During the reign of America's 43rd president, calls came in to replace Defense Secretary Donald Rumsfeld, who took the blame for the administration's failure to deliver a quick military victory in Iraq. But George W. Bush refused to give in to those who wanted Rumsfeld's head until after the 2006 midterm election. Now, as another midterm election approaches, I wonder whether President Obama is taking the same attitude toward Treasury Secretary Tim Geithner.
In the interests of full disclosure, I have a very definite opinion about this issue. For example, when Geithner first testified in front of Congress about his plan for fixing the financial system, I thought he could have done better. And I've been disappointed with the administration's failure to sufficiently investigate the causes of the financial collapse and fix what went wrong. I attribute that to Wall Street's having effectively purchased the Treasury Secretary's position.