Financial Times Columnist Martin Wolf Asks if the Obama Presidency Has Already Failed?

I came across an interesting article in Financial Times, written by columnist Martin Wolf. He asked if Barack Obama’s presidency has already failed? I think that is a ludicrous question, considering that he is barely a month into his presidency. We are, indeed, living in a time of great danger and Obama must tread cautiously. Here is an excerpt of the article:

Today, the new US administration can disown responsibility for its inheritance; tomorrow, it will own it. Today, it can offer solutions; tomorrow it will have become the problem. Today, it is in control of events; tomorrow, events will take control of it. Doing too little is now far riskier than doing too much. If he fails to act decisively, the president risks being overwhelmed, like his predecessor. The costs to the US and the world of another failed presidency do not bear contemplating.

What is needed? The answer is: focus and ferocity. If Mr Obama does not fix this crisis, all he hopes from his presidency will be lost. If he does, he can reshape the agenda. Hoping for the best is foolish. He should expect the worst and act accordingly. Yet hoping for the best is what one sees in the stimulus programme and –so far as I can judge from Tuesday’s sketchy announcement by Tim Geithner, Treasury secretary – also in the new plans for fixing the banking system. I commented on the former last week. I would merely add that it is extraordinary that a popular new president, confronting a once-in-80-years’ economic crisis, has let Congress shape the outcome. Source: Financial Times

Nobody said that it is going to be easy. President Obama bears a heavy weight on his shoulders, but I cannot in good conscience say that his presidency is going to fail. We simply do not know. Though Mr. Wolf makes some compelling points, isn’t England is the same economic boat as the United States? I do agree that the press conference held by Treasury Secretary Timothy Geithner yesterday failed to allay any fears and his outline was very vague, at best. For a moment, I envisioned Hank Paulson standing at the podium and repeating the same words. Still, I cannot say that he is going to fail because if he taught us anything during the campaign, tenacity and determination work.

To read the entire article, CLICK HERE.

Filed under: England, Failure, Hank Paulson, Martin Wolf, Obama Presidency, TARP Funds, Timothy Geithner, Treasury Department

IMF Repeatedly Told Timothy Geithner That He Owed Social Security, Medicare Taxes

The drama involving Timothy Geithner continues. His nomination as Treasury secretary has been delayed by his past failure to pay taxes and that is a lowdown, dirty shame. He said that it was a mistake, but the International Monetary Fund begs to differ. Apparently, Geithner was repeatedly advised in writing by the IMF that he owed Social Security and Medicare taxes on the income he earned at the organization between 2001 and 2004.

Questions over his initial failure to pay more than $34,000 in taxes are clouding his prospects for confirmation. The Senate Finance Committee postponed Geithner’s confirmation hearing for the second time this week on Wednesday. It’s now scheduled for next Wednesday, which means President-elect Barack Obama will take office without a Treasury secretary amid the biggest financial crisis in decades.

Here is what I cannot understand. How did Barack Obama’s vetting team missed this? Did they think that it wasn’t a big deal? If so, that is preposterous. It is a big deal. If this man had to be reminded several times by the IMF about his affairs and he did nothing, he does not need to be at the helm of the Treasury department. Imagine what he would do with our money. Geithner acknowledged in writing that he claimed a child care credit for his kids’ summer camp fees. Geez, isn’t that cheating? He also didn’t pay a 10 percent penalty on early withdrawal from a tax-exempt retirement account. Sounds like cheating to me. Why is it that some rich folks are content on finding ways to cheat the system while the IRS tries to scare poor folks? This is strike two for the Obama team. Governor Bill Richardson decided to decline the nomination for Commerce Secretary after the investigation heated up.

To read the entire article, CLICK HERE.

Filed under: Barack Obama, Commerce Secretary, Gov. Bill Richardson, International Monetary Fund, Medicare, Social Security, Taxes, Timothy Geithner, Treasury Department, Vetting Team