Geithner: "Fed Audit Would Be Problematic For The Country"
It is the esteemed Treasury Secretary's opinion, that anything that has to do with demystifying why the Fed is hell bent on destroying the US dollar, killing the middle class, and allowing Lloyd Blankfein to purchase Larry Ellison's yacht collection, is squarely in the "problematic for the country" camp. Never mind that more than half the country (in fact almost two-thirds) have indirectly voiced their support for HR 1207. But at least it is good to know where Geithner's allegiances lie, and even better to see how good at totally perverting facts (not just taxes) the SecTres is.
And the punchline: "The true test of the Fed is the market." Is there a way to give Mr. Geithner an economics test because it seems he might have graduated with a biz-econ degree from Devry.
(27 votes)
on Tue, 08/25/2009 - 14:38
#47799
You know what's problematic for Tim? The truth.
on Tue, 08/25/2009 - 15:50
#47992
I don't worry about Geithner, Bernanke, and their ilk. At some point, some point the hicks they laugh at will start lynching them.
on Tue, 08/25/2009 - 16:02
#48015
independent of politics-RIGHT...
-BUT what about being independent of Goldman ?
on Tue, 08/25/2009 - 16:56
#48085
Absolutely...I mean there are some people who like to do their audits with torches and pitchforks.
on Wed, 08/26/2009 - 00:15
#48475
This scares me, the situation has been bad and extraordinary measures have been taken for all of our well being. This needs to be handled outside of the spotlight.
on Wed, 08/26/2009 - 05:13
#48535
Don't be selfish. You might want to punish Geithner and Bernanke in private. But why should you have all the fun. The public is entitled to share.
on Wed, 08/26/2009 - 12:46
#48882
just poison that rat fink
on Fri, 11/20/2009 - 15:29
#137749
Apparently both Geithner and Bernanke earned their degree in Zimbabwe economics school.
on Tue, 08/25/2009 - 17:05
#48097
I really, really hope so. I'll be in line to throw of few stones at the rotting corpse of this ass-clown and his douchebag buddies.
on Wed, 08/26/2009 - 08:43
#48613
And after that the mob will come for the jews, blacks, gays, and anyone else that the corporate media convinces them are responsible for their own short-sighted stupidity.
on Wed, 08/26/2009 - 10:28
#48727
When Geithner, Kohn, Bernanke, and Paulson started lying and arguably breaking the law to give handouts to rich bondholders, they took on the risk of being punished as lawbreakers by politicians, vigilantes, or otherwise.
They arguably acted like Oliver North conducting illegal wars, and G Gordon Liddy conducting illegal campaign operations. If that is what they did, then they need to be punished by judge, jury, and prosecutor. If they didn't want to be tried and prosecuted, or risk vigilante justice, they should have thought about that before arguably breaking the law to give handouts to rich bondholders.
on Sun, 11/01/2009 - 16:56
#116791
awesome
on Tue, 08/25/2009 - 19:01
#48218
The degree was Fiz Head from DeVry.
on Tue, 08/25/2009 - 19:57
#48267
I thought he was a GSU alum.
on Tue, 08/25/2009 - 19:58
#48268
I thought he graduated from GSU.
on Tue, 08/25/2009 - 20:10
#48276
This fucker is pathological. I knew somebody who made national headlines for a weird, non-violent crime back in the early 2000's who spoke just like Geithner does in this piece. Why is that relevant? That fucker was a pathological lier too! (BTW - that person remains in prison to this day)
I can guarantee you that if the interviewer was screaming these questions in Timmy's face, he'd respond the same way. "That's completely understandable...That's a logical question from the American people..." If you've ever had the opportunity to witness anyone who you absolutely KNOW is lying and watch/hear them answer questions like this, it is eerily similar.
I would love to see the slowed down, high-speed video version of this questioning and see the look(s) on Geithner's face as he's speaking. That would be priceless. Anybody recall Kato Cailin's facial expressions from the O.J. testimony when shown at slow speed/paused?
The beautiful thing about all of this is that people are waking up. They realize the wool has slowly been pulled over their eyes for decades and the Manchurian candidate has moved so quickly that it has startled them from their comfortable semi-slumber. The back-pedaled at first not really believing what they were seeing. They then tried to organize a bit and speak out in groups. Now they're starting to speak up on their own and let everybody know how they feel. That number is growing and growing. Probably in some sort of relation to the increasing gun sales across the country. As other commenters have mentioned, it is an odd feeling to watch the pre-revolution organize.
Many of us, being logical, rational and relatively up-standing individuals are looking forward and planning on how we can contribute to stop this mess. 2010 is the next stop for most of us. We think that by casting our vote in a different direction, we can stem the effects that all that has been initiated. From there, we think 2012 will be the time to wipe the slate clean and 'start fresh'.
Problem is...that's all playing by the rules.
Who's playing by the rules in Washington? Wall St?
I hate to say it folks, but my gut tells me things are going to get ugly. This administration will do all it can to try and move as quickly as possible to get their way. What happens the next time they act counter to what the American people want (i.e: Healthcare)? When that happens, things could very quickly spiral downward and out of control. We'll rapidly discover what it felt like during the previous darkest times in our worlds history.
It is the very last thing I want. I like living in the Matrix! I hope the answer is that we act decisively in 2010 and 2012 and gain some sense of 'normalcy' again. I just fear it's not going to be that simple and/or easy. I fear the 'Tree of Liberty' will be needing to be refreshed...
The fucked up thing is that I really don't think I'm crazy! If things do go down bad, believe me, I, my family, my acquaintances and relatives are prepared. Just some good old fashioned CYA. I hope you're all doing the same.
Time to go watch Red Dawn...
on Tue, 08/25/2009 - 21:40
#48361
My wife was friends with a pathological liar until the lies were mentioned and confronted. I've never seen anyone fight so hard to maintain their false reality. It's always someone else's fault and they will never admit or apologize for being wrong. To expose the fantasy they live in is to destroy their world and they will lie, cheat, steal to maintain it -- and vindicate and convince themselves that it's the right thing to do.
