to the bathroon. You should talk to people about what it’s like to be in captivity by your government! If Soros and his puppet Obummer are allowed to continue on this distructive path, Americans will find out the hard way. Why do you think so many people come to America, they like our FREEDOM!! PEOPLE GET YOUR HEAD OUT OF THE SAND. We need to impeach!! And you radical democrats are going to be the biggest losers – do you really think your Pres Obummer cares about you? All he cares about is your vote! When you’re no longer useful to him he’ll throw you all to the wolves. HE ONLY CARES ABOUT BEING A DICTATOR – you’re his sheep! BUSH IS NO LONGER PRESIDENT – GET OVER IT!

  • garon

    Typical Democrats still have to blame it all on Bush since they can’t admit they just ripped off the american puplic for unimagined amounts of money in the name of stimulous rather than what it was, which was just give all that money to their buddies that got obummer elected.
    Two years and the economy has not gotten better but actually is about to take even a greater nose dive than seen in 09. You that still are supporting and following obummer will wonder who turned off the lights.

  • Norm

    A history lessen for you amnesia sufferers:

    On taking office in January, 1981, Ronald Reagan, like Obama, inherited an economy in a downward spiral, not quite as bad as today’s but close enough. The Gipper slashed corporate and individual tax rates to boost the economy and, in his sunny style, predicted not only a recovery, but a balanced budget.
    Didn’t happen, at least not as fast as he forecast. Didn’t come close. By November, 1982, unemployment reached slightly more than 10 percent — higher than today’s — with 9 million-plus out of work, the most since the Great Depression. Business failures reached 17,000 that year, the second highest since the 1930s.
    The public, which had given Reagan a landslide presidential victory, lost patience, as it almost always does. In that year’s midterm elections, Republicans lost 27 seats to the Democrats. And by January, Reagan’s approval rating had plummeted to 35 percent.
    As a re-election candidate, the smart money said, the Gipper was a dead-man walking.
    We all know that didn’t happened. The economy, as it usually does, recovered, as it probably will for Obama. But it took almost two years for the Reagan recovery to arrive — as it likely will with Obama. Reagan, the object of national rejection in early1983 won a massive re-election victory in 1984.

    • Momo

      Yeah Norm too bad Obama is doing the exact opposite of what Reagan did, so don’t bet the farm on a recovery.

      • Norm

        Momo
        I have doubts that anything government does has a very large impact on the economy. Saving the banks and car companys(Bush and Obama), unfortunatly, had to be done to prevent a complete meltdown.

        • DaveH

          Government has everything to do with the economy. As an investor, the first thing I learned is what effects Government meddling had on economies. If you don’t understand that, you’d best pick a good mutual fund to do your investing for you.

          • Norm

            DaveH
            I’ve done quite well on the markets, with stocks, mutual funds, and etfs – so far. Almost everything has an effect on the markets. Earnings and profitability (and the anticipation thereof) are the only reality, however.

        • http://?? Joe H.

          namby norm,
          then why did FORD recover????

          • Norm

            Joe H
            Ford should be praised highly for not accepting bailout money.
            If GM and Chrysler went under, hundreds of thousands of jobs would have been lost at the auto companies, distributors, suppliers, etc.. GM is now showing signs of life and is beginning to pay back some of the loans. The banks and Insurance companies are doing so as well.
            Payments are with interest by the way.

          • Claire

            I rather like the new Camaro or the Chevy Impala. After I get the Championships on my two male dogs I will no longer be traveling to dog shows so I am thinking of trading in my big van. Won’t get much for it-high mileage–the inside is pretty decent but and it is 15 years old. This van is like the Energizer Bunny, takes a licking and keeps on ticking. I have been a Chevy person my entire life. I imagine I will get another Chevy when the time comes to trade.

          • Claire

            JoeH–Ford is to be commended. They did it on their own. This tells me they did things correctly.

          • http://?? Joe H.

            Claire,
            It also tells me that GM and Chrysler didn’t need it as bad as Nobama said!!!!

  • chuck

    What is the average time between home resales? Five years? Has the 7% sales commission and broker fee been the primary driver of the inflationary spiral in home values? If not, what is at the center?

