Captain of the Titanic agrees to go down with the ship

Timothy Geithner has agreed to stay on as Treasury Secretary through the fall of 2012. Since every other original Obama economic advisor has jumped ship (and gone into hiding), keeping Geithner at the wheel while the ship of state plunges bow first into the briny deep will have the salutory effect of having someone around to blame when things get real bad. Washington Post: Geithner, who has been battling financial crises since 2007 as a top Federal Reserve official and then Treasury secretary, considered leaving the administration after Congress raised the federal debt ceiling and reached an agreement with Obama to tame the national debt. But several developments have made his departure more difficult. The debt ceiling was raised with only hours to spare. The deal to tame the debt fell short of what Geithner and Obama wanted. The economy has suddenly taken a turn for the worse. And on Friday, Standard & Poor's downgraded the U.S. credit rating for the first time. And the White...(Read Full Post)

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