The business cable news is abuzz with commentary of Timothy Geitner’s replacement as Treasury Secretary. Obama has nominated Jack Lew, currently White House Chief of Staff.
Here we are in the middle of a tepid economy and already passed our debt limit. The U.S. Treasury is keeping a double set of books to pretend we haven’t surpassed our $16.5 trillion debt ceiling. Best estimates are that these “extraordinary measures” will run out February 15th.
Obama nominates a budget wonk with zero experience on Wall Street and nothing to qualify him for the job but a fierce loyalty to the Democrat brand.
The general consensus inside the beltway is that Lew knows more about the federal budget than almost anybody else, but is not at all versed in the intricacies of financing and market dynamics needed to perk up the economy. They had a discussion on Fox News last night…
A.B. Stoddard of The Hill said she thinks he’s the man to cut the fat out of the budget, if that is Obama’s objective. Charles Krauthammer said he thinks Obama will use Lew to defend every last cent in the federal budget against conservative budget-cutters.
Given Obama’s angry assertion to Speaker Boehner a week ago, “The U.S. economy does not have a spending problem,” it’s pretty clear that Krauthammer’s opinion is the most likely.
Obama likes to surround himself with “yes” men, people who do his bidding. Obama calls all the shots in the White House, and Lew is just the man to serve as Obama’s mouthpiece at Treasury.
The battle lines are being drawn.
Obama is out for blood.
