Geithner Apparently Sways From His Boss On World Currency

I won't get my Treasury plan analysis up until later today or tomorrow when I have an hour or so to type it up. In the mean time, Geithner's discussion with the Council on Foreign Relations is creating a fair amount of media and currency market buzz. There is a lot of nonsense in the interview but search the page for currency to read the relevant comments.

I never thought I would say this but I think Geithner is on on a very hot seat. Not just for this but for his seeming lack of clarity, transparency, doublespeak and even robotic demeanor. Unfortunately for him, appearance is a major component of success in politics and his interactions often appears contrived and very politically guarded. Whether the President is supportive or not, eventually if a politician becomes such a major distraction to policy and getting anything done, they must be replaced to refocus the engine on policy or loose political value to further any agenda. The media and political sharks from the right and left are all over Geithner. If the Geithner bashing doesn't cool down, this is going to create a tremendous political crisis. Frankly, if I were to calculate, I would say it is a crisis we might actually need while we still have some ability to blunt some very risky political involvement in the economy.

Frankly, this was all avoidable. But, even today the political elite of both parties severely underestimate the mood of the country regardless of political affiliation.

Update: More interesting op-ed on Geithner's gaffe than the link above.