DeFazio Calls For Replacement of Geithner and Summers

November 20, 2009 (LPAC)—Months after Lyndon LaRouche denounced the behaviorist economists in the Obama Administration during his April 11 webcast, U.S. House Rep. Peter DeFazio (D-OR), speaking on MSNBC's The Ed Show, told host Ed Schultz that both Secretary of the Treasury Timothy Geithner and White House economic policy director Larry Summers should be replaced. DeFazio said: "We may have to sacrifice just two more jobs to get millions back" for Americans. President Barack Obama "is being failed by his economic team," and therefore Obama should replace both Geithner and Summers.

A prominent member of the Congressional Progressive Caucus, DeFazio told MSNBC's The Ed Show that he and other House members are growing increasingly frustrated by a White House economic policy that focuses on maintaining the financial stability of Wall Street firms while largely overlooking Main Street concerns.

"I think there is a growing consensus in the [Democratic] caucus [that] we need a new economic team that cares more about jobs, Main Street and the American people than it does about Wall Street and huge bonuses," DeFazio told host Ed Schultz. DeFazio suggested that the government "reclaim the unspent funds ... reclaim some of the funds that are being paid back, which will not be paid back in full, and we use it to put people back to work rebuilding America's infrastructure."

According to the Hill, DeFazio said that lawmakers have not yet drafted a plan to remove Geithner.

Echoing Defazio's call made on Wednesday night, two Republican members of the Joint Economic Committee on Thursday called for Geithner to resign. "It's been a year since the president was elected," said Rep. Kevin Brady (R-Texas) at a hearing this morning featuring Geithner. "It's appropriate for the American people to assess how well the administration's economic policies are working. They are not. They have failed. Unemployment has skyrocketed far past the White House's projections and promises. America continues to shed jobs: More than 2.8 million since the stimulus was enacted. We've had a series of embarrassing investigations about all the wild stimulus claims, the latest fake jobs from fake congressional districts. You are the point man on the economy," Brady said to Geithner. "The buck, in effect, stops with you."

"Conservatives agree that as point person you've failed. Liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this President's ability to handle the economy. For the sake of our jobs, will you step down from your post?"

Geithner replied: "I agree with almost nothing in what you said, and I think that almost nothing in what you said represents a fair and accurate perception of where this economy is today."

Later in the hearing, another Texas Republican also called for Geithner to go. "I don't think that you should be fired," Rep. Michael Burgess said. "I thought you never should have been hired."