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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.
Link to Geithner speech presumably embargoed until 10am on March 23:
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Tyler - superb.
Timmy - Pathetic.
DavidC
This paper presents broad goals for a reform of the residential housing system. There is no connection whatsoever to operation of the bad assets systems. Also, having read the paper, there is no part of "lies, innuendo, unbearable BS, scapegoating and fingerpointing." The goals lack specificity, but at this stage the aim has to be scoping.
Tim Geithner is a good manager. Here, he is writing to an audience of amateurs - so he starts at the beginning and explains that GSEs are Government Sponsored Enterprises. Nice man. A smart 6th Grader could make sense of this paper.
"The performance of the GSEs was symptomatic of this larger regulatory and oversight failure. They were allowed to earn private gains for many years, but ultimately the taxpayer subsidized their losses." TG -- Reflecting a core truth of the Bush Years and today's antiregulatory kleptocracy.
f`ing profound
kind of like doing personal income tax
+Turbo Tax to the tenth power
Assuming government continues to play a meaningful role in the housing market... (p 15)
prepacked crapola,,, wag the dog,
but hay some folks are conditioned to bark .. then lap up a hunk of meat off the floor ,,,
The Declaration of Independence was one page. The Constitution was four. The Gettysburg Address was less than 300 words. But this asshole needs 17 pages to explain how it was probably a bad idea for the GSE's to handout an oversized loan to anyone who could spell their last name? Tim, as one of the 300+ million "stakeholders" I have some input on your five areas: (i) and (ii): get the govt out of the mortgage industry. (iii), (iv) and (v): stop handing out loans to people who can't afford to pay them back.
+100 to (i) thru (v)
+1 ozt
+101. it doesn't even take a high school diploma to figure that out.
+4 score and 7
"The Administration will seek to work closely with the Congress, on a bipartisan basis, prior to finalizing a comprehensive reform plan."
I f-ing hate the US government. Even if we get this pile of dung early, it still is a pile of dung.
Any one of us can go to college to write a paper.
How about some real action? In 100 words or less.
Didn't they see what happened in Washington last night with the 3 Ring Circus (called our House of Representatives)?
LOL Timmay's so lame... He's completely mastered the art of speaking a lot, while saying nothing.
Psycho killer, qu'est-ce que c'est?
The art of speaking a lot, while saying nothing, is a job requirement for working for the government. Otherwise they (we actually) would just be standing around doing nothing. My anger levels go off the scale at these governmental meetings I attend where idiots drone on for hours about nothing. Its actually encouraged behaviour, as it gets one that much closer to retirement without actually been required to do anything...
Turbo Timmy kin suck my ballz.
buzzsaw,
WTF!
Your ballz are way to valuable to let him near them. He'd try to steal them cause he does not have any.
Fwank prefers chocolate salty balls.
If he isn't trampled by Barney in an attempt to get there first.
Gee, I missed the part where Barney Frank says that Fannie Mae is not at risk. Lucky we have Chris" I got a cheaper mortgage from Countrywide then you did" Dodd on the case with his new financial regulations which make no mention of Fannie or Freddie.
In the real world the GSE's debt should be on the balance sheet of the FED. Why mess up a perfectly, well not perfectly good, balance sheet with some mortgages from Merced County.
is the public at risk? How about tent city dwellers ? Are they at risk?
All about the damn money, the damn banks meanwhile husbands and wifes are fighting over grocery money. Its cold in a tent, difficult to keep clean and you really gotta watch the few things you still own. A blanket is precious and a hot meal rare. When it rains the misery can increase exponentially. The ground can get wet and you wake up soaked and shivering with no place to go. In the morning you are glad your still alive and more happy if all your stuff is still here.
What does the future hold for the tent city dweller? Those jobs arent coming back, unemployment runs out.
I expect those living outside now will do better than those still in houses on government dole when that runs out, and i bet it will.
Those people are america. Not GS JPmorgan or the fed. We the people are america. When we are doing good, then the nation is doing good.
If the people are poor, the country will be poor also. After all it took all those folks for the GSs of the world to make any money.
It would be wonderful to have one one these sociopaths, while at one of their spawn's school plays or some such, to have an epiphany, realize what they have participated in is all a great big crime and ponzi scheme, and just spew forth detail after detail of every greasy link in the chain..
Now that is change I can believe in..
I'm sorry, but after reading this speech... who in their right minds think that the government should even be allowed to continue operating these ponzis? Where is the call to cease operations and shut them down?
This is sooo off topic but I just gotta say it somewhere. You can't keep a good metal down. They keep pounding it down to 1100 or a tad below, and it just keeps dusting itself off and coming back. Gold must be like a nightmare character to the Ben and Tim. You know how Jason or Freddy from Nightmare on Elm Street just keep coming? Goldz like dat fo da Fed.