I don't know if Geithner is that way, but God help us if ANYONE in power is.
on Wed, 08/26/2009 - 01:54
#48514
My God man! It's prerequisite!
on Wed, 08/26/2009 - 06:39
#48549
The problem with your 2010 and 2012 thesis is that there is nobody to vote for. A viable third party would be the only solution, but the power brokers in both currently bought and paid for parties won't allow that.
on Wed, 08/26/2009 - 03:39
#48524
Apocalypse Now-
They just need a new slogan, and perhaps Vegas is appropriate:
What happens in the Fed, stays in the Fed.
on Tue, 08/25/2009 - 14:38
#47800
Giethner ~ I too am captured do not look at me for change.
on Tue, 08/25/2009 - 14:38
#47801
Why you hatin' on Devry like that?
on Tue, 08/25/2009 - 14:40
#47804
I believe he went to ITT Technical Institute, but who cares.
on Tue, 08/25/2009 - 19:34
#47887
he issue is: When will file the second coming bankruptcy petition? Now that no lenders dare to loan
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
on Tue, 08/25/2009 - 14:41
#47806
This POS will be strung up along with the rest.
on Tue, 08/25/2009 - 14:42
#47807
Poltical independence. Poltical independence. Poltical independence. Poltical independence. Poltical independence.
on Tue, 08/25/2009 - 15:29
#47935
Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.
on Tue, 08/25/2009 - 14:42
#47809
Off Topic:
Zero Hedge has one the First Ammendment award for best blog.....
on Tue, 08/25/2009 - 15:06
#47863
One? wtf?
on Tue, 08/25/2009 - 15:24
#47924
ROTFLMAO; i cant stop laughing + trillion
on Wed, 08/26/2009 - 05:54
#48545
'Idiocracy' is in effect.
on Tue, 08/25/2009 - 14:42
#47810
He didn't mean to say that out loud. He was actually thinking about if HE ever got audited more extensively than previously. That might be problematic.
on Tue, 08/25/2009 - 14:46
#47819
He was thinking that a Fed audit would be problematic for the Fed!
on Tue, 08/25/2009 - 15:32
#47943
Oh my Gawd... So you are accusing the private FED of not paying its corporate taxes either?? Oh... My... Gawd...
on Tue, 08/25/2009 - 18:33
#48190
oh...my...gawd, love you anony!
on Tue, 08/25/2009 - 14:43
#47811
Geithner looks kinda Vulcan in that first frame... until he opens his mind via his mouth, that is.
on Tue, 08/25/2009 - 15:45
#47979
Acutally, he looks more like a Romulan. A conniving, pointy-eared, belligerant troll.
Who wants to bet that the Admin will pull exec. privilege on this and save Goldman,Geithner and Bernanke
on Wed, 08/26/2009 - 01:23
#48509
hahahahahaha, i LOVED THIS POST.
I agree, exec. priviledge will save them.
on Wed, 08/26/2009 - 01:31
#48511
Who can save anyone if they are being accused of treason?
Paulson/Bernake/Geithner all claim that what they did was to protect our republic, but, clearly, conflicts of interest were acted upon, and companies were given money verses allowing them to fail, and this appears to be the definition of breech of their fiduciary obligation to the people of the United States.
on Tue, 08/25/2009 - 14:44
#47813
"You want to keep politics out of monetary policy", that's odd, with Goldman donating $999,000 to the Obama campaign, with the bait and switch played on congress by former Treasury secretary, with Tim being Bernankes "man in the house", how is politics NOT in monetary policy?
on Tue, 08/25/2009 - 14:45
#47816
He clearly dodged the tax fraud question by scapegoating congress' consideration of his appointment -- what a slimeball. Also, his extolling of Goldmanites is clearly nepotistic, which means his reference to them as "statesmen" is inherently a whole lot of nonsense. It's time to purge the system of the corrupt and restore the constitution!
on Wed, 08/26/2009 - 02:08
#48518
With repect to leaving IR too low - "everybody did it".
And yes - complete f****** messes are "complicated" Tim
Tools? What kinda tool you lookin for now, boy? Would something nuclear satisfy your puerile sadistic little urges?
BOLLOCKS!
on Tue, 08/25/2009 - 14:45
#47817
Are you sure he is actually graduated? A Devry dropout more likely...
on Tue, 08/25/2009 - 15:41
#47965
Yeah but he also had all those credits from the University of Phoenix though.
on Tue, 08/25/2009 - 14:45
#47818
Geithner: "Fed Audit Would Be Problematic For The Country CLUBERS at GS's Pitch and Putt"
on Tue, 08/25/2009 - 14:46
#47820
This moron does not represent the American people but only Wall St. bankers and in particular Goldman Sachs! He needs to be run out office by the public as soon as possible!! Stop the insanity!!!
on Tue, 08/25/2009 - 16:42
#48067
Hopefully by this time next year, the lynchings will be in full swing. I still can't believe that I'm witnessing pre - revolutionary conditions being built in this country.
on Tue, 08/25/2009 - 16:59
#48090
Not likely. He's still there. Evidently, the weakness of The American public has been exposed. Just look at the astroturf protests at the town hall meetings regarding health care.
