CHALLENGED (title changed due to bedwetter outcry)

[cannon_fodder]

Great, so Treasury is now entirely a political organization.  Mixing monetary and political policies is a bad idea.  That's why the Fed and Treasury are supposed to be somewhat independent. 

The idea being government officials are populists who have to pander to the NOW and to appearances and economists at the Fed and Treasury can be isolated from that crap and make sound economic decisions.  Political decisions are too rash, uninformed, and short term focused.

They still have to report to elected officials of course, but insulation is a good thing.

[USRufnex]

In an ideal world, I'd tend to agree, CF.

But political appointees are... well...... political.
Secretary of the Treasury is a cabinet level position, meaning that it has always been and will always be a political position.

The story here is that Geithner was asking for political help/support  from the WH, lest he be hung out to dry...

I think the reason Geithner is treasury secretary is because of his relationship with Paulsen as NY Fed chair and his previous relationships with Rubin and others....

http://www.ny.frb.org/aboutthefed/orgchart/geithner.html

IMO, the surprising part of this story is that of Rahm Immanuel.... kinda like Don Regan in reverse.... Regan (aka "high priest of Reaganomics") went from being Ronald Reagan's Treasury Secretary in the first term, to Chief of Staff for the second term up until Iran-Contra...

http://www.independent.co.uk/news/obituaries/donald-regan-548278.html

After reading the WSJ story, I am thankful that Geithner is still in there, lest we be stuck with Rahm-bo as Treasury Secretary...

[Teatownclown]

Time for Tim to go. Geithner, himself implicated now in knowing about the Libor interest rate scam, and not doing much about it other than writing a memo in 2008. He may have been the right man at the right time but now it's bye bye Timmy time.

TOO MANY CROOKS!

[Gaspar]

Time for Tim to go. Geithner, himself implicated now in knowing about the Libor interest rate scam, and not doing much about it other than writing a memo in 2008. He may have been the right man at the right time but now it's bye bye Timmy time.

TOO MANY CROOKS!

Can anyone name a single action that Mr. Geithner has taken that implies he has any competence? 

[Conan71]

It should have been bye-bye Timmy time when they figured out he cheated on his taxes.

All this nonsense about Romney's perfectly legal off-shore bank accounts (much like prominent Democrat bundlers and DNC chairwoman The Dense Poodle) and we have someone leading the Treasury Department who tried to get away with outright tax fraud.

[Hoss]

It should have been bye-bye Timmy time when they figured out he cheated on his taxes.

All this nonsense about Romney's perfectly legal off-shore bank accounts (much like prominent Democrat bundlers and DNC chairwoman The Dense Poodle) and we have someone leading the Treasury Department who tried to get away with outright tax fraud.

Only question I have for Romney....12 years.

[Conan71]

Only question I have for Romney....12 years.

Sorry dude, lost me there.

[Hoss]

Sorry dude, lost me there.

If his father thought it was OK to release 12 years of income tax returns, why can't he?  Is that not a valid question?

[nathanm]

If his father thought it was OK to release 12 years of income tax returns, why can't he?  Is that not a valid question?

Sorry, that's class warfare.

[Red Arrow]

If his father thought it was OK to release 12 years of income tax returns, why can't he?  Is that not a valid question?

Do you do everything your father did just because he did them?

[Hoss]

Do you do everything your father did just because he did them?

How about because it's right?  What an argument.  Ha!

[Red Arrow]

How about because it's right?  What an argument.  Ha!

The argument you presented was that he should do it because his father did.  The fact that his father thought it was OK (I'll accept a substitution of right for OK.) that he should do it.  One does not necessarily follow the other.

[nathanm]

He'll never do it because the rest of the tax evaders and avoiders would flip their smile at their secrets being exposed.

[Conan71]

He'll never do it because the rest of the tax evaders and avoiders would flip their smile at their secrets being exposed.

And therein lies the BS in your assertions.  I'm quite certain the Obama camp knows every dollar, yen, euro, and pound Romney has.

The Obama campaign is engaging in a slander campaign based on nothing.

Again, the treasury and SEC serve at the pleasure of the president.  Don't think for a minute there's not already been a significant probe of Romney's dealings.  If there was something there, he'd be under investigation.  Regardless of supposed personnel shortages, he would be a far bigger priority than some idiot skimming $500 a month out of his liquor store.

[nathanm]

The McCain campaign did. I'm not sure how the Obama campaign would have access to that. Unless you're accusing the administration of committing a crime, that is.

And as you're aware, tax avoidance is not tax evasion. Romney could easily have used a questionable interpretation of law to avoid paying tax without committing a crime. As is par for the course, were you or I to do that and have the IRS disagree, we'd pay penalties and interest in addition to the tax owed, while Romney would not have those addons by virtue of having the means to have a tax attorney draft a $200,000 letter advising Romney that the tax shelter was legal.