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Here Comes More Political Theater: Geithner To Testify Three Times This Week, Volcker To Testify On Volcker Rule
Just when you thought you were going to miss the Geithner grilling we saw last week, and would need to fill the vacuum with YouTube reruns of Brady asking Geithner when he would finally quit, here comes Congress with some more just announced political soap operas. Tim Geithner is now scheduled to testify a whopping three times this week, mostly relating to the just announced budget, before the Senate Finance Committee (10am on Tuesday), before the House Ways and Means Committee (10am on Wednesday) and before the Senate Budget Committee (10am on Thursday). More importantly, Paul Volcker will testify before the Senate Banking Committee on his proposal to ban prop trading, which according to many is already dead in its tracks, courtesy of a substantial push by those most likely to be impacted by such a ban.
Lastly, on the political calendar, Congress will vote on the Senate proposed bill to increase the debt ceiling by $1.9 trillion to $14.294 trillion.
Nothing like ongoing political theater to mask for the complete lack of any actual reformative actions yet to be undertaken by this administration, which has so far proved good in only two things: spending and borrowing.
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http://articles.moneycentral.msn.com/Banking/BetterBanking/struggling-to...
I wonder how far we fall , now that prop trading fizzles out and HFT is next in the sights, and once all this churning, ponzi-like trading, goes out the window?
Imagine how much worse the situation would be if the Republicans were still in charge.
Be the same. Because as you should already know, if you have paid the least attention, it doesn't matter which party.
Get your head out of your partisan ass.
Geithner is done; stick a fork in him. That was readily apparent when several Dems piled on during last week's hearing. These hearings are theater for the masses; if it's OK for Dems to tee off at Timmy, Timmy's done.
http://articles.moneycentral.msn.com/Banking/BetterBanking/struggling-to...
Timmy was the pre-determined scapegoat for close to 24 months. Everything going as planned.........................
Perhaps Timmy would like to explain how Treserve will print enough money to cover this.
http://www.opednews.com/populum/linkframe.php?linkid=106091
This is nothing to worry about from a money standpoint.
It will be just like the Blackwater settlement: "Here is $1.89 for the death of your loved one. You better take it and shut up or you will get nothing."
More Kabuki until the Three Stooges exit stage left.
Uhhh, like the Bush administration was different?
Oh I forgot, they were good at something else.
Sending poor Americans to die for oil
Awful though they were, compared to this crew the Bushies were pikers in the "spending other peoples' money" game.
And not for nothing, but Barry can stop sending poor Americans to die for oil whenever he damn well pleases.
Have you taken a look at the growth of China's ownership of our debt over this decade? lol, the Bushies were masters of it, especially Junior.
As for Obama? I doubt he'll really have the opportunity, war is in the air.
In fact, I have. Barry is still running about 2x Bush Jr.'s largest run rate.
Convieniently placed statistic. You really should work for the Commerce Dept.
Support your work with calculations or get zero credit
Happy to. $5T/8-years = $625B per year
What's Barry running these days?
So, Republicans good, Democrats bad. Got it.
It's sad that some are still so hopelessly mired in the false left-right thing.
I guess that's what happens when Bush Jr. crashed the economy into oblivion, reducing revenues to the treasury.
Spending (aside from stimulus) isn't up. Tax receipts are down.
And silly me, I thought the Bush tax cuts would increase tax revenues and rejuvenate the economy...
And despite them not being repealed, we've come to find that it wasn't true.
Remind me again - who was running Congress in 2007 and 2008?
And "aside from stimulus" - well, aside from Defense, Medicare/aid and Social Security the budget is downright tiny, you know.
I don't know, but who had ALL THREE branches of government from 2001-2007? (Of course, the downturn started in 2007)
Also, the spending hasn't changed... it's just more continuation of BUSH'S defense spending, BUSH'S medicare entitlements, BUSH'S new expanded government with the dept of homeland security.
In fact, aside from stimulus, name another entitlement from Obama.
I just named two MASSIVE increases in spending from the Bush years.
So name one from Obama, if you can.
But not the commies :P
Yeah, except that there's a faction of fanatical hillbillies that believe that sending our troops to walk around and find roadside bombs all day is "keeping us free".
Plus, since we broke it, now we gotta fix it.
there's a faction of fanatical hillbillies that believe that sending our troops to walk around and find roadside bombs all day is "keeping us free".
Don't forget the fanatical rich who believe that too :)
BUT, very, very, very true!Yeah, but the rich are in it to be rich. They know the war has nothing to do with our freedoms. They have their hands out as much as anybody.
I believe Barry's answer to the first statement was along the lines of "I won" and he had the votes in Congress to back it up. So he could have told the hillbillies to stick it anytime he wanted to.
As to the second - sez you. I just assume we'd not "broken" anything, but foreign policy isn't the Pottery Barn.
Yeah, but if he tells said hillbillies to stick it, we'll have ravenous hordes of teabaggers singing "proud to be an american" while drinking pbr from a can that will blame the lack of war the next time some wacko rubs two sticks together and starts a fire on a plane or something.
