Obama makes a call to his Treasury chief: You said WHAT?

Telegraph Blogs (U.K.) ^ | March 25, 2009 | Adrian Michaels

[Schnucki]

Investors are taking their cues from the amateurs they put in the White House. The relationship between Barack Obama and Tim Geithner, his Treasury secretary, is looking increasingly frayed. For the second time this month, the president and his economic team have contradicted each other. Confidence in markets is everything. See if you can spot how uninspiring this is:

Tuesday March 24. At a press conference Barack Obama responds to a question about how "senior Chinese officials have publicly expressed an interest in [an] international currency". The questioner is asking if we have enough confidence in the dollar for it to continue as the preferred currency of choice in which to hold the world's reserves. An alternative is an amalgam of the euro, yen, pound and dollar administered by the International Monetary Fund.

Obama responds: "I don't believe that there's a need for a global currency."

Wednesday March 25. From the New York Times: "The dollar plunged earlier in the morning after Mr Geithner, in response to another question, said China's suggestion [for a reserve currency other than the dollar] 'deserves some consideration'."

Later, the Treasury secretary, after watching the dollar tumble, said that the currency would remain the world's dominant reserve currency for some time to come, a move the New York Times charitably said was "clarifying earlier remarks".

What is missing from this account is the telephone call that took place between Geithner's two statements. The censored version at least would involve the president screaming: "Tim. You said WHAT?"

It's hard to believe that Geithner could contradict his boss within a few hours. A sure way to a pink slip, as they say in the US. (British readers are more familiar with a P45.)

But perhaps Geithner was only getting his own back for the economic team's bold

[Schnucki]

In other words: "Tim. You said WHAT?"

This would be embarrassing if it wasn't so serious.

[maggief]

Idiots.

[Adder]

Its not the first time,,,Geitner said the same thing last week when Pootin brought it up.

[kellynla]

O’Buffoon & the Propeller Heads...

[Always Right]

Happening much quicker than imagined...

[lookout88]

The UK, is really bashing Bambi

[RushIsMyTeddyBear]

(British readers are more familiar with a P45.)
______________________________

I thought that was the ‘UB40’. Oh, well.

[Secret Agent Man]

“You said WHAT?”

“Sir, I work without a teleprompter, it will sometimes happen. Anyway, I’m still doing much better than Biden.”

[mountn man]

For the second time this month, the president and his economic team have contradicted each other. Confidence in markets is everything.

Maybe exactly the desired affect The (Eared) One wants.

[Sequoyah101]

It has not taken long for that comment to wipe out $BILLIONS already today.

I wonder what role Soros plays in these moves, they look like unbelievable profit opportunities for a currency trader such as he is.

He has already made more than a $BILLION this year.

[Panzerlied]

Dude say whut?

[listenhillary]

Drunks with loaded rifles.

[tx_eggman]

Let's just hope Bronco Bomber doesn't take that single bullet out of his pocket .. then we'll really be screwed.

[IrishPennant]

I am thinking this is beginning to look more and more familiar...like I have seen this show in teh White House before...

Oh, yeah!

[b4its2late]

Probably part of their plan to bring us to our knees.

[rfp1234]

I wonder what role Soros plays in these moves, they look like unbelievable profit opportunities for a currency trader such as he is.

Timmy probably has his own teleprompter, and $oro$ feeds him "daily stupidities" that will spook (or lift) currency markets and make him the most profit...

[Dixie Yooper]

Just when it was starting to look like Obama’s first “post statement” positive day on Wall Street.

[FromLori]

Well you know Soros and Kissinger have financial ties and you know Kissinger keeps calling for the New World Order!

http://www.butasforme.com/2009/02/20/strong-ties-to-obama-george-soros-the-secret-financial-network-behind-wizard-george-soros/

http://www.aim.org/aim-column/the-big-money-behind-geithner/

http://www.cfr.org/publication/18515/remarks_by_national_security_adviser_jones
_at_45th_munich_conference_on_security_policy.html

http://www.aim.org/aim-column/red-chinese-celebrate-at-new-york-stock-exchange

Convicted Felon Soros
http://larouchepac.com/news/2009/02/24/soros-calls-his-felony-conviction-france-gift-my-enemies-u-s.html

The Resident Puppet will listen to me (Soros)
http://moneynews.newsmax.com/streettalk/soros_obama/2009/03/23/194923.html

Pink Picks
http://pulse.alacra.com/analyst-comments/FT_Alphaville-F1092

[IndianPrincessOK]

Sounds to me like Geithner was only echoing what privately he was discussing with Obama behind closed doors...which would be a catastrophe ..but should we be surprised? Nothing that would destroy America and its economy would surprise as this is Obamas plan!! Socialist....Liberal under complete 1 party rule....