Is White House Triangle Of Corruption: Geithner, Summers and Bernake?

By Donald Griffith on January 29, 2010, 12:08 pm

Many people have been asking themselves, are Bernanke, Geithner, and Summers a White House triangle of corruption? Why Is Ben Bernanke Still The Chairman Of The Federal Reserve? Ben Bernanke is trying to get a second term as the Chairman of the Federal Reserve. Many democrats want Bernanke to be re-confirmed. He began his term under the Bush Administration. Surprisingly, TIME Magazine named Bernanke their person of the year for 2009. Many people were shaking their heads asking why. The unemployment rate keeps going up and inflation still has not been addressed by him.

Angry Taxpayers

Many people feel that he did nothing to help stop the financial crisis before it began. Bernanke supported the bank bailouts which have angered tax payers because it has not helped them at all. The banking industry executives took advantage of the bailouts and now think that they can do whatever they want. Americans wanted Bernanke to protect the US money supply and make wise choices and many feel that he has not lived up to their expectations.

Lawrence Summers: Shouldn’t He Have Seen The Economic Crash Before It Happened

Lawrence Summers is the Director of the White House’s National Economic Council. He is an economist who has been under a lot of scrutiny. He helped President Obama pass the economic stimulus bill in 2009. Many have said that the bill has not helped to get infrastructure built and that it was unsuccessful. There have been articles about him receiving perks from Citigroup which received bailout funds. After these perks, Lawrence Summers decided that there should not be caps on the pay that executives receive. He has also made millions from hedge funds and Wall Street companies that just happened to have been bailed out with US tax dollars. He has benefited both professionally and personally from the bad economy and has not fully done his job and protected the government’s money.

Timothy Geithner: Unqualified To Lead?

Timothy Geithner is the Secretary of the Treasury and most Americans think he needs to be fired or resign from his post. Before he became the Secretary of the Treasury he was the president of the Federal Reserve Bank of New York. Geithner has faced many scandalous headlines relating to his job performance.

The first occurrence was the bailout of AIG and then the discovery of federal taxpayer dollars being used to paid AIG bonuses to employees and executives. He also wanted to create a bank which would buy toxic assets from other lending institutions. With his track record with the bank bailouts, AIG, and other financial scandals people are asking is Geithner even qualified to lead the Treasury. He has not done his job and his decisions have led to taxpayer dollars being wasted at a time.

 

This is a time where the deficit is in the trillions and unemployment increases all the time. Geithner, Summers, and Bernanke all are partially responsible for the current state of the US economy. Their behavior has hurt the economy and they are still employed when other people are not. What happens next depends on President Obama. Someone needs to really examine these men and see what positive things they can bring to the table. Right now, there are very few things that they have done that has helped the every day American.

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2. Unemployment And The Economy: Bernanke Inspired Investors
3. Treasury Secretary Caught Once Again In Bed With Wall Street
4. Bank Of America Repays Government Loans
5. United States In Turmoil – Will The Economy Every Recover