Secretary Toady

Paul A. Rahe explains why Geithner will stay on as Treasury

Secretary.Geithner’s resignation in the face of a catastrophe would not only be an admission of failure. It would inevitably be the first step towards a change of policy. The introduction of new men is nearly always preparatory to the introduction of new measures. Geithner is a weakling. Had he been a man of strength, he would have resigned on an issue of principle when it became clear that his advice regarding economic policy was unwanted. In the current circumstances, President Obama needs – or thinks he needs – a weakling in Geithner’s post. The President could not find a reputable economist willing to take up office as Secretary of the Treasury today and not be listened to.