Yes, corporations paid them to protest at the meetings and the morons don't even realize it.
on Tue, 08/25/2009 - 14:46
#47821
This interview would have been better if conducted in a room with 200 Chinese students punctuating some of Mr. Geithner's more salient points with outbursts of laughter.
on Tue, 08/25/2009 - 15:21
#47915
Oh, that's good. That WAS hilarious.
on Tue, 08/25/2009 - 18:32
#48189
Someone should obtain the video and add a laugh track.
on Tue, 08/25/2009 - 14:47
#47822
I bet they would suck all the liquidity from the system and crash the world if HR 1207 gets enacted. Look at the issue of draining 550 billion in TWO HOURS in Sep. '08. I promise you they WILL do it again do save their own skin; and POTUS will call them back to sort out the mess. This is a dangerous game being played. Although a little pain ( rampant 2 yr depression and possibly war ) is , in my book, a good price to pay if we want to see FED audited and finally abolished.
on Tue, 08/25/2009 - 14:52
#47837
Speaking of war, how about Russian built missiles for India to sink Chinese built boats for Pakistan:
http://en.wikipedia.org/wiki/BrahMos
http://en.wikipedia.org/wiki/F-22P
on Tue, 08/25/2009 - 14:59
#47847
ditto; im actually extremely worried about that; there is a silent war going on in Pakistan; and remember both of those countries are crazy enough to go ape-shit insane with nukes and blow a new asshole on the face of the Earth. Also, there is a possibility that the Taliban's nuke one of the major US cities in retaliation. Its pretty wild there and i don't see any exit strategy being structured to bring, if not peace, then a treaty to the region. And there is the question of Israels ultimatum when it comes to Iran. If only one bullet flies there; Russia will nuke Israel out of existence via proxies ( Lebanon, Syria ).
on Tue, 08/25/2009 - 15:13
#47860
Nukes are where it would end, but conventional means are where it would start. That BrahMos is the among the first cruise missiles in the world with a ramjet. It's enough to give the Indians balls of steel since nothing in Pakistan's arsenal could stop it. As the article notes the Indians are testing this missile specifically to hit small targets in dense urban areas.
on Tue, 08/25/2009 - 15:28
#47916
you are correct; the type of warfare would be a mix of urban guerrilla/hard terrain/old style strategic ( something like a mix of Baghdad, Afghanistan ). And I'm not so much worried about Ind/Pak conflict as I'm worried about Israelis; they are using the same bullshit tactics like G.Bush in 02 when preparations for Iraq INVASION were underway. That's the hot spot of the globe IMHO.
EDIT: nice to see you I Heart Goldies; you fuckin asshole.
on Tue, 08/25/2009 - 15:32
#47940
Sustained high-intensity conflict is problematic. The damned weapons are too expensive, and troops take too long to be trained to use them. We have proven in Iraq that the world's most capable military is not capable of subduing an area the size of Texas when a large portion of the population doesn't want them there and has access to small arms and explosives.
Massed troop concentrations are little more than targets.
on Tue, 08/25/2009 - 15:45
#47978
i usually agree with you; but not this time; it is not a question of incapability; but deliberate prolongation; they are waiting for Afghanistan to be secured completely. If you know someone from the military or from the intelligence community ask them why was the war in Iraq prolonged for so long, and why is Afghanistan probably, the most important geo-political location on the face of the planet Earth. I don't feel comfortable to write about that here; but the reasons are; lets say; interesting. Oh, and the war with Iran also fits perfectly in the picture painted above.
on Tue, 08/25/2009 - 15:51
#47994
"I don't feel comfortable to write about that here; but the reasons are; lets say; interesting."
Do you have any links to any stories along the lines of what you're discussing?
Some of us live in the middle of nowhere and don't get access to the kind of people that you do...
on Tue, 08/25/2009 - 15:53
#48000
Stratfor has had speculation about Afganistan, Iran, etc.
on Tue, 08/25/2009 - 15:57
#48008
would be more than glad to link the articles to you; but unfortunately there are none; except for those from the people you would not trust; but REAL consequences of both the Iraq war and the conflict in Afghanistan will be fully visible in some 20-30 yrs. Sooner if Israel and Iran go to war.
on Tue, 08/25/2009 - 16:01
#48013
I think the neocons and neolibs will be lynched before they stir up that much trouble.
on Tue, 08/25/2009 - 16:10
#48020
actually, it really has nothing to do with them anymore. Oh, and the consequences should be good; actually they should secure the Empire and enslave the rest. It really could be one of the greatest strategic and tactical plays in the history of mankind; something in the tune of Alexander the Great or Caesar. And no, I'm really not kidding.
on Tue, 08/25/2009 - 16:38
#48057
That is true. The only question is whether it will succeed or fail. You know what would happen should it fail. The empire will be reduced to a regional power in NA. The speculation of war against Iran appears to be only a bargaining ploy.
on Tue, 08/25/2009 - 16:47
#48072
If the US is involved the "great strategic plan" this will fail as soon it is supposed to be implemented. Besides sitting through the implosion of the Warzaw pact, where has ingeneous US strategy in the last decades stabilized anything? Grenada. Okay, that one, yes.
on Tue, 08/25/2009 - 16:50
#48075
you don't get it; do you; its already put in action. but ill stop here i have no intention to discuss this matter with someone who only sees 2 yrs into the future.
on Tue, 08/25/2009 - 17:08
#48101
LOL - how can we discuss if you don't provide any insight besides secret grand schemes and arm waiving? Feel free to send me some of the stuff you're smoking.
on Tue, 08/25/2009 - 17:15
#48109
who said i want to discuss anything ?
on Tue, 08/25/2009 - 19:22
#48237
Well, if you find anything worthwhile at some point, please send it my way.
All the best,
on Tue, 08/25/2009 - 17:27
#48119
Afghanistan is one of the two countries on Earth that border both China and Iran. It's about oil pipelines.
The other is, of course, Pakistan.
on Tue, 08/25/2009 - 23:05
#48427
and of course you can only get that pipeline to the sea via Pak or Iran! Those limey brits who drew those maps didnt foresee Iran no longer being a puppet. They were pretty smart with Kuwait though...nice to see how that 'country' is carved right out of Iraq's access to the gulf
on Tue, 08/25/2009 - 15:47
#47986
I thought it was pretty funny that Bush lost two wars in two years to two countries that had no fucking armies.
on Tue, 08/25/2009 - 22:43
#48414
Seems to me that the U.S. defeated the states of Afghanistan and Iraq pretty easily. Then in each case, it got bogged down in separate wars against jihadists that had relatively little connection with the countries in which they waged war.
on Tue, 08/25/2009 - 16:51
#48077
The fact of the matter, in Iraq, The U.S. Military is not allowed to do the job properly. Being constrained by politicians and the fantasy of civilized "Rules of War".
