Great segment from Shep Smith on Fox on all of this. After Obama and Lindsay Graham both said, essentially, “everyone makes mistakes,” Shep suggested that people should remember that line when they have to deal with the IRS. Then a Democrat consultant said that the hold on Geithner’s nomination meant that President Obama would enter office without a Treasury Secretary, Shep remarked, “It’s okay. There’s nothing in the Treasury anyway.”
Meanwhile, CEI’s John Berlau, who directs our Center for Investors and Entrepreneurs, has issued a strong statement suggesting that Geithner should step down. He mentioned to me that if Geithner did this and Summers was nominated immediately in his stead the market would probably rebound strongly.