I love gold, bitchez. I just do. What can I say?
True dat, Missy.
We had some house guests this week. A mother and her teenage daughter. I showed them a one ounce American Silver Eagle -- then a ten ounce Engelhard bar -- then a 1 ounce Gold American Eagle. They had never seen one, let alone held one in their hand. The gals eyes just sparkled. One does not need to explain anything when using this technique. The metals explain themselves.
Gold, guns, and gardens...
Sorry, gotta ask: given a "collapse scenario" isn't an ounce of gold too much gold for common transactions? Or, are you going to do some smelting?
Buy American Eagles, both gold and silver. The gold Eagles come in 1/10, 1/4, 1/2, and full ounce handy convenient sizes. ($5, $10, $25, and $50 denominations) A premium for the smaller ones, of course. And, the added benefit: The Government will never make their use in trade illegal or onerously taxed. The Eagles are "legal tender"! Also, pre-1965 silver coinage makes great pocket change. Current melt value is over 10X face. How's that for small change? I thin silver dime is equal to today's $1.32. Nice, eh?
What is so hard to realize that the powers that be have the american dream rewritten for their own purposes? When you see patriotic men like Uncle Timmy give speeches reinforcing a modality of living that people think they aspire to, well the goose is cooked, but not at the Cratchit (what a name too!!! Dickens at his finest!) household. What the average america fails to understand is the price of a house with a 30 yr mtg is closer triple the sticker, even at "historically" low rates. Usury is so common, we don't even recognize it anymore
Considering what Frank has already said, (also on the record,) The Admin/Little Timmy can say almost ANYTHING and it will be accepted. Readers can see the rest of the panel and their remarks at this link
http://www.house.gov/apps/list/hearing/financialsvcs_dem/fcher_03232010.shtml
Tyler's got this pegged...it will not be easy to watch.
"Well functioning mortgage market.... bla bla bla..... systemic risk.... bla bla bla...... best interests of the American people...." MY ASS, MY ASS, MY ASS!
Send the asshat to prison and make us all sleep easier.
Interesting. Hey, what's Frank Raines been up to lately? Oh, Google shows that he now has a bachelor pad in DC's swankiest condo:
http://www.washingtonian.com/blogarticles/homegarden/openhouse/8825.html
And what about Frank's predecessor, Jim Johnson? Oh, Google seems to show that he lives in the same building:
http://www.minnpost.com/stories/2008/06/03/2078/obama_turns_to_trusted_p...
Looks like they are doing all right. How 'bout that...
Jim Johnson is a whole other black box persona. He's a made man in the US syndicate - Untouchable.
hey...don't forget about the island that Mr Dodd just bought off the coast of Ireland. Freezing Rough seas, burly guards all around, cliffs...you'd think he was going to Alcatraz instead of a comfortable retirement palace.
And, what about The Ocean Reef Club in Key Largo, and the Club at the end of Naussa...and don't forget Key West, lots of buggers going to "dead end street" hide-aways with lots of break your head in cops that ask questions later.
hank is here. in case anyone wants to visit.
http://www.usnews.com/money/blogs/the-home-front/2009/01/14/how-hank-pau...
Mmmkay, I guess you could call it that:
(from: http://www.doctorhousingbubble.com/five-financial-trends-keeping-califor...)
Someone in IT doesn't like Tim.
Did TheFlyonthewall.com break this story?
This is what goes on in Congress.
Notice the outrage followed by the smirks as if it's a show.
http://funy1.blogspot.com/2010/03/house-has-dignity.html
Barney Frank will have to get drunk at lunch to stay awake for this thing and then slur all over the MSNBC interview from the steps of the capital tomorrow night...
Par for the course...
The things a debutante has to do to collect a campaign bribe these days...
Funny how the term 'moral hazard' doesn't appear on any of those 17 pages.
3 things you'll never see or hear in a government speech that they are responsible for:
1. Default
2. Moral Hazard
3. Corruption
All of which are involved in FNM/FRE yet the prosecutors are held on a leash. The big Ponzi scheme is about to crash as this next down leg in housing is the nasty one. It will crater whatever plans the circus in D.C. put forth unless they just plan to be responsible for 99% of all mortgages inside the U.S. which is probably their ultimate goal.
Nous sommes Francais.
And these people will be running our healthcare system soon. Splendid.
It will almost be fun to watch this all come crashing down on top of them - I mean, it'll suck out loud because, well, that means it crashes-down on us too of course. But that's the way of the fiatco, I suppose.
Speaking of Health Care...
So when will the refund checks from the government be going out for all the $$$ each taxpayer was forced to give in to cover future medicare yet has not started receiving the benefits?
I'll take "The first Tuesday after Never."
What do I win?
Freddie & Fannie > (Madoff's Ponzi Scheme)^99
The Macro View
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