Last week, undercover, [we] the government bought the servicing rights to 400,000 Bank of America bad loans – quoted as the worst loans and this is just a pittance of what Countrywide and Bank of America wrote during the subprime catastrophe that collapsed the American economy. Apparently, with very little forethought [we] the government agreed to “buy” these servicing rights that will on average cost an additional $10k – $50,000 to service, maintain and/or foreclose. Who was behind this imbalanced deal? Timothy Geithner.

Even if [we] the government decide to foreclose on each of these homeowners [we] the government will still be responsible for property taxes, maintenance, insurance, and HOA dues driving the bailout 10-50 times higher.  At a minimum our $500 million will cost us $4 BILLION.  This is not a good deal and all this transaction did was likely unload bankster fraudulent loans on to the backs of the taxpayers.

This has got to stop.

To top it off President Obama persuaded Timothy Geithner to stay.  Another bad move because as astute economists have noted – Geithner is behind these bad deals and tainted advice. Geither, of course, is from Wall Street.

Geithner Must Go!

The Hill reported that Sen. Jim DeMint (R-S.C.) responded to the nation’s downgrade at the hands of Standard & Poor’s by calling for the resignation of Treasury Secretary Timothy Geithner.  “The President should demand that Secretary Geithner resign and immediately replace him with someone who will help Washington focus on balancing our budget and allowing the private sector to create jobs,” he said in a statement. “For months he opposed all efforts to reduce the debt in return for a debt ceiling increase. His opposition to serious spending and debt reforms has been reckless and now the American people will pay the price.”

President Obama dug his heels in on the wrong perceived pressure tactic because the Tea Party was echoing the same call to action.  But this is a non-partisan cry – something that the Democrat base also want – as well as millions of Independent (on the fence) Americans. Geither Must Go! 

Blog publications like The Hill, Huffington Post, NPR, Newsmax.com have called for the President to remove Geithner since 2009. The relationship with the American people has ended for this man – its over. The Huffington Post reported:  “Tim Geithner’s defense of his actions continues to be, in effect, “We had to do it or the world would have ended.” This isn’t good enough. It is also, at the very least, debatable.”

This is likely translated: “the world would have ended for my wealthy Wall Street fat cats friends who own me and are running the world. Without them who will fund the 2012 political campaigns?!”  Perception is reality.

If Geithner was so bright he would have known S&P would downgrade the U.S. anyway – and instead of alerting President Obama so he could brace the American people, Obama used the threat of a downgrade as a reason to raise the debt ceiling and put the country further in the hole. The downgrade happened anyway and if Geithner was doing his job he would (and probably did) know it was coming. He allowed the President to misrepresent the status to the American people – is that really what you want to keep in your cabinet, Mr. President? Bad advice, like bad booze, is not something to keep in your cabinet and serve your constituents. Or was it your choice to ignore the information?

NPR called Geither a Wall Street “lapdog” back in January 2010. Probably the reason for Geithner to go is best captured in Randy Pennington’s blog:

“Timothy Geithner must go for two reasons: (1) he’s expendable: and (2) he has become a distraction. Geithner didn’t vote on a single debt proposal, and yet he played a significant role in the crisis. This is what happens when coaches are fired. The coach isn’t on the field making the plays, and you would think that players would be committed enough to play hard for the common good. But when you can’t fire the team, you often fire the coach.”

If this were a partisan issue clearly President Obama would be justified in keeping Geithner, but this is an American issue that supersedes politics. Geithner is perceived to be a shill for the Wall Street banks and Americans (Republicans, Democrats, Independents, etc.) want Geithner removed.

Yes, Mr. President, Tim Geithner Must Go!