As the pile of revelations regarding the NY Fed’s bailout of AIG gets deeper and uglier, the sense that Treasury Secretary — and former NY Fed President — is a short timer.
On the interview with Jim Bianco, he mentioned Geithner was a dead man walking — and He has been for sometime. The White House is just waiting for the right time to dump him.
That might be true — and changing the preserve the status quo parts of the Economic team is a good idea.
But what does that say about Summers? In some quarters, he is the most important person on the planet — Politico shows the President’s calendar everyday. He has a daily economic briefing at 10AM everyday when he is in town.
This briefing is run by Summers.
In other words, Summers controls the economic information flow to the President. With this as a job description, Treasury Secretary is a step down . . .