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Obama's Achilles' heel
March 18, 2009 - Jim Anderson
In politics, perception has a way of becoming reality, and there’s a growing perception that Treasury Secretary Timothy Geithner is Barack Obama’s Achilles’ heel.
The AIG scandal, complicated as it is, seems to expose Geithner as beholding at all costs to — call them what you will — the financial class, the billionaire’s club, the swindlers that got us into this mess.
Geithner has resisted temporary nationalization of failing banks — even though there are now polls suggesting the majority of the public would accept such a strategy.
No doubt, Geithner has a keen understanding of the vast implications and risks of any reforms — and the real danger of a global financial collapse.
But before he can achieve anything, he’s got to gain separation from the distrusted financial elite. Otherwise, he’ll be perceived as nothing more than the point man in an ongoing bailout that amounts, in some part, to a swindle. And that perception, fair or not, is poison to Barack Obama.
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