April 15th Tea Party protests must demand Geithner resignation
By Rachel Alexander
The April 15th Tea Party protests are ramping up to send a powerful message to Congress and President Obama about the government's runaway spending and bailouts. The first Tea Party protests this year caused a ripple throughout the media and Congress, as support for Obama and Democrats simultaneously began to erode. Obama's approval rating dropped from 64% in February to 59% this month, according to the Pew Research Center. His disapproval rating increased from 17% to 26%. Obama's approval ratings are barely higher than G.W. Bush or Clinton at this same time in their first terms, with 56% and 53% approval ratings respectively. Ronald Reagan's approval rating was higher than Obama's, at 60%.
Obama's edge among independents has completely disappeared. According to a recent poll conducted by a Democrat polling company and its Republican counterpart, if an election were held now, 42% of likely voters would vote for a Democrat Congressional candidate, and 42% would vote for a Republican candidate. Senator Judd Gregg, who just a month ago was being considered by Obama for Commerce Secretary, warned that Obama's current budget proposal will send the country on a path leading to a banana republic. A recent Rasmussen poll found that more people oppose his budget than support it, 46% to 41%.
There is a massive movement growing in opposition to the federal government's bailouts. Treasury Secretary Timothy Geithner represents the worst of the government's current financial excesses. So far, he refuses to step down amidst calls for his resignation, and Obama is standing by him. The April 15th Tea Party protests present an ideal opportunity to pressure the administration into forcing Geithner to resign.
There are three reasons why Geithner must go. The first is because the economy is not improving, even as the administration continues to announce new stimulus plans. The public has failed to gain confidence in Geithner. Last year's bailout of banking's failed assets didn't work. So when Geithner announced another proposed bailout of the banking industry, which would put more than $1 trillion into more failed bank assets, Wall Street took a dive. Geithner wants government to take over the entire banking industry, something so far reaching it must be stopped.
The second two reasons Geithner must resign invo<lve his lack of ethics. Geithner cheated on his taxes and lied about the AIG bonuses. He barely squeaked by confirmation in the Senate because of a failure to pay $34,000 in self-employment taxes while working at the International Monetary Fund from 2001 to 2004. He blamed the program TurboTax for the incredibly large "mistake," which most people believe was another lie, earning him the nickname "Turbo Tim."
The $165 million in retention bonuses were for executives in AIG's Financial Products Division, the division responsible for AIG's losses. They were signed into contract last April. Geithner claimed that he didn't know that Congress had agreed to allow AIG to keep its retention bonuses as part of the bailout. But as head of the Federal Reserve Bank of New York last year, Geithner played a role in crafting the legislation to bail out AIG. His assertion was also contradicted by AIG CEO Edward Liddy, who testified that Geithner knew about the bonuses a week to ten days earlier. The Washington Post claims Geithner knew three months ago.
Someone who cannot manage his own finances without breaking the law is not someone who should be in charge of the country's finances. The Tea Party tax protests on April 15 are going to be highly influential. If Geithner has not yet resigned, this will be a powerful opportunity to exert tremendous public pressure on Obama to ask him to step down. Geithner's resignation should be a sub theme of the protests. Geithner's credibility is so damaged at this point he can no longer be effective. Americans need to take this opportunity to clean out one of the worst members of Obama's cabinet. Especially considering unlike honest Americans, Geithner didn't bother to pay his taxes on April 15.
Rachel Alexander and her brother Andrew are co-Editors of Intellectual Conservative. Rachel practices law in Phoenix, Arizona and blogs for GOPUSA.com. She has been published in the American Spectator, Townhall.com, Fox News, and other publications.