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Geithner Loses It After Bair Refuses To Yield Power To Fed
It seems the Secretary of the Treasury forgot to take his Xanax on Friday. The WSJ reports that "Timothy Geithner blasted top U.S. financial regulators in an
expletive-laced critique last Friday as frustration grows over the
Obama administration's faltering plan to overhaul U.S. financial
regulation." Presumably the source of Geithner's ire was Sheila Bair's (and probably Mary Schapiro's) unwillingness to yield power over to Bernanke.
Among those gathered in the Treasury conference room were Federal
Reserve Chairman Ben Bernanke, Securities and Exchange Commission
Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman
Sheila Bair.
Friday's roughly hourlong meeting was described as unusual, not only
because of Mr. Geithner's repeated use of obscenities, but because of
the aggressive posture he took with officials from federal agencies
generally considered independent of the White House. Mr. Geithner
reminded attendees that the administration and Congress set policy, not
the regulatory agencies.
If Geithner gets so worked up over a couple of powerless agencies giving up their turf to an already overlordish Federal Reserve, one can only imagine how JPM's SPY traders must dread any caller ID starting with 202 on one of those rare down days or why Wen Jiabao knows never to allow indirect interest in Tsy auctions to drop below 50% going forward.
On a more serious note, this begs the question: is the SecTsy finally losing it and why? Or, in a Machiavellian ploy of sinister brilliance, did Larry Summers orchestrate all of this by turning off CNBC access at the U.S. Treasury, in hopes of creating a brief but deadly Western standoff between his adversaries (all of them)? If nothing else, it would explain the cable station's increasingly declining viewership.
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Until we have true grassroots outrage, on a grand scale, nothing will change. How did Timmy the multiyear TAX CHEAT ever be allowed this position? We need a voter revolution, tell Congress what they must do, or they WILL lose their jobs. I sent this e-mail to friends today...
If we do not re-take our country back from the elite plutocracy, we may end up like the book 1984 ( George Orwell- a must read or re-read ). There is an on-going coup d’etat from within. We have to ignore labels like Democrat and Republican, and some leader needs to come up with a voter manifesto:
- No one in Congress is exempt from any laws they pass, they need to have the exact same health care plan as everyone else; their pensions have to be scrutinized, no advantages, etc. They must be subject to the laws they write. Their children should not be allowed in private schools, etc. They need to live in the country they create. Same for Executive branch.
- All “Czars” must be eliminated, now and forever. These czars have been given super-ordinary control, with no oversite- their creation is outside the Constitution.
- All bills must be posted on a federally created web-site 30 days ahead of any vote; an interactive map of each state should allow people easy access to contact each representative with feedback, once per registered voter.
- All bills going forward will not have “riders”, one topic if you please. Eliminating riders eliminates most pork barrel spending.
- Representatives must balance the budget, period. We cannot afford to increase the national debt. This will entail extraordinary painful, huge cuts to scores of things we now take for granted. Tough. Do it now; no more kicking the can down the road.
- We want on that same website where every bailout penny has gone; what the rationale was for each handout, per recipient; current status of the money; expectations of return, with timeline;etc. We want to monitor our trillions if you please.
- Every Congressperson needs to be audited by the IRS, every year. It’s just part of the job.
- The Fed must be audited, in order to get the information need on the bailout website.
- Serious consideration be given of eliminating the Fed ( which is NOT a government entity ). Why do these bankers have so much power? How can we allow TRILLIONS to be unaudited?
- Any other ideas?
There are a lot of existing blogs out there, once we come up with a complete Voter Manifesto. Maybe someone like Glenn Beck. We the citizens can take back this country tomorrow, if people become educated, non-apathetic, and let elected officials know they WILL lose their jobs starting in 2010 ( irrespective of party ) unless they follow the basic precepts of the Manifesto.
Yes, I am really pissed off.
Bravo.
Unfortunately things have to get ALOT WORSE (which they will , for the reasons this blogsite covers on a daily basis) before the masses get off their fat , lazy asses and do something to help themselves which will help society.
Its sad but true. Until the critical mass has in their mind nothing left to lose , they'll be the silent majority , grumbling to friends and family but going back to their miserable existences without so much as a whimper.
What is the tipping point? Losing cable tv? X-box? ability to gorge on food and drink whenever they so please? Cigarettes? Gasoline/car ? Losing ones job? Home? Family?
