O'Neil resigns, 6% unemployment

[EagleTed]

The two are probably related.

http://www.foxnews.com/story/0,2933,72341,00.html

<I>— After months of speculation over whether he indeed would step down, U.S. Treasury Secretary Paul O'Neill has told President Bush he will resign.





O'Neill sent a letter to Bush dated Dec. 6, saying, "Dear Mr. President, I hereby resign my position as secretary of Treasury. It has been a privilege to serve the nation during these challenging times. I thank you for that opportunity. I wish you every success as you provide leadership and inspiration for America and the world." </I>

http://cbs.marketwatch.com/news/story.asp?guid=%7BE4D82C26%2D212C%2D42FF%2D95B6%2D F81EF739FE47%7D&siteid=mktw

<I>The U.S. labor market has yet to shake the impact of the recession, according to new data Friday.

The domestic economy eliminated 40,000 jobs last month as the unemployment rate rose to a higher-than-expected 6 percent, according to Labor Department data issued Friday.

The jobless rate matches the April 2002 rate and is the highest since 6.1 percent in July 1994. </I>

[Venus]

I think so, too, plus he's stepped in it a few times. That tidbit with Byrd was embarrassing - he let Byrd lure him into that trap. But the unemployent inescapably impacts politically in a very large way. I wonder, though, if Bush canned him and, if so, if he thinks O'neil could have done something about the unemployment rate. If not, then O'neil becomes a sacrificial lamb for the political dining table. Doesn't Bush stand by his people, unless they screw up royally or go against his plan/program/policy?

[EagleTed]

I think Bush had little choice. He has to have someone to spearhead the domestic side so he doesn't spend all of his time fighting Congress & the Fed over the details. O'Neil was never fully on board for more tax cuts and a cheaper dollar. The political side is the most important side, as the economy will eventually work itself out of might near anything, as long as it isn't handcuffed.

[Venus]

I see your point. Beyond that, as CEO of the country, Bush has a responsibility to hire the best he can find for all critical positions, and fire them if they can't cut it or fail to advance his policies within the parameters of their 'shop'.

But, the firing part is a messy business, at best.

I guess it's a matter of O'Neill having a certain amount of pathos that I fall for. I felt sorry for him.