"Obama took us out of the war, and now look at all the terrorism." (Terrorism - guys with boxcutters)
We bombed the shit out of Iraq and Afghanistan and their infrastructure and governments along with it. We have at least some responsibility to ensure that the countries don't deteriorate into say, Somalia... or Afghanistan before the war.
It was the Soviet's destruction of Afghanistan in the 80s that allowed the Taliban to come to power in the first place.
So, the Presidency and Congressional super-majorities have less power combined than a bunch of "teabaggers" with megaphones. Got it.
You completely missed the point of my post.
The Democrats are trying to ensure that the countries we bombed into oblivion do not decline into similar situations to after the Soviet Afghanistan invasion, which allowed lawlessness to impact America.
If "certain administrations" did not cause the problem, then Obama would not have to fix the problem.
So, Democrats good, Republicans bad. Got it.
It's sad that some are still so hopelessly mired in the false left-right thing.
Well, one party did start the wars and print money until the financial crash.
I'd rather feed the homeless than build schools in Iraq.
+11011011
Oh dear lord MB & SW Rich... y'all just made me very happy that others are fighting the good fight as well :)
Newscaster: ...the ceremony has erupted into pandemonium. As of yet, I'm not exactly sure what's happening...
Fumes: [snatching the mike] This is Fumes, reporting from downtown, and I'll tell you what's happenin'. The rich and famous are having a party in our neighborhood, and we fucked it up! Ha Ha!
[winks]
Fumes: Back to you, Walter...
Newscaster: Is this going out live? Are we live? Oh, jeez...
http://www.hulu.com/watch/123472/life-stinks
Hey, I'm not defending Obama's "winning" he sold out to the banks too.... and I spent my what I consider to be mandatory time serving my country. I'm just saying, at least his debt isn't based on sending our youth to die for his daddy issues
It sure is. Dont you know were fighting them over there so we dont have to fight them here? Or some drivel like that anyway...
Timmy, save us all the BS and resign then hope your ass doesn't end up behind bars. Nobody believes you anymore.
The US is catching the Greek disease. Highest % of people working for the government.
Mr. Obama, take note. We are next.
print print print.
Got Gold?
Yes
they're good at plenty of other things - like... making pretty speaches ABOUT spending and borrowing! oh, and lying, pretty awesome about that. obfuscation? gold stars there. denials, too!! high fives all-around.
ps, holy sh*t today is boring. i thought for sure we were done with this... good thing is, this slight upness works off the "over-soldness" in the technicals (EVEN though we are 6 months over-bought).
rock on.
lol Oso.... you don't think the banks were done yet did ya? We got another 11 months until tax hikes are a'comin!
Here Comes More Political Theater: Geithner To Testify Three Times This Week, Volcker To Testify On Volcker Rule
Are you sure you didnt mean to say "More Kabuki Theatre"...
Even more political theater:
Fox News just reported that Nouriel Roubini has a "very dismal" outlook on our economy.
Holy cow! I wouldn't expect a guy nicknamed "Dr. Doom" to have a dismal outlook at all...
What "Breaking News!"
All of you political junkies should give it a rest. No thinking person could puff out his chest and claim Republican superiority in these matters. Nor could a Democrat. Paulson, Bernanke, Greenspan, Summers, Rubin, etc, they're all have their foot in the same shoe. To think your political persuasion justifies what they are doing or to use another's leaning to bash them over the head with past failures is a failure in itself.
Yeah, except that one particular party happens to be more responsible for ruining our country after inheriting the most prosperous country ever from their opposition predecessors.
One particular party crashed the economy and started two wars, after the other party revived the economy that they crashed previously in 1991...
And 50% of Americans think that we can solve our current problems by reelecting the party that is responsible for the swift decline of America over the last decade.
While I don't agree with the current Democrat agenda, I will definitely say that the bear less of the blame than the other party...
Yep...it all happened under Bush. Forget about FDR and Wilson and LBJ and NIxon and Carter. It all just went bad when Bush was elected. Gotcha. That pretty much destroys your credibility on everything else.
Wow, you sound like a Glenn Beck viewer, bringing up Wilson.
Actually, the problems started with Reagan's massive deficit spending. Prior to Reagan, our country had little in national debt.
Then we had record debt until Bush I raised taxes to stop the debt as much as he could and Clinton tried to pay down the debt.
All you need to know to see who's responsible for this nation's problems is a chart of the national debt
www.phawker.com/.../07/natl_debt_chart_2006.gif
Comparing our economy in 2000 to what it was in 2008 is also helpful.
So, you're ok with the gradual destruction of the dollar by controlled inflation. Focus on the real problem and stop the politics. If you really think there is much difference between the two parties you only enable those who would steal your wealth. I don't watch Beck, but I do read.
The real problem is largely a function of debt policy. Without rampant debt, there would be less rampant inflation.
