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Live Webcast Of Tim Geithner Testimony Before The Senate Finance Committee On The 2011 Budget

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Watch Tim Geithner's testimony before the Senate Finance Committee on the President's amusing 2011 budget live and commercial free, here. It is time someone asks why the GSEs continue getting the Federal Budget exemption.

We hope, although it is very unlikely, Senator Bunning somehow makes a guest appearance with some very directed questions.

 

 

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Tue, 02/02/2010 - 11:54 | 214714 velobabe
velobabe's picture

there's an APP for that! C-Span radio, itunes & free. thank god you don't have to look at these human beings faces.

Tue, 02/02/2010 - 11:23 | 214667 -273
-273's picture

"the President's amusing 2011 budget". lol.

Tue, 02/02/2010 - 11:23 | 214668 CB
CB's picture

no thank you very much.  Tim can suck it.

Tue, 02/02/2010 - 11:25 | 214671 Handle with care
Handle with care's picture

Has he said yet that if we don't approve the budget 100% it'll lead to a zombie apocalypse and that if we want our children not to have their brains eaten by next weekend we should stop asking questions as everyone involved is honorable and trustworthy?

Tue, 02/02/2010 - 13:51 | 214868 faustian bargain
faustian bargain's picture

All of that sortof goes without saying.

Tue, 02/02/2010 - 17:06 | 215180 Ripped Chunk
Ripped Chunk's picture

Sounds good compared to the current charade. With zombies, you know what you are getting.

Tue, 02/02/2010 - 11:30 | 214676 MarketTruth
MarketTruth's picture

WTF, Geithner gets to talk WITHOUT being under oath???  Ok folks, here we go... get ready for lies and deception.

Tue, 02/02/2010 - 11:38 | 214691 DaveyJones
DaveyJones's picture

they were going to swear him in but then they saw his speech had the phrase "future economic growth and prosperity," so they decided to scrap it.

Tue, 02/02/2010 - 11:30 | 214678 Handle with care
Handle with care's picture

WTF!?!  Bunning just asked for Geithner to testify under oath and the Chairman denied it!

 

Surely there's a presumption he's going to tell the truth, so why shouldn't he testify under oath?

Tue, 02/02/2010 - 11:35 | 214685 AN0NYM0US
AN0NYM0US's picture

because there is only need for an oath if there is a risk that the person giving testimony is thought to be less than honest

Tue, 02/02/2010 - 11:37 | 214690 MarketTruth
MarketTruth's picture

<rolls eyes>

Tue, 02/02/2010 - 12:14 | 214747 assumptionblindness
assumptionblindness's picture

George Carlin had it right.  R.I.P., George...

http://www.youtube.com/watch?v=PgnWP7jD-0I

Tue, 02/02/2010 - 12:34 | 214786 Screwball
Screwball's picture

George had a lot of things right.  I often wonder what he would be saying today given the material we have provided since his death.

Tue, 02/02/2010 - 12:38 | 214790 velobabe
velobabe's picture

Actually this is just a place for my stuff, ya know? That's all, a little place for my stuff. This is my stuff, that's your stuff, that'll be his stuff over there.

Tue, 02/02/2010 - 12:43 | 214795 Screwball
Screwball's picture

Stuff was great.  My personal favorite - http://www.livevideo.com/video/26BC5F4EB0A9437A9B4E8C0E1EEC3AD1/george-c...

He talks about our "owners."

Tue, 02/02/2010 - 13:08 | 214822 velobabe
velobabe's picture

priceless! “stuff” 1981.

Tue, 02/02/2010 - 17:14 | 215197 Ripped Chunk
Ripped Chunk's picture

Brilliant man. Probably the best ever.

Tue, 02/02/2010 - 11:31 | 214680 jc125d
jc125d's picture

If he runs short of time I can wrap it up for him, me and my sock puppet.

Tue, 02/02/2010 - 11:34 | 214686 Handle with care
Handle with care's picture

He met someone who'll build a bakery if they can get credit.  I'm sure he'll get a loan for this as its in the public interest to let them eat cake

Tue, 02/02/2010 - 11:36 | 214687 DaveyJones
DaveyJones's picture

If I offered you a job where all you had to do was talk and you never had to produce or fix anything, would you take it?  

Tue, 02/02/2010 - 11:39 | 214693 Handle with care
Handle with care's picture

Its even better than that.  He's submitted the biggest budget deficit in the history of the world and his response is to say loudly and sternly, "Deficits are too high!"

 

So if you lose your mind watching this and burn down your office, simply turn to your boss and say sternly and loudly, "The office should NOT be burned down!"

Tue, 02/02/2010 - 11:36 | 214689 lizzy36
lizzy36's picture

Not testifying under oath immediately negates anything that comes out of this hearing.  Presumption is tiny tim is lying unless under oath.

Watching this makes one think that sometimes violence is the answer.

