Congress Accidentally Releases Geithner's Embargoed Speech On "GSE Reform" Day Early
Tim Geithner is supposed to discuss GSEs tomorrow before the House Committee on Financial Services: i.e., the government will tell the government all is good, and if it isn't, it can be promptly swept under the rug. In a 17-page speech, Tiny Tax-evading Tim provides the first insight into "fixing" the $6.4 trillion GSE problem. And yes, this is coming from the same government that on a congressional website does not know how to keep an embargoed speech under embargo until its required release time. Sigh... As the speech consists of the two funniest things in DC currently - Tim Geithner and GSE reform, it needs no introduction or commentary. Without having even read the paper, we are confident Geithner's presentation is replete with lies, innuendo, unbearable BS, scapegoating and fingerpointing to last a lifetime. We will provide a link to the congressional webcast tomorrow for the masochists among you. In the meantime, we expect the GSEs will implode spectacularly within the year once again, as neither Tim nor Congress end up doing anything whatsoever to "reform" the GSEs.