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Eight Questions For Secretary Geithner On Treasury Holdings And Purchases
Reader Mark submits the following list of eight questions to the attention of Tim Geithner, requesting clarification on the "Other Investors" category of bond purchasers in the Z.1, and also seeks several other answers. Mark notes: "In perusing the 2010 Q1 Treasury Bulletin, released June 11, 2010, I am left with many questions concerning the ownership of US Treasuries (Table OFS-2). What follows is a list of specific questions I submit to you on behalf of the American people. Please be advised that your responses (or lack thereof) will be made public." We believe this query deserves broader public scrutiny as it does pose several relevant questions at a time when even the smallest hiccup in rates would throw the Treasury curve out of skew and present big concerns for the funding of the upcoming ~$10 trillion in new bond issuance.
We also solicit our readers to present their own questions, which we will compile and send via snail mail to the attention of the Secretary.
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Questions Bitchez!
Yeah....
Why would anybody listen to any political or government position holder today ?
another question: why has the 10yr Tbill been selling off so much in the past 2-3hrs? No-one prebuying for tomorrow??
Because I've seen the Seinfeld reruns so many times that I can recite them in my sleep.
Mark is going to get diddly squat for a reply !!
Yeah probably, but I still want to ask the questions, just to say I did.
Under which shell is the nut? Or are all of the shells empty?
Three Card Monte!
Q. 7 is my personal fave.
+ 1 trillion
"Give a dog a bone".
Rover took over!
http://www.youtube.com/watch?v=BWzI_Wn0ZwM
Excellent try, but Geitner will never answer those questions. If he does then FED's whole game of cards will collapse.
I really wish that some day some politician would answer questions like these... it just never happens...
Question #7: I really want to know how it is legal to take money for free from the fed and then turn around and buy treasuries.... really... someone please explain to me why this highway robbery is not stopped. What the fuck ben shalom motherfucker and Tim asshole geitner.... Why are you two sister fucking ass holes not in jail? What the fuck happened to law and order?
These fuckers need to be jailed immediately. All people involved with fraud should be hanged... fuck jail.
+1
Been here for 10 weeks...so you do know the country is owned by these guys right? All our "leaders" are bought and sold and there is no justice here. There is just us. They are just in the heavy duty pillage mode right now.
We've jailed the whale bernie madoff! After running him through the tumblers we only got some little change caught in the lint filter of the dryer!! What's the point!! axed payer funds never to recover!! Lets wait til full metal jacket porkin pigmen season and get it done right!!
We? Nah, "we" were just thrown a bone, that's all. Madoff is a petty larcenist compared to these cocksuckers.
Again... I prefer the guillotine.
If we're just brainstorming questions that will never be answered,
Can we get an audit of the gold in Ft. Knox?
Bwahahahahahahahaha, I crack myself up sometimes.
speaking of.... http://www.lewrockwell.com/orig11/weber-c1.1.1.html
Read that earlier, which is why Ft. Knox was on my mind. My favorite parts of that article:
First the Treasury said that 264 million ounces of gold was there by the end of 1972, but later on the number was changed to 147.3 million ounces, and that's the number it stands at today.
... fine gold in good delivery form (.995 or better) at Fort Knox totaled 24,411,140 ounces.
In conclusion, we don't know how much gold we have, or the quality of it.
I thought this was the plan, borrow from the fed cheap to free get 1%, 2% or 3% interest depending on which connections you have to bail you out when it blows up.
1% on a bill gives you 10 mill in free interest looks great on the books and in your pocket or bonus until it dose not.
The guys spending the money at the treasury are connected to the guys making the laws, so when it blows up they all say we did not see it coming.
They have to pay for those college educations somehow, so don't be to hard on them.
I forgot and get the FDIC to bail them out and move onto the next game no harm no foul in their books.
first question:
"when was the first time you touched Sandy Weill's penis?
Q. 9. TTT Geithner, both this and last year I experienced what has been referred to as "IRS tax abuse by mail". Has this ever been dealt upon you, if so, how do I get a free pass?
I got a final question for selfish Tim:
Q100:WHY HAVE THE IRS STILL NOT RECEIVED YOUR 09/10 INCOME TAX RETURN?
Awesome. Other investors is a sub-group of other investors.
Question #9- What percentage of purchases were not directly, nor indirectly purchased using funds guaranteed or backed by the US government?
I like the thought (I think), could you re-phrase?
To take one side of the question,
"Have any Treasury Bills or Bonds been used as collateral with the Federal Reserve within one week of issuance? What percentage of the issuance purchased by non-agency entities does this group make up?"
Or something to that effect.
Another question:
Where's my fucking recovery that you wrote about, asshole?