Of course, Bush (the military idiot) did not even bother to follow his own war plan. Seems he left a heavy division somewhere in The Med. That, and the militant neo-cons never followed the original plan laid out by The Pentagon in the 1990's. i.e. 650,000 troops.
Iraq, indeed, any war can be won. It is the measure of brutality and fear you are willing to inflict upon your enemy in targeted and coldly calculated fashion.
Of course, we should have never been there in the first place. At one time, 50% of the nation believed that it was Saddam Hussein you was REALLY responsible for 9/11.
Iraq II is not meant to be won. Oil, and destabilization, are the names of the game.
on Wed, 08/26/2009 - 15:02
#49040
real war isn't polite like these war profiteering 'conflicts' of recent memory
you would see way more results if the shit hit the fan and we had to really turn it on
on Tue, 08/25/2009 - 15:56
#48006
The Iranians have accurate medium range missile. They could destroy Dimona which would spread radiactivity over much of Israel. They have recently threatened to do just that.
That has restrained some of the more warlike Israelis, to some extent.
on Tue, 08/25/2009 - 15:07
#47871
Hey Cheeky,
What makes you say Russia would nuke Israel out of
its existence should Israel bombs Iran?
on Tue, 08/25/2009 - 15:40
#47964
historical connotations and present geo-political strengthening and positioning; but i said via proxies not directly; think about it like the situation in Afghanistan in the 80s, but with Nukes and grade-A missiles and all other neat stuff.
on Wed, 08/26/2009 - 01:20
#48507
Any insight into why Iran gave up their plan on settling oil in Euros?
on Tue, 08/25/2009 - 16:22
#48038
didn't Israel have defense contracts with Georgia?
"Nor did the Russians fail to notice. "Israel armed the Georgian army," grumbled General Anatoly Nogovitsyn, deputy chief of staff of the Russian military"
on Tue, 08/25/2009 - 16:56
#48086
Israel is playing all sides. Sibel Edmonds, anyone?
on Tue, 08/25/2009 - 15:28
#47931
Under normal circumstances people would care about wind patterns but i guess that's out the window down there.
on Tue, 08/25/2009 - 16:53
#48080
I don't know if I agree with that premise... with the Palestinians interwoven so closely into Israel's geography I think they would have to stick with the standard SCUDS... to much collateral damage... but yet again if they used the nukes then Hillary could cross that entire region off her 'to do list'... and move onto the other unsolvable problems in Iraq, Afghanistan, and Pakistan. But I do agree that something 'bad' is going to happen in that region in the next year... it is like a silent tinderbox.
on Tue, 08/25/2009 - 15:10
#47885
The supersonic cruise missiles (Brahmos, Onyx, Sunburn, etc) are probably the most important tactical innovation of the past 50 years. I guess we will find out during the next war. But hopefully not, and we recall these corrupt politicans before they start another war.
on Tue, 08/25/2009 - 16:07
#48025
I would disagre. The very accurate 'Iskander' type medium and now Chinese long range non nuclear ICBMs have changed the game considerably. There is no useful defense. The cruise missiles are much easier to destroy.
American carrier groups may be obsolete if the Chinese stuff pans out and it probably will. The Iskander is a big part of why there will be no missile shield in Poland. It is so accurate the radars and missiles involved would be gone very quickly when they decided to do so.
Any type of concentration at all is vulnerable.
on Tue, 08/25/2009 - 21:59
#48384
It is said sunburn will render Us navy obsolete. It will be interesting to see if that assertion is true.
on Wed, 08/26/2009 - 00:18
#48478
here is a nice write-up that agrees with you on that:
http://www.rense.com/general59/theSunburniransawesome.htm
on Tue, 08/25/2009 - 15:30
#47939
Fortunately, enough people are on to the game, that those evil tactics are not going to work for them...their gig is up.
But, there is a power vacuum which will hamper the process of abolishing the privately held Federal Reserve, and one big part of it, is the shills of the Fed saying that without them, we will have "socialism"...so careful articulation and constantly combating this lie, is essential.
Just like paulson and bernake used the idea that we would never want to "socialize" our banks in the fall to throw people off of the fact that these toobigtofail entities were indeed failed!!! and accomplish the world's biggest bank heist, a careful articulation of the difference between a massive unregulated/allpowerful/sacrosanct/monopolistic cartel/ and a capitalistic system with true competition is not socialism.
on Tue, 08/25/2009 - 16:04
#47969
`Look at the issue of draining 550 billion in TWO HOURS in Sep. '08` - I didn`t know that. thanks for mentioning it CB, and here is a link for others who might be interested:
http://www.zerohedge.com/article/how-world-almost-came-end-2pm-september-18
Can anyone shed any light on WHO it was that withdrew this money??????? This seems like a huge piece of the puzzle and I can find no answers on the net...
on Tue, 08/25/2009 - 16:07
#48026
No one ( meaning the majority ) has any clue; i would place my bet on the FED and ECB.
on Tue, 08/25/2009 - 16:23
#48039
I remember Max Keiser going on about Paulson being a part time arsonist, full time fire fighter.. Fire Chief I guess.
on Tue, 08/25/2009 - 21:25
#48340
Second that. I use to have a link to an article questioning The Fed's actions in removing (liquidity?) but made no mention to reason, basically asking the "Why". Then it gave the dates in question and they were close to "the day the world almost came to an end". I'll keep looking for the link and post if I find it.
on Wed, 08/26/2009 - 00:25
#48480
That sounds like one that Karl Denninger wrote. He was talking about the markets crashing 3 days after the liquidity was removed. I couldn't find the link on his blog unfortunately.
on Tue, 08/25/2009 - 16:09
#48029
Money market funds withdrawing cash they lent to banks on repos.
on Tue, 08/25/2009 - 17:00
#48091
Geithner in particular is a virulent parasite tightly latched onto our world, a suppurating syncophant for the oligarchs whose feet and toenails he cleans nightly with his forked tongue just before removing his Sim suit and relaxing in his pool of primordial ooze like all good Reptilikons. They're such scum. Half the galaxy despises them.