    • Norm

      chuck
      People without jobs or who have an unsure job don’t buy homes.
      Also the middle class is shrinking and minimum wage incomes don’t buy homes. Depending on home appreciation to finance your home was a game that couldn’t last forever.

      • Doug

        Norm do you have a job Norm? So it must have been some great kool aid that people think Reagan was a good president and got many things done in his two terms! Norm do you really want a guy who perfers taking it in the ass then giving it as your president? When the crap hits the fan Norm you will be one of the first to go because 99.9% of liberals couldn’t find there way out of a paper bag without getting a paper cut and calling it quits.

      • dan az

        norm
        the banks where forced to give loans to the under employed because of oboma and the race card dont ya remember?He worked for acorn at the time but like him you point fingers at everyone else go figure!

        • Norm

          dan az
          Obama forced banks to make loans?? Amazing what imagination can do.

          • DaveH

            Norm,
            If you really want to know the causes of the housing bubble read the book by Thomas Sowell (a black man, imagine that) “The Housing Boom and Bust”.
            You can get a general idea from this article:
            http://reason.org/news/show/the-housing-boom-and-bust

        • s c

          Dan, at some point people have to see that trying to educate or re-educate a progressive is like trying to turn ground beef into prime rib. Nermal and his friends get on this website to divide and conquer.
          They think inside the box and they also LIVE inside the box. Sadly, that’s only one of their many problems. Once in a while, they need some serious comeuppance, but our efforts amount to bopping a mule between its ears with a baseball bat. If a self-made jackass can’t or won’t make room for common sense, then we’re wasting our time trying to do the impossible.

          • Norm

            s c
            You need to educate yourself before you worry about anyone else. Your backwoodsy folk style is cute, but totally without substance.

          • http://?? Joe H.

            sc,
            The best example of that would be namby norm!!!

    • DaveH

      Chuck,
      As Milton Friedman said “Inflation is always and everywhere a monetary phenomenon”.
      There was more to the housing boom though. If home prices had accelerated solely due to expansionary monetary policy, they would not have dropped significantly in price.
      It was a housing frenzy fueled partly by excessive money creation, but mostly by Government interference in the Mortgage Markets. In an attempt to increase home ownership, politicians pushed banks to ease their rules and lend to marginal borrowers. This increased the supply of buyers and thus drove prices higher which fueled speculation by other people who took advantage of the less stringent mortgage rules to buy even more homes in an effort to flip the property later at a profit. Thus a real estate house of cards was built and of course collapsed later as the unqualified borrowers started defaulting on their loans which fueled the beginning of the collapse.

  • Dee

    You can’t trust anyone in the government anymore. They are only out for themselves. Vote the libertals out come November.

    • dan az

      Dee
      more like linch all of them!

    • http://?? Joe H.

      Dee,
      Yeah, but don’t reelect any RINOS either!!!! Some of those are just as bad as the libbies!!!

  • THINK ABOUT

    Just what “plan” does libertals have, if they have one it still has to be revealed. Don’t put out the garbage of less government, too many libertals gains too much from the government.

  • viktor leben

    The Federal government keeps growing ! That’s the problem with our economy. We got to stop it’s growth and put it on a diet. For instance, cut federal workers pay, that includes congress and the Senate. Cut the Pesident’s pay, how about a 50% cut across the board for all federal workers pay, from the President down to the janitors who clean the buildings. Give them a thousand dollar deductible medical policy then 90% coverage after the deductible is met (with optional FSA) … kind of like the policies you get at a retail store that cost like 35$/week …

    Cut all corporate welfare ……..

    Get rid of the Dept of Education …..

    Put a 3% tax cap on income tax …..

    The only federal workers who get a pay raise are those in the military. Double the soldiers, sailors, and airmens pay !!!

  • http://gmail i41

    Norm, Whorehound Clinton started the idea, every minoriaty should get a house, this is when Rump Ranger Franks and Dipstick Dodd were saying everything was going great with the guarteed loans. The same time the community agitator, our muslim markist moron was raising hell with banks, with his welfare and drug selling minorities chanting and roiting. well I guess Onumnutts was a business person, selling buying and using pharmiicuticals, when he wasn’t getting rear ended at his mud hut.