Its going to take ALOT of pain to get the much needed reaction unfortunately. But its never too late.
There's more righteous middle class anger out here in the hinterlands than many of you can comprehend. It is as yet unfocused. The middle class knows it's doomed. TARP I was the wake up call; its passage over well-known popular objection served as notice to "citizens" that their "elected representatives" don't really represent them. Socialized medicine guarantees that that genie won't be put back in the bottle.
What are the odds that the Social Democrats will stop their push to takeover what's left of the economy? The tipping point you seek will be crossed. The alternative is for this government to become fiscally responsible. See the inevitability?
Think nationally and act locally.
I don't know if many here saw the youtube clip of Dem congressman Lloydd Dogget being jeered out of a town hall meet at a shopping center in South Austin, TX. To me thats a sign that the middle class rage is palpable. For all the notions of Texas being a gun-totin right wing state, Austin is our version of Berkeley. It is a liberal haven. And when the constituents in this liberal haven boo the congress critter, the worm may have turned.
Watch the video closely, you see familes, moms with strollers, elderly. These are not the typical moonbat/code pink professional ragers. These are people that work, pay taxes and then go home at night. For them to come out and protest must mean the fear is motivating.
Would it be too much to ask that our elected brain trust in Congress should author the bills that they debate and vote on? I am sick of the lobbyists writing 1000+ page incomprehensible bills and our dumbass Congress trotting them out to the floor and passing them without reading them. It's quite obvious that they are just doing the bidding (so to speak) of whatever lobby group funnels the most money into their "re-election fund". Hell if we are going to have a bunch of high paid prostitutes running an endless shell game with money and legislation, I'd rather they all look like Ashley Du'pre.
Genuine public campaign finance reform. A general fund of contributions, completely transparent to the public, and distributed to representatives on a formula according to population.
Campaign finance reform -- 100% transparency, general fund with distribution based on population.
I would like to think that a man in a leadership position such as Secretary of the Treasury would be more reticent by exercising self-control. This reflects poorly upon the Obama administration, ergo I don't expect Mr. Geithner to last much longer.
Is Geithner some kind of a crazy homo?
http://www.youtube.com/watch?v=MrTsuvykUZk
Those in attendance describe his reaction!!!
Waste of my time youtube link.
Can we keep the links relevant please?
What is relevant anymore? I am presently in at Coping with Disbelief Rehab!
+1
Tiny Tim, Bernankie, Rubin & Summers, the GS grads committee, who have screwed this nation, should never have been selected as Obama's economic advisors. They created this mess and now the US is in very big trouble. Obama lacks the courage to do what's right by abolishing the FFed and rebuild how this country manages money. Ditto on healthcare. He had a chance to make real change happen in the first month of his administration but he punted and now we will pay the price. Very sad to see.
As for Geither, he always is looking up but that's appropriate for the low dog in the pack.
Timmy is like O'Douls: looks like beer, tastes sorta like beer, but he's got no kick. Useless.
Geithner is an idiot. Larry Summers is an idiot. I can't believe WTF Obama is doing.
After the biggest financial collapse and the biggest transfer of wealth from taxpayers to Wall Street, these people continue to operate like nothing happened..They continue to be intimidated by the likes of Goldman Sachs and believe any BS they are fed
Geithner is a weak personality. He doesn't have the guts to do anything important. He would look at Llyod Blankfein and pee in his pants
That would be a best-case scenario... HandyWipes, anyone?
What the press did not print was that Timmy "Eraser Head" Geithner entered the room covered in blood up to his elbows, holding a claw hammer in his left hand, and a dead economy in the right. He started screaming, "Do you want some of this you f&*ks!?!? Huh? You want some of this!?!?"
Geithner's handlers came into the room and removed the dead economy and claw hammer from his hands. One whispered to him, "We don't talk about killing the economy sir."
Lloyd (Hide the Bling) Blankfein: sounds like the bar scene in "Goodfellas" when Jimmy's reading the riot act to Frenchy about the wife's fur coat so close after the heist..this one could be called "Goldfellas"..now about TimGuy's trying to fit four great regulators into one pair of short pants...no shot..they'll be going down on the good ship HFT
This just in Tim Geithner is offering his home for sale as a short sale.
I always get angry when I am afraid and can think of no other response cursing just makes me feel better.
Who is the Sith Overlord?