That's what Robert Plant says anyway - I'm too busy playing my Les Paul Custom. Now bugger off, you colonists.
on Tue, 08/25/2009 - 18:04
#48159
They will have to drain liquidity this fall.
Make no mistake, it will have to be done. The scripts have already been written and delivered to news agencies across the world. They have it on their shelves and the headlines will appear within minutes to "educate" the public about the fact that the stock market was simply overbought. Nevermind severe underlying liquidity problems which are the root of all problems.
Some idiot flagged your post as junk by the way.
on Tue, 08/25/2009 - 18:30
#48187
Technically, the congress and/or president could restore it by creating US currency.
on Wed, 08/26/2009 - 04:11
#48528
Hey CB. Do you remember what day that event occured?
on Wed, 08/26/2009 - 04:31
#48530
"On Thursday Sept 15, 2008 at roughly 11 AM"
Irrational runs on money market mutual funds began. For the week ending on Wednesday September 17, 2008, investors redeemed $145 billion from their money market mutual funds. On Thursday September 18, 2008, institutional money managers sought to redeem another $500 billion, but Secretary Paulson intervened directly with these managers to dissuade them from demanding redemptions. Nevertheless, investors still redeemed another $105 billion. If the federal government were not to act decisively to check this incipient panic, the results for the entire U.S. economy would be disastrous
http://www.youtube.com/watch?v=Sxz6gYIiFHc
on Wed, 08/26/2009 - 05:54
#48546
Ok. I got a funny feeling about that event. I'm going to do some progressions on that chart and stare really hard into the abyss until the bitch blinks. It just wreaks of cover story to me.
http://www.portfolio.com/views/blogs/market-movers/2009/02/11/kanjorski-...
on Tue, 08/25/2009 - 14:47
#47823
Fuck him - audit the god dam institution. Stop the distraction, red herrings and straw man arguments. I am not an idiot. Stop raping me and audit the fucking place already.
on Tue, 08/25/2009 - 15:15
#47899
+100! what he said
on Tue, 08/25/2009 - 15:16
#47902
A-fawkin'-men....
Is it me or is Timmy G. the kind a person you just look at and prejudge by thinking to yourself, "Yeah this guy's a sleezeball."
Then he opens his mouth and you say, "See. I told you."
on Tue, 08/25/2009 - 15:26
#47926
Timmay probably got t-bagged in every college party he went to.
on Tue, 08/25/2009 - 17:24
#48115
he's still getting t-bagged today, only now its his Goldman buddies doing the bagging
on Tue, 08/25/2009 - 17:45
#48132
While I certainly don't disagree with your assertion, it does rest on the highly improbably assumption that he actually got invited to parties.
on Tue, 08/25/2009 - 18:00
#48154
It wouldn't be the first time one of Obama's staff got t-bagged (remember Reggie Love as a Duke B-ball player passing out at a UNC Frat).
on Wed, 08/26/2009 - 04:12
#48529
Gotta learn to juggle balls to work for the FED.
on Tue, 08/25/2009 - 15:30
#47938
Yes. Yes. YES.
on Tue, 08/25/2009 - 14:47
#47824
I love every one of these smug little assholes I really do. Let me rephrase Tims first answer.
Money is very complicated, and if we told you how we did it, you would all die from a brain explosion due to your lack of intellectual capacity to understand it's true meaning. We are here to protect you, and ingnorance is bliss.
on Tue, 08/25/2009 - 15:12
#47888
haha brain explosion... These people are irritating... I say we send Tim Geithner and Kissinger back to Asia to some remote island where they can't do any damage to the world.
on Tue, 08/25/2009 - 19:05
#48227
u mean this island?
http://www.youtube.com/watch?v=MC5eLLEhLvs&feature=related
maybe they can stay here:
http://www.thebrando.com/
on Tue, 08/25/2009 - 19:06
#48228
He's yours, not ours. Hasn't your lot done enough already sending us Britney Spears and CDO's? (Baywatch was okay, though.) Please wash your own dirty laundry and don't spoil our nice little island.
on Wed, 08/26/2009 - 14:51
#49027
Brittany's back - where you've been>?
on Tue, 08/25/2009 - 14:47
#47825
The whole argument he makes has no merit. "We obviously can't have politicians making decisions ragarding our money." Yet he does not explain why the non-politicians are the better option.
Its sort of like the "well we can't have bums off the street run this company...but my friend Steve does a great job! Nevermind the abyss you are staring at."
on Tue, 08/25/2009 - 15:23
#47922
You just misunderstood. we can have congress and the sanate getting in the way of profits ensured by the tax payer and socialized losses. If we did how could lloyed afford to continue his camoaign contributions
on Tue, 08/25/2009 - 15:48
#47987
The whole argument he makes has no merit. "We obviously can't have politicians making decisions ragarding our money."
Yeah. Instead "We'll have crony bankers picked by the politicians make these decisions."
on Wed, 08/26/2009 - 14:58
#49037
that's the point Timmy; there is no reason it is complicated EXCEPT to rob the people. Let it blow up - it would be good to go back to a barter system and let these weasels starve for a few generations
I'l use my pool to breed catfish and use my half acre for apples, corn etc
on Tue, 08/25/2009 - 16:39
#48062
Every time Timmay comes up with this BS someone should roll up the consitution and force it up Timmay's ass until it sinks in his dumb head that monetary policy is actually Congress' business.
on Tue, 08/25/2009 - 17:50
#48139
Here here!
Although, since I'm a Canadian, my constitutional document of choice would be the Charter. But fear not, it was sufficiently long that I chose to only skim it during my time in law school, so it should do the job just fine.
on Tue, 08/25/2009 - 18:21
#48182
Ya. We can't have people having input into the creative process that they are a part of. That would be utterly insane and non dictatorial. Come on.
on Tue, 08/25/2009 - 14:47
#47826
Clearly the conversation is a misdirection play.
Just look at the photo, no volume.
If you look at sectres position, Giethner is obviously dreaming that he had been a part of those glorious times of Camalot. He is giving his best impersonation of a Kennedy (quarterback) awaiting the snap from center. No doubt talking about the good ole days when JFK and the gang would play a quick game of tag football. Knock down a few drinks and drive off a bridge.
