Both Democrats and Republicans think Geithner should resign

Finally, some government officials are at least trying to hold someone accountable for making bad decisions that cost American taxpayers billions of dollars. Quite frankly, it is transparently clear through Neil Barofsky’s report Geithner failed to do his job.

Reuters:

Representative Peter DeFazio, an independent-minded Democrat from Oregon, told MSNBC television on Wednesday that Geithner should not be in his job.

At the hearing on Thursday, Representative Kevin Brady, a Republican, similarly called for Geithner’s resignation over his handling of the economy and AIG.

“Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well,” Brady said during a tense exchange with Geithner. “For the sake of our jobs, will you step down from your post?”

Geithner responded by defending the actions he and others in the Obama administration took to restore financial calm and economic growth, and the White House later rose to his defense.

…

In another tense moment, Senator Charles Schumer, a Democrat, criticized Geithner for treading too softly on the controversial issue of China’s yuan currency, which Schumer has long argued is intentionally undervalued.

Schumer and Senator Lindsey Graham, a Republican, on Thursday asked the U.S. Commerce Department to investigate whether China was manipulating its currency to give it a trade advantage.

I think Congress needs to be stronger in holding people who have failed accountable. It is quite ludicrous to think Geithner wants more power to mess up the American economy. I think he is quite delusional at this point.

Geithner used his testimony to press the case for action on reforms before momentum faded and argued that the largest institutions need oversight from a single, strong regulator.

“The regulation of the largest, most interconnected firms requires tremendous institutional capacity, clear lines of authority and single-point accountability. This is no place for regulation for council or by committee,” he said.