  • Norm

    The yellow rosw of Texas:

    Eight years after arriving in Washington vowing to spread the dream of home ownership, Bush is leaving office, as he himself said recently, “faced with the prospect of a global meltdown” with roots in the housing sector he so ardently championed.

    There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.

    But the story of how the United States got here is partly one of Bush’s own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.

    From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

    Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them – an old school buddy – pronounced the companies sound even as they headed toward insolvency.

    As early as 2006, top advisers to Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Bush and his team misdiagnosed the reasons and scope of the downturn. As recently as February, for example, Bush was still calling it a “rough patch.”

    The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis.

    “There is no question we did not recognize the severity of the problems,” said Al Hubbard, Bush’s former chief economic adviser, who left the White House in December 2007. “Had we, we would have attacked them.”

    Looking back, Keith Hennessey, Bush’s current chief economic adviser, said he and his colleagues had done the best they could “with the information we had at the time.” But Hennessey did say he regretted that the administration had not paid more heed to the dangers of easy lending practices.

    And both Paulson and his predecessor, John Snow, say the housing push went too far.

    “The Bush administration took a lot of pride that home ownership had reached historic highs,” Snow said during an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

    • DaveH

      Actually,
      Government meddling in the mortgage market to encourage loans to risky borrowers started under Clinton:
      http://blog.mises.org/10239/the-housing-boom-and-bust/

      • DaveH

        Bush was indeed complicit. And now Obama is continuing the policies of aiding unqualified borrowers which caused the frenzy and the resulting bust. Some people never learn.

        • http://?? Joe H.

          DaveH,
          What namby norm doesn’t seem to fathom is that very few here are arguing that Bush was a progressive RINO!!!! He was no more a republican than namby norm!!! Well maybe a smidgen, but not much!!!

          • Norm

            Joe H.
            Actually, I voted for Bush in 2000.
            It’s when I saw his stupidity, on the war, and his inability to tell the truth that I began to doubt him. Then, cutting taxes while fighting a war, adding drugs to SS, and increasing other government spending convinced me that he was totally incompetent. Luckily the economy, although heading for a cliff, was strong for a few years.

  • http://gmail i41

    Normie, again you showed your anal brain snyapnas. Bush left office almost 2 years ago, he also told Congress theyhad better get a choke hold on freddie and fannie. But your lisping lying rump ranger buddy said it was doing great.But the damn socialist democrats would not rein in the crooked crimminals that were giving the National Socialist Democrat Union Party millions of campaign funds. You havegot to quit drinking the inlet gray water to the sewage treatment plant, the out let water will, hopefully help with your lack of understanding reality.

    • Norm

      i41
      You’re ranting again.

  • Bo-Zoe

    Hey Dan Az,

    I think you have the answer. Just take the lot and hang-’em high. Repudiate all the idiot Bills signed into law and return to the Constitution and the 10 Commandments. Any Government that passes legislation that they have not even read has no business running the country. It is sad but I do not think we will ever be free of this problem until we are ready to physically get rid of them. Send them to Cuba or Iraq but never to cast a shadow on our soil again.

    • Norm

      Bo-Zoe
      I don’t remember “hang-’em high” or the bible being part of the US constitution.

    • http://?? Joe H.

      Bo-Zoe,
      don’t you know you insult the devil when you mention the Bible????

      • Norm

        Joe H.
        If you want a religious leader, I suggest you move to the Vatican or maybe Iran.

        • http://naver samurai

          Go for it abnorm. I’ll even buy you the ticket and give you a nice cumphy pillow for the one way trip there.

  • THINK ABOUT

    Only muslin thug I know of close to the administration is the bin Laden family, the Bushes was very close to those, money was supplied by the bin Laden family so then W could hold hands with them.

    • http://?? Joe H.

      THINK ABOUT,
      you need to put your thinking cap back on cuz you aren’t thinkin straight!!!

  • http://jjkcstar@att.net Jan

    Good news! I hope they are all ousted and fired and tarred and run clear out of the country including the top dog and it isn’t Obamanos.

  • TAKE BACK AMERICA

    I have heard nor seen anything from the GOP that leads me to believe they could do a better job. I’m hoping to buy a new Chevy this year only made possible by this administration. If a lot of you had your way the only auto manufacturers in the US would be foreign owned.

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