Seems fairly obvious to me.
on Tue, 08/25/2009 - 14:56
#47843
In the photo he was doing the disappearing coin trick to explain his point. Ahh, if only we were as smart and good looking as Tim.
on Tue, 08/25/2009 - 14:48
#47827
Tammy was spotted at an Arlington, VA Safeway earlier today with a basket full of Depends
on Tue, 08/25/2009 - 14:50
#47828
I think you know this works ... I am merelya prop in this exercise ...
So am I ... should have been
Geithner's follow up
edited.
on Tue, 08/25/2009 - 14:48
#47829
All the more reason to go forward with the audit, methinks.
on Tue, 08/25/2009 - 14:48
#47830
God I can't stand this liar and idiot. The worst Sec. of Treasury ever!
on Tue, 08/25/2009 - 19:34
#47882
I knwo what you mean.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
on Tue, 08/25/2009 - 18:53
#48207
You mean after that sniveling GS mole Hank Paulson, right? Where's that $13 billion of AIG money? Pay that back, GS. Fuckers.
on Tue, 08/25/2009 - 14:50
#47833
The dude is hiding the bezzle!
on Tue, 08/25/2009 - 14:50
#47836
Incoming Geithner tantrum.
on Tue, 08/25/2009 - 14:54
#47838
What's the big deal about an audit anyway? Does anyone think it would be any more honest than any other Congressional "investigation"?
Besides, the Fed keeps us pretty well informed about how they rip us off -- it's right there on their website.
I think this campaign is a red herring. An audit won't change a thing. The public outrage would be better directed towards ending the Fed and getting rid of the legal tender laws and capital gains taxes that prevent the free circulation of gold and silver.
on Tue, 08/25/2009 - 14:54
#47839
He actually graduated from Hollywood Upstairs College of Finance - and funny, so did Greenspan.
on Tue, 08/25/2009 - 14:54
#47840
The "Deeply honorable men." line...
makes me want to puke.
on Tue, 08/25/2009 - 16:05
#48022
No doubt; sycophants generally subscribe to the school of odiousness.
on Tue, 08/25/2009 - 17:46
#48131
If I pat myself on the back enough times the American people will come around to liking us. I just know it.
Breaking: Ben Bernanke is awesome.
Hehe, that should do it. Now where is the confetti?
on Tue, 08/25/2009 - 14:56
#47841
He's a Moron. What's left to destroy after what has happened.
on Tue, 08/25/2009 - 18:38
#48195
...all of us, our lives our property and every hope we have to maintain the chance of regaining our hard won republic and liberty.
on Tue, 08/25/2009 - 14:58
#47844
(timmy with a thought bubble) Upon his re-appointment, Ben bought my house. That's why.
on Tue, 08/25/2009 - 14:58
#47845
"Is there a way to give Mr. Geithner an economics test because it seems he might have graduated with a biz-econ degree from Devry."
I just crushed the Level I CFA exam after taking a prep class at Devry. Excellent instructors.
on Tue, 08/25/2009 - 15:08
#47879
i think you just confirmed TD's point about devry.
on Tue, 08/25/2009 - 16:32
#48051
I think the comment about Timmy attending DeVry is insulting to DeVry...
After all, not everyone can go to Harvard. My brother went to DeVry for computers and he received a great education IMO. They taught things that were actually applicable as opposed to theory. Even his 'electives', such as finance and accounting, are highly useful regardless of the major. Upon graduation in 2001, he had several offers and was able to find a job without any problem.
On the flip side... I attended a prestigious college. I had many friends that could tell you all the theory, but no application. Many of them were also highly indebted upon graduation and were unable (or had extreme difficulty) to find work.
The bottom line is this: the school doesn't make the person. What the person does with the education is most important. Being from a poor area, I grew up with many smart people that chose their college based on the scholarship. I saw many similar situations in the military.
Ok... I'll get off my soapbox. I just feel bad when people arrogantly make fun of Tier 4 schools.
on Tue, 08/25/2009 - 19:01
#48220
You are correct, sir. The "tier" of the school does not matter in the long run, and not all that much in the short run either.
on Tue, 08/25/2009 - 14:58
#47846
Who invented the thumb pointing thing? Clinton? Damn...that's annoying. I think it is taught in white house tv does/don't 101.
Geithner is a dorky little puppet who sucks on Blankfein's junk.
on Tue, 08/25/2009 - 15:34
#47949
What's next "NO,NO,NO,NO,NO,NO !!!"-WJC ?
Gots ta be sportin' a tomata red face too.
on Tue, 08/25/2009 - 15:46
#47982
Clinton and/or his political handlers came up with the thumb-point. Focus groups proved that pointing a finger was perceived as aggressive, and garnered a negative reaction. The thumb-point, however, was seen a authoritative but not overly aggressive, suggesting that the speaker was strong and knowledgeable. The world of political science was giddy over this masterstroke.
Lost in all this tawdry economic news is the sad degree to which tactics-obsessed political consultants have begun to drive policy decisions in the era of the permanent campaign. Maybe after we abolish the fed we can do something about that...
on Tue, 08/25/2009 - 15:52
#47998
Plus his index finger always smelled like fish anyways.
(sorry. couldn't resist)
on Tue, 08/25/2009 - 15:00
#47849
psycho-banker Timmay!
We trust you bro!
on Tue, 08/25/2009 - 15:00
#47850
I can literally throw Geithner farther than I trust him...
...and obviously an audit is a good idea in the long run.
However, IMO, if the entire world knew tomorrow what the Fed has been up to, and we achieved complete, honest transparency, the dollar's value would get cut by 50% by lunch time...maybe worse...
We might have a rather ugly scenario, at least temporarily.
on Tue, 08/25/2009 - 15:01
#47852
And the punchline: "The true test of the Fed is the market." Is there a way to give Mr. Geithner an economics test because it seems he might have graduated with a biz-econ degree from Devry.
