Jim Cramer says the right Treasury Secretary is Sheila Bair, not Tim Geithner.
Listed were issues from sounding like Fredo, not giving specifics on what to do on the financial crisis, the fact that many of these failures happened while Geithner was New York Fed President, the fact he was in on the original bail out, did not pay his taxes, even used Turbo Tax on his taxes (at least he now knows that program sucks!)...
but more that Sheila Bair understands we need "bottom up" stimulus and must stem foreclosures to having a much stronger regulatory philosophy.
Then, Cramer claims Geithner, while wrong and weak must be approved.
Why? Why approve the wrong guy for the job when one has the right person right there in the wings on such a critical are for the United States economy and future?
What the hell? Why should Congress approve the wrong guy and why not just approve the right one?
Geithner through Senate Finance Committee
Here comes the guy who probably gave the worst performance in front of the Senate I've seen in a while, the guy who was involved in the original bail out, the guy where much of this pending financial implosion was happening on his watch (CEO of NY Fed) and the Treasury Secretary who couldn't get his personal taxes correct.
This rubber stamp mentality of Congress scares me. If a Presidential administration makes a not so great choice, the wrong person for such a critical job, they should plain demand the right person be put up for that job instead.
Geithner Confirmation vote
Just the Nays:
Not Voting - 4