Obstruction 101: GOP leader rejects White House terms for deficit commission

By GottaLaff

This Party of No thing got old about a year ago. Keep it up, Rushpubstructionists, because the White House is finally hitting back.

Check out the latest brick wall courtesy of The Boehner:

House Minority Leader John Boehner on Friday rebuffed a request from the Obama administration to work with Democrats to rein in soaring budget deficits, aides said. Instead, the Ohio Republican argued, the White House's plans for a bipartisan commission to address the deficits should be scrapped and redesigned.

Boehner told Treasury Secretary Timothy F. Geithner in a telephone call that Republicans would refuse to participate on the 18-member commission unless it were comprised equally of Republicans and Democrats, and unless all GOP members were appointed by their caucus leaders, according to a top Boehner aide.

As Rachel and Keith remind us daily, these tin-eared, negative, filibuster-happy, naysaying Party of Wall Streeters are siding with the banks and Big Biz against "ordinary" Americans. And they're admittedly blocking everything. That's their strategy.

Good luck with that.

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House Dem: 'Growing' liberal consensus to dump Geithner

By GottaLaff

Rep. Peter DeFazio (D-Ore.) says that a whole lotta libs are not thrilled with Tim:

A Congressional Progressive Caucus (CPC) member said there's "growing consensus" among liberals that Treasury Secretary Timothy Geithner should step down. [...]

DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.

"We need a new economic team," said DeFazio.

Ouch. President Obama has been nothing but supportive of his team... so far.

If they lay a hand on my geek-crush Peter Orszag, they better watch out. I'll get really, really cranky.

Report: Federal Reserve informed Treasury staffers of AIG bonuses earlier than Geithner claimed

By GottaLaff

I'm copying and pasting the entire post from Think Progress, with many thanks to them for such good reporting...

Secretary Krugman has such a nice ring to it:

Earlier this week, Treasury Secretary Timothy Geithner told congressional leaders that he did not learn of AIG’s plans to award $160 billion in retention bonuses to employees in its “troubled” financial products division until March 10. But as Time magazine reports today, the New York Federal Reserve “informed Treasury staff that the payments were imminent on February 28,” at least 10 days “before Treasury staffers say they first learned ‘full details’ of the bonus plan, and three days before the Administration launched a new $30 billion infusion of cash for AIG.” Time explains that “the fault [for the delay] appears to lie with career staffers at the department who failed to report the imminent bonus deadline up the chain to Geithner.”

What creates a bigger black eye: Firing Geithner or keeping him on?

Why Geithner went "thud"

By GottaLaff

Did you know this? I didn't know this:

The Washington Post reports Treasury Secretary Tim Geithner abandoned his original bank rescue plan just days before it's unveiling after determining it was too expensive and too risky. A new plan was quickly adopted, but unfortunately his team "didn't have enough time to work out many details or consult with others before the plan was supposed to be unveiled."

"The sharp course change was one of the key reasons why Geithner's plan -- his first major policy initiative as Treasury secretary -- landed with such a thud last Tuesday. Lawmakers, investors and analysts expressed dismay over the lack of specifics. Markets tanked, and fresh doubts arose about the hand now steering the country's financial policy."

Would it have been any more embarrassing or politically damaging to have waited, then?

Congress strengthens exec pay limits

By GottaLaff

Thank you, Chris Dodd:

President Barack Obama's economic team tried to keep Democratic allies negotiating the stimulus bill from limiting paychecks for bank executives at banks in need of a bailout. Treasury Secretary Timothy Geithner and economic aide Lawrence Summers failed.

Sen. Christopher Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, inserted strict rules into the $787 billion economic stimulus package over the White House's objections. Dodd's limits on bankers' bonuses are significantly more aggressive those sought by Obama or Geithner in recent days, with much fanfare.

Dodd, D-Conn., said the restrictions - an executive making $1 million a year in salary could receive only $500,000 in bonus money, for example - are necessary if Obama plans asks Congress for more money to save the financial sector.

"It will never happen as long as the public perceives that there are people getting rich," Dodd said in an interview. "Save their pay or save capitalism."

That tone among Democrats flavored much of the discussion about how to write the stimulus bill, which the president could sign as early as Monday. Despite direct appeals from Geithner, Summers and White House officials, Democrats didn't budge, according to administration officials.

VIDEO: Treasury Secretary Geithner speaks, Thom Hartmann reacts

By GottaLaff

"This is putting a band-aid on a cancer."
--Thom Hartmann just now, re: Treasury Secretary Geithner's plan

UPDATE: As I drove to work, Thom Hartmann went on to say that this was a decent start that could end in one of two ways:

The Republicans would employ their usual tactics, engage in propaganda intended to destroy any possibility of this working, and win in 2010 which would be a complete disaster for the country. And that's all they care about, America be damned.

Or... After a minimum of a year to a year and a half, we'd see signs of recovery. Things will get worse before then. At that time, maybe we'll see unemployment numbers finally break even.

He said this will be a p.r. battle more than anything. I'm afraid he has a point.