Timmy's Travails

Six weeks into the administration -- and Timmy Geithner is still flying solo at the Treasury Department. The Department has 17 positions that require Senate confirmation. So far, no names have been ponied up.

Apparently, it's not for a want of trying. According to the AP, a prospective deputy decided to take a pass when offered the job.

However, the bright spot (everything is relative these days) is the fact that he has a 50-member advisory board.

When you have 50 guys and gals giving you advice -- you're not getting smarter -- you're getting confused. (I'd be curious to know how many of them are erstwhile lobbyists.)

One blogger is perplexed.

He needn't be.

The key to understanding is that this administration, with respect to domestic affairs, prefers to to micro-manage. (Hillary got her secretaryship to take her out of the 2012 race and even Team Obama knew their limitations when it came to defense.)

Geithner, eager to have his signature on the currency and willing to embarass himself about his tax-dodging, took the job. It seems that subordinate position holders aren't willing to accept a title without commensurate authority.

Proximity is power. Larry Summers is decamped somewhere in the White House. He has the President's ear. He develops the policies -- for better or worse -- and the folks over at Treasury are expected to carry it out. Who -- with 15-20 years experience in financial matters -- wants to do the job a glorified college intern? After six weeks the answer is clear -- nobody.

Treasury will not be the only department to have this problem. The czars and czarinas at 1600 Pennsylvania Avenue will be the power brokers. They won't be simply "coordinating." They will be barking out orders that begin with, "The President wants..."

If that's not a recipe for disaster, then it should be in the cookbook.

Expect a rounding up of the usual suspects -- mostly hacks -- to fill in the Treasury Department. Based on the recent performance of the stock market, it's not as if the economy was an administration priority anyway.