There is a difference between the two parties. One actually has relatively successful terms (at least in my lifetime) while the other has driven the country into the ground twice (in my lifetime).
I agree that both are different hands of the same beast, but one is still a little bit worse.
I'm sorry to tell you but the world and this mess didn't begin with your consciousness of it.
Well, the chart of the national debt seems to suggest otherwise. It was relatively minimal until I was born in the 80's.
The last administration ran deficits that added to the debt more than the previous 42 presidents combined.
The facts surely don't support your assertion, although I will partially agree that both parties have been responsible.
My apologies. Here is the real URL
http://www.phawker.com/wp-content/uploads/2009/07/natl_debt_chart_2006.gif
Gee, it's almost as if the Dot.Com implosion never happened in 2000. Isn't it.
Gee, it's almost as if we weren't running budget surpluses in 2000 with record low unemployment and no wars to drag down the economy.
Bosnia and Kosovo couldn't be reached for comment.
And yet we were still running surpluses with Bosnia and Kosovo.
We had international support for those wars and others paid for them as well.
And we weren't fighting in Bosnia or Kosovo for eight years either.
Remind me - which UN resolutions authorized those wars?
Interestingly, NATO still seems to have about 10K troops in Kosovo: http://english.cri.cn/6966/2010/02/02/1901s547208.htm
Been fun, MB. Gotta run (actual paying work to do).
Cheers -
I don't know, but there were numerous UN resolutions against the invasion of Iraq.
10k troops in Kosovo under NATO versus 100K in Afghanistan under the US.
The situations aren't comparable.
I wish I had paying work to go to, but I don't because of the Bush economic crash. It's okay, because I saved my money and use it to go to school instead now.
Anyway, glad to see no anger. Have a nice day!
Heh - OK, back from my deathly boring con-call. Looks like I didn't miss much.
Never any anger on my end intended, MB. Seriously. I'm solidly in the "we're so totally freaking screwed, so let's just crash this nightmare and get the 'starting-over' started already" camp - so I never take political discussions personally.
F-ups this large are always bipartisan and done over decades, methinks.
Anyway, best of luck with the school. Got all mine done in the late-90's after Billy J Clinton crashed me out of my defense industry job - so I've been there and done that, too!
Cheers -
That's because you spend too much time masturbating, which while fun, ruins your objectivtitty.
You have fallen perfectly into their trap. So long as you look at the two parties as separate and different and that things will change by voting for one or the other you will never have any change from the status quo. The only difference is which entitled interest gets the money. Each party has their favorites.
And this crisis has been building since the 80's. As much fun as it may be to lay it at Bush's feet or Clinton's etc... it's all of them together and the continued policies that have eaten away at the manufacturing base and the value of the dollar. By allowing yourself to buy into the idea that things would be different if only this person or that person got into office you are doing exactly what they want. Instead of going outside with a gun and some rope, you 'vent' in the election box and we kick it down the road for another term or two.
Crucifying Geithner is almost too easy in this situation. A quick scan of his Wikipedia page reveals that he's far too connected to the banking industry. There's an obvious conflict of interest, but most people are going to look at it through the lens of partisanship.
I find it pretty comical that the debt ceiling is raised everytime we come close to reaching it. Imagine if anything else worked like that.
"Oh, looks like you blew a .09. That's over the legal limit. Let me call into the station and change the law on that real quick. Here's a double shot of vodka while you wait.
Alright sir, I took care of that for you. The legal limit is now .10. Oh, looks like you're sitting at .12 now...it's going to be a few more minutes while I take care of that for you."
Good point... why call it "limit", or a "ceiling"?
Call it what it is... a "moving target".
Why even have it at all?
Just think: the no-limit debt package - a great new deal from American Congress, Inc.
I like imagining it as a helium balloon.
Turbotimmy has been in the wrong place. The same was true for Hank Paulson, too. Finance is too important to be left to investment bankers. Don't they explain this in "US Presidency for Dummies"?
Master Bates, I am a Russian boy who can smell a commie from a long way off. It is time for you to take a shower and try to get a real job. Good luck!
How can this guy possibly be effective anymore? After last week? Accusation as bad as the crime.
Is Timmy a patsy or mole? Patsy probably, I think this was the set up all along. Put in the incompetent Timmy, let him slip, and do not catch him when he falls. What Timmy? Did you think the Oligarchs had your back? They only serve their own, and you ain't one of 'em son.
Screw it. I say... Geithener Reality TV.
Have camera crews follow him around 24/7, filming everyting he does. That should effectively neutralize the threat...
Blankfein plans to testify three times this week alongside Geithner. Blankfein will sing his love song for Geithner.
Thanks for the times
That you've given me
The memories are all in my mind
And now that we've come
To the end of our rainbow
There's something
I must say out loud
You're once, twice
Three times a lady
Yes you're once twice
Three times a lady
http://www.youtube.com/watch?v=v5ruDqdZn_s&feature=related