That line is the best of the day. And that benchmark is high. Greatest insult to a douchebag like timmy is to suggest that he is not a proper member of the "club".
on Tue, 08/25/2009 - 15:12
#47893
It's not what you know but who you blow...er..who you dough...um...who you know.
Yeah, that's the ticket.
Like someone said, it's all a distraction. Even if the Fed is audited, who's to say the "audit team" isn't shown a second set of books or they take the lead from Nancy Reagan and just say no.
Make me!
When in the presence of the magician, don't watch the hand that's waving around, watch the hand in the pocket or behind the back.
I've asked before and I'll ask again. Does anyone really think those in power will simply hand over the keys to the money making machine without a huge fight?
on Tue, 08/25/2009 - 15:59
#48011
Here's part of a musical I'm working on:
BB: Can't we just create and wire a couple of trillion $$$ to foreign central banks and have them buy the US treasuries?
TG: But Ben, that would trigger a currency crisis as soon as the credit markets learned of it!
BB: I won't say anything if you won't.
TG: (smiles) Say anything about what?
on Tue, 08/25/2009 - 15:02
#47856
my head is exploding.
on Tue, 08/25/2009 - 15:02
#47857
I actually took an economics class at DeVry and it was a mostly Austrian perspective from a professor who railed against statism.
Otherwise, this is a fun post to read today.
on Tue, 08/25/2009 - 15:05
#47861
I actually took an economics class at DeVry and it was a mostly Austrian perspective from a professor who railed against statism. Oh, and the technicians I've worked with from DeVry were superior their university peers, so we keep hiring them. Don't hate on DeVry like that.
Otherwise, this is a fun post to read today.
on Tue, 08/25/2009 - 15:09
#47883
The point is that the likely hood of seeing DeVry on the Treasury Secratry's credentials would be a bit, how do say, far fetched.
on Tue, 08/25/2009 - 15:19
#47911
Agreed. Perhaps it should be less far fetched. I know a few engineers that know a lot about economics, and are good at fixing things.
on Tue, 08/25/2009 - 15:06
#47864
Quick, back to the well, Turbo Timmy!
on Tue, 08/25/2009 - 21:16
#48335
Hey Hank--
Timmy here.
You see my pose? Come on up here and kizz my azz.
Love,
Timmy
on Tue, 08/25/2009 - 15:07
#47865
safecracker
on Tue, 08/25/2009 - 15:07
#47868
Just spoke to my cambridge congressman's financial aid and he is afraid of runs on banks if the FED was audited and the real information was revealed. Total bullshit and time to sit down with Dartmouth grad Mike and discuss the secrets of the temple.
I thought living in the people's republik of cambridge would help to audit the FED - evidently they enjoy central banks and central control. What the hell happened to real liberals.
on Tue, 08/25/2009 - 15:09
#47884
They joined the loyal opposition at the table of easy "titles" thinking that a title is an end in and of itself. Suckers.
on Tue, 08/25/2009 - 15:15
#47897
If they are afraid of bank runs, simply fully capitalize the FDIC and have Treasury print $1000 bills . I'm serious.
We can't continue like this, with a system based on fraud. It will only end in tears.
on Wed, 08/26/2009 - 03:42
#48525
Agreed, regardless of mechanism have the full faith of the US military back all bank deposits. It will actually take a lot of the uncertainty off the table, people in the know understand that the FDIC is out of funds - they can keep asking for more from Congress, but we do need to understand there will not be a change in direction with innocents that are currently getting 0% interest losing their shirts (it happened in the great depression).
on Wed, 08/26/2009 - 05:35
#48538
If the truth was revealed there would be a run on the banks. Surely thats all the audit you need.The whole house of cards is built on quicksand.But don't worry the market is going to the moon.
on Tue, 08/25/2009 - 19:34
#47872
we need an audit
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
on Tue, 08/25/2009 - 15:07
#47873
Geithner conflates the situation for him and his associates with that of the nation as a whole. A common affliction of those who conflate loyalty to the institution with loyalty to individuals once they assume the mantle of leadership.
The idea that it is problematic for the leaders of a responsible, self governing society to have the citizens of that society know what the leaders of the society do in their name speaks volumes of those that lead that society and how they choose to lead.
on Tue, 08/25/2009 - 15:08
#47876
T3 sucks. It really is UFB how openly corrupt these dirtbags are.
on Tue, 08/25/2009 - 15:08
#47877
The freakin Fed is probematic for the country, audit the psychopaths NOW.
on Tue, 08/25/2009 - 15:08
#47878
Geithner: "Leave Ben Bernanke Alone!!!"
on Tue, 08/25/2009 - 15:12
#47892
Yay, if Geithner feels it's not the right thing to do, then it must be the case. Also, we should have never invaded Germany, because Goebbels said Hitler didn't do anything wrong!
on Tue, 08/25/2009 - 15:12
#47894
No. It will be problematic for him and Ben.
on Tue, 08/25/2009 - 15:13
#47895
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
-President Woodrow Wilson
on Tue, 08/25/2009 - 15:15
#47898
These creeps are unbelievable. Throw the tax cheat Secretary in prison.
on Tue, 08/25/2009 - 15:16
#47900
1998 LTCM crisis
2008 CDS CDO ETC... ponzi scheme crisis
20?? The FED crisis
The Treasury and the FED has hands on the miss priced
derivative crap created by the friends of the guy, interviewed above,
The value of the USD will implode, once the big part of the real HF industry
is wiped out, probably in 2010. After that, we have to deleverage the company
FED, How we are going to do that is a mystery to me. The US will never be
able to pay for it's debt.
on Tue, 08/25/2009 - 15:16
#47901
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world - no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”
-President Woodrow Wilson
on Tue, 08/25/2009 - 15:16
#47903
I hope everyone here is very clear on the situation at hand. The Fed will not be audited without a revolution. The current balance of power will not go willingly into the night. They have the power, and wield it as they choose. Wether you like it or not is quite irrelevent.
Now go back to work, keep your head down, your eyes forward, and your mouth shut, or you might be next in the unemployment line.
on Tue, 08/25/2009 - 15:22
#47921
I agree. Honestly, I take Geithner's statement as the prelude to an expected Obama veto if the two audit bills are passed.