We've jailed the whale bernie madoff! After running him through the tumblers we only got some little change caught in the lint filter of the dryer!! What's the point!! axed payer funds never to recover!! Lets wait til full metal jacket porkin pigmen season and get it done right!!
What questions?
Instead of asking Tim and Ben questions, Tim and Ben should be asking one of their own. Where can I buy those lightweight teflar vests?
Why has the US government granted a monopoly right to create credit/money to a PRIVATE organization?
In QE, the Fed creates credit for free and buys UST's - an interest bearing security. So, the US taxpayers is paying interest to a private organization that created the credit for free?
How much gold is actually in Fort Knox?
When all of your machinations and silly plans fail, where can I find you?
When he does answer will someone please translate his stuttered nonsense for me? Because I only ever hear three responses from him........ none of your business, I don't know and FU.
I've got a great question Tyler. After reading Jim Willie's recent post on how Treasury issues more debt than they need to cover the budget deficit:
http://www.kitco.com/ind/willie/jul222010.html
Q. Why does the Treasury issue more debt that they need to cover the budget deficit?
Q. What is this extra money used for?
DM,
I did a little digging and I'm pretty sure it is the rollover effect, even though JW says it's not. This is a very simple example.
Consider you run a 100B 10 years in a row (1 trillion) and 20% of the outstanding principal is due every year, so you roll it....Your debt picture looks like this:
Year 1 - 100B
Year 2 - 220B (20B of year one has to be rolled again)
Year 3 - 364B (20B from y1; 24B from y2)
Year 4 - 537B (and so on.......)
Year 5 - 744B
Year 6 - 993B
Year 7 - 1272B
Year 8 - 1582B
Year 9 - 1926B
Year 10- 2303B
So by year 10, you have to issue 378B in new debt to finance your deficit (which is only 100B) AND roll the maturing debt (278B). And instead of 1 Trillion in debt, you have 2.3 Trillion.
Keep in mind this example excludes the effect of interest; this is just rolling principal.
BTW, it's the rollover that's gonna kill us.
The question is still valid. We have a right to know how much this rollover is costing now and how much it's going to cost to re-roll the spendulus.
I'll include the question in some form, if you have any ideas to make it more pointed, let me know.
The cynicism here is shocking- I'm sure the Secretary has answers for all these questions and they are forthcoming. Shortly.
Just don't hold your breath or go without eating while your waiting
Q7 is the money shot...
i doubt we'll ever get an answer before its Lord of the Flies time
bitchez!!!!
transparency, yeah right!
I want this deal....let the Fed loan me 30 times my assets, non recourse, at zero interest and let the government insure the loan if I lose the money....watch how fast I 'lose' the money
Geithner is a sock puppet for the White House.
"You'll get nothing and like it!"
I don't know enough to ask any new questions, and I see there has not been one serious additional question posed above in the comments. Can we assume that the contest has ended and it's now time for the answers to be forthcoming?
Something tells me a lot of stuff will come out of his mouth, but it will all be shit over substance.
This post was published prematurely, it was a "work in progress" and I submitted it to ZH for suggestions. I plan to mail a final version on Friday. If anyone has any questions they'd like included, please post them here.
The idea is simply to make sure questions get asked directly to those responsible. Maybe there are perfectly logical answers, maybe not....I'm trying not to jump to conclusions at this point.
Any help would be greatly appreciated...
The only help I can give you, Mark, is moral support. And I really mean moral. You will, of course, report to us on the success (or not) of your inquiry. Best of luck.
Thanks, Rock.
Mark, excellent work. But it needs polishing now.
The title is "Eight Questions" but the doc contains far more questions. Each paragraph should contain one question only - and the other text obviously supporting statements.
A conclusion is needed. e.g. "Absent answers to the questions the only conclusion is that the owners of hundreds of billions of Treasuries is being hidden to disguise free transfers of taxpayer money to major banks." Bold out each question only.
Geithner will never read it because he is probably illiterate as well as innumerate. Better to send it to all the financial media en-masse. Maybe twitter the link and use Facebook to get a public campaign going. ZH is a good start - but - just a start.
Winter,
I did try to boil it down to a lead question, but you're right, I'm not real happy about the number of sub-questions.
I guess I want to give all the talk of "transparency" and "dialogue" a chance to prove that it is more than lip service. Or disprove it once and for all.
I like the idea of including a conclusion in lieu of answers. thanks.
Geithner can't answer questions he doesn't understand.
Possible outcome:
Tim (furiously scratching his head): What the... How can... Umm... Wait a minute... This goes here and that... Where did he... Oh, COME ON!
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There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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