The New York Post's suggestion that the JPMorgan CEO replace Geithner would please absolutely no one in Washington
Most ridiculous economics-related story of the week (I know, it’s early yet, but it’s a short week): A New York Post article by Mark DeCambre suggesting JPMorgan Chase CEO Jamie Dimon as a replacement for Treasury Secretary Tim Geithner.
Yes, Geithner is under fire from legislators from both parties right now, but neither Republicans nor Democrats are likely to be looking for a figure even more deeply embedded in Wall Street than either Geithner or Larry Summers.
JPMorgan Chase has been a prime beneficiary of government bailouts, cheap credit, and the orchestrated devourment of both Bear Stearns and Washington Mutual. The liberal Democrats who are hammering the Obama administration as insufficiently progressive would have a collective seizure if Geithner stepped down, only to be replaced by the CEO of one of the world’s largest financial institutions. Nor would Republicans who have suddenly become populist banker-bashers and defenders of the working man be likely to cheer. The political “optics,” as Washington-watchers like to say, would be simply awful.
The idea is too dumb for words. OK, maybe not as dumb as Goldman CEO Lloyd Blankfein getting the nod, but still absurd.
More Related Stories
- Oklahoma senator: Tornado aid "totally different" from Sandy aid
- Aloof, shifty Obama: Nixon times ten thousand!
- Obama: Moore "needs to get everything it needs right away"
- California Tea Party group files first IRS lawsuit
- Still no polling backlash for Obama
- Oklahoma senator wants to offset tornado aid with other cuts
- Former IRS commissioner to testify on Capitol Hill
- Anyone regret slashing National Weather Service budget now?
- Limbaugh: No one willing to impeach the first black president
- Top White House aides knew about IRS probe but didn't tell Obama
- Gohmert: IRS would've "probably shot the Boston Tea Party participants"
- Oregon senator proposes appeal to Monsanto Protection Act
- Supreme Court to rule on prayer at government meetings
- Beltway scandal machine breaks, knows nothing about America
- Top GOP official: "Sometimes our party does not value" women "as much"
- Colorado Dems fight back against GOP's Voter ID measures
- Watchdogs: ABC "in danger of losing a lot of credibility" on Benghazi saga
- Father of gay high school student arrested for dating classmate speaks out
- IRS meltdown was long overdue
- Can a liberal wonk save the Senate?
- Arkansas treasurer charged with extortion
Featured Slide Shows
The week in 10 picsclose X
- 1 of 11
Lisa Montgomery embraces her nephew Thursday after a tornado tore apart her home in Cleburne, Texas. The twister killed six people and destroyed entire swaths of the North Texas town.
Credit: AP/LM Otero
Jack McMahon, the defense attorney for abortion doctor Kermit Gosnell, speaks outside the Criminal Justice Center in Philadelphia Tuesday. His client was convicted of killing three babies in his clinic, and will serve multiple life sentences.
Credit: AP/Matt Rourke
A photo taken Monday captures Vice President Joe Biden's response to a Milwaukee second-grader's innovative proposal to end America's epidemic of gun violence. This guy!
Credit: AP/Jenny Aicher
Sen. Rand Paul, R-Ky., flanked by a grouper-eyed Michele Bachmann, addresses the IRS' admission that it targeted Tea Party groups in advance of the 2012 election. In an op-ed for CNN Thursday, the Kentucky senator slammed the president for his faux outrage.
Credit: AP/Molly Riley
Ousted IRS chief Steven Miller is sworn in on Capitol Hill Friday. Miller testified before the House Ways and Means Committee on the extra scrutiny the agency gave conservative groups applying for tax-exempt status.
Credit: AP/J. Scott Applewhite
Attorney General Eric Holder pauses as he testifies on Capitol Hill before the House Judiciary Committee Wednesday. Holder is under fire, among other things, for the Justice Department's gathering of phone records at the Associated Press.
Credit: AP/Carolyn Kaster
O.J. Simpson sits during an evidentiary hearing at Clark County District Court in Las Vegas, Nev., Thursday. Simpson, who is currently serving a nine-to-33-year sentence in state prison for armed robbery and kidnapping, is using a writ of habeas corpus to seek a new trial.
Credit: AP/Las Vegas Review-Journal/Jeff Scheid
Major Tom to ground control: On Sunday astronaut Chris Hadfield recorded the first music video from space, a cover of David Bowie's "Space Oddity."
Credit: AP/NASA/Chris Hadfield
When it rains it pours. President Barack Obama speaks during a news conference Thursday with Turkish Prime Minister Recep Tayyip Erdogan, inexplicably inspiring an #umbrellagate Twitter meme.
Credit: AP/Jacquelyn Martin
A smoke plume rises high above a road block at the intersection of County A and Ross Road east of Solon Springs, Wis., Tuesday. No injuries were reported, but the the wildfire caused evacuations across northwestern Wisconsin.
Credit: AP/The Duluth News-Tribune/Clint Austin
Recent Slide Shows
- 1 of 11