The positive side will be that with such a veto Obama will publically and unquestionably place himself on the side where most of us commenters here already know he is. That may be small consolation, but perhaps a necessary step in the unwinding of things.
on Tue, 08/25/2009 - 21:21
#48337
I would LOVE to see an Obama veto.
Talk about burying yourself six feet under politically.
on Tue, 08/25/2009 - 15:45
#47977
Who is going to audit the Fed? The government? Because I, for one, don't trust the government or anything they do. They can't even handle a cash for clunkers program without bankrupting all of the car dealerships how the hell are they going to audit a large private financial group like the Federal Reserve? Keep the government away!1!
on Tue, 08/25/2009 - 15:16
#47904
He didn't directly answer the question abut how he did not pay all the taxes he was supposed to for 4 years. His answer to simplifying the tax code? Increase efforts to go after those who owe the government. Interesting.
on Tue, 08/25/2009 - 15:19
#47905
these are honorable men ... LOL.
They did a hell of job maintaining oligarchical rule as they should have ...
Wealth is passed on not from father to son but by folks that will use their position of influence, via conduits to positions of influence obtained through associations with secret societies ... to maintain the system in place ... and if you ask them LOL ... it is quite the burden they carry ...
Good Lord ... his responses could not be more Orwellian.
on Tue, 08/25/2009 - 15:18
#47909
Not sure why everyone's knocking Devry, ITT Tech etc.
DC and Wall Street are choke full with fucking Ivy-leaguers and other trash. They are the one's who don't get it.
on Tue, 08/25/2009 - 15:18
#47910
With judgement in hand, how about a FED raid. Oh let's say 15.59et Friday afternoon. Bring matching chrome plated bracelets with leg shackles. This is America.
on Tue, 08/25/2009 - 15:25
#47925
From my days in security I still have some handcuffs, nice chrome plated ones. I've been itching to slap them on a criminal for a long time. 15:59ET Friday is a bit tight for me. Can we push it a few more weeks off? There's just a few things left on my list of Things To Get Done Before The Shit.
on Tue, 08/25/2009 - 15:19
#47912
Yes Dartmouth Mike's financial aide - tried the hackneyed lines we don't want to endanger the FED's independence. I laughed at her and told her please don't insult my intelligence by conflating the transparency and independence. He does believe and support the traditional GAO oversight but does NOT want us to know the collateral haircuts, who is receiving the funds and if they are buying stock futures. I asked if my rights as a shareholder of banks under REG FD superceded the FED's right to secrecy. She didnt understand the arguement. I told her it was material information as a shareholder I deserve to know if my bank is receiving FED funds at a discount window and they should disclose this market moving material information.
Unreal - throw all of them out and audit the god dam FED
on Tue, 08/25/2009 - 15:20
#47914
Of the People, By the People, For the People.
Shouldn't it be compulsory for a senior government official to have heard these words?
Conspiring to hide one of the most important and influential tools of government action from the people is treason. We need to clone George Washington so he can march on Washington and kick Timmah, Ben and all their neo-fascist butts out of the
on Tue, 08/25/2009 - 15:21
#47918
The "poor Fed" ploy and "the country couldn't survive an audit" is slime ball politics. Audit the Fed, if they resist, abolish the Fed. If they demolish the country prosecute the Fed members and associates at the Hague. Look what not prosecuting Nixon brought us.
on Tue, 08/25/2009 - 15:28
#47932
I agree with everything but The Hague. There are some spacious rooms up the way at the Supreme Court or over at the Capitol to have hold a trial, both of which have some pretty nice well-swept steps out in front and some grassy spots that would be a nice place for the public to assemble.
on Tue, 08/25/2009 - 18:43
#48201
That assumes the Supreme Court still exists at that point.
on Tue, 08/25/2009 - 15:22
#47919
The chair the asshole sits in is probably worth more than my house.
Go to hell, Geithner! You need to shut the hell up because all that comes out of that creepy face of yours is pure lies.
Take indiana Ben with you, and Hussein Obama. The trio needs fuck off.
I'm dieing here. My finances are weak. This asshole knows what's good for me? How about some food. How about a vehicle. How about some life.
Loser asshole Geithner!
I will piss on you one day.
Take care.
on Tue, 08/25/2009 - 15:24
#47923
I'm sure the Tribe's contingency plan, if HR 1207 is enacted, is to move their money out of equities, the Dollar, and out of the country followed by themselves, in that order.
on Tue, 08/25/2009 - 15:27
#47929
He takes every opportunity to refer to the exceptional and personally offensive actions taken by .gov in response to this fiscal emergency. Given all the horrible things we know, you can't help but wonder what other deals with the devil we've made.
on Tue, 08/25/2009 - 15:29
#47933
deeply honorable Goldmen to protect our interests !! joke of the day..
on Tue, 08/25/2009 - 15:29
#47934
Hahahahaha! And there is nothing you all can do about it except write stupid comments on a blog!!! Suck on that!
-TG
on Tue, 08/25/2009 - 15:39
#47962
Et tu? You can suck it better than anyone ;-0
on Tue, 08/25/2009 - 15:32
#47941
Man did you see that nose grow everytime his lips moved? Here is an example of his intelligence......
http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investigation
on Tue, 08/25/2009 - 18:59
#48214
genius to john oliver for that clip.
(& thanks tahoe for sharing)
speaks more truth about how/where/why timmy's captured than a banker's dozen of WSJO interviews.
kinda like that post way way back about the obamas' tax returns.
poor public servant timmay.
you get to eat lunch where the big boys do,
but only if they're buyin....
time to learn to grow your own food jack.
on Tue, 08/25/2009 - 15:32
#47942
Geithner = Liar.
Nice life. Wake up every morning knowing damn well you gotta lie to virtually all of humanity.
Shifty little pric needs to stop the lies.
on Tue, 08/25/2009 - 15:32
#47944
at the end of the i'view, Geithner mouthed "please do NOT click the ads at ZH cuz it will only help them come after me."
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