 

Tue, 02/02/2010 - 11:39 | 214692 MarketTruth
MarketTruth's picture

"What country ever existed a century and a half without a rebellion? And what country can preserve it's liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance? Let them take arms. The remedy is to set them right as to facts, pardon and pacify them. What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." -- Thomas Jefferson

Tue, 02/02/2010 - 18:43 | 215321 Cheeky Bastard
Cheeky Bastard's picture

Lizzy; violence is always the answer when it comes to corrupt governments and government officials. Shit, considering everything that happened in the last 70 years the most peaceful political ideology seems to be anarchism. 

Tue, 02/02/2010 - 11:39 | 214694 Master Bates
Master Bates's picture

The SEC isn't doing their job just as much as Geithner isn't...

Why?  Cause they like boobies!  That's why.

http://washingtontimes.com/news/2010/feb/02/sec-workers-investigated-for-viewing-porn-at-work/?feat=home_headlines

Tue, 02/02/2010 - 11:41 | 214695 lizzy36
lizzy36's picture

I guess Geithner's math is still fuzzy.  As i think the American taxpayer WILL be exposed to losses under TARP when one considers AIG and the car companies.

 

Tue, 02/02/2010 - 11:47 | 214703 SDRII
SDRII's picture

and the debt subsidy from ZIRP ( on 6T of deposits) and TGLP as a beginning...iof course then there is the associated cost of 'reflation" as measured in rising food, commodity or unemployment as companies are forced to cut more and more to hold back the torrent of the FRN printing tsunami. The idea that TARP is a good investment is something only people in DC and CNBC could embrace. 

Tue, 02/02/2010 - 11:48 | 214705 Handle with care
Handle with care's picture

Holy crap!  He just admitted the US has reached its borrowing limit and if they can't generate confidence the deficits will come down there'll be a debt and currency crisis!

Tue, 02/02/2010 - 12:09 | 214737 DaveyJones
DaveyJones's picture

Geithner: "our recoveries depend on certainties and confidence"

Oh, we're screwed

Tue, 02/02/2010 - 12:17 | 214753 assumptionblindness
assumptionblindness's picture

"certainties"?  Are you friggin' kidding me.  <facepalm>

Tue, 02/02/2010 - 11:51 | 214708 deadhead
deadhead's picture

 US Treasury's Geithner urges bipartisan bid to restore trust in financial system and tackle deficits

I trust the bankers more than I do Geithner.

It's going to be fun to watch Obama's base go apeshit over the efforts of the banks to crush the Volcker rule before it even gets going.

Barry...even the libs have figured out that you are nothing but a puppet for the banks and those flowery words of yours don't mean jack shit anymore. 

 

Tue, 02/02/2010 - 12:03 | 214732 DaveyJones
DaveyJones's picture

Rockefeller: Mr. Geithner, I know I'm a man but sometimes I can't help but think of myself as little more than a coal miner's daughter... and sometimes, when I look at your president's budget, I do not see the support I am looking for.

Geithner: We are very supportive and are working to provide the funds for a clean coal miner's daughter. The answer to your concerns and your sex change sir is indeed in new technology.    

Tue, 02/02/2010 - 12:13 | 214746 Anonymous
Anonymous's picture

I just get the strong feeling that Timmay was the kind of kid in high school that acted the fool and occasionally wound up hanging by his underwear from a tree branch somewhere.

Now he gets his revenge!

-MobBarley

Tue, 02/02/2010 - 13:56 | 214871 faustian bargain
faustian bargain's picture

exactly. The kind of guy who just makes you want to punch him in the face. I bet every day was wedgie day for little Timmay.

Tue, 02/02/2010 - 12:15 | 214748 Handle with care
Handle with care's picture

Timmah just got caught in a lie!  He said the TARP banks increased lending, his own department's report shows that's not true.

 

And he glosses over it by not admitting he lied, but by talking about something else

Tue, 02/02/2010 - 12:21 | 214760 suteibu
suteibu's picture

So answers the question of why he didn't want to be under oath.

Tue, 02/02/2010 - 12:24 | 214772 Anonymous
Anonymous's picture

No, he clearly said, "...liending..." The TARP banks increased liending, which as we all know comes from the root word, to lien.

...unexpectedly...

Tue, 02/02/2010 - 12:25 | 214773 DaveyJones
DaveyJones's picture

He also said that when you don't help community banks, you hurt the small businesses that depend upon them. Spoken like a true champion of that cause. He then turned around and blamed those banks for not taking advantage of the TARP money because of "all the strings attached." An ironic metaphor coming from a Goldman puppet.  

Tue, 02/02/2010 - 12:22 | 214756 JR
JR's picture

Leaders in Davos Admit Drop in Trust | NY Times | January 31, 2010

DAVOS, Switzerland — If there was one takeaway from the annual gathering of business and political leaders in Davos this year, it was this: trust in governments, corporations and above all banks has become as elusive as sure footing on the icy streets of this Alpine resort.

There was general relief that the financial system had been pulled back from the abyss glimpsed by many speakers at Davos a year ago. As the chairman of the British bank HSBC, Stephen K. Green, put it, “We’re in a better place than we were then” although “there has been a huge breakdown in trust.” ...

Like many bankers, Mr. Green acknowledged “political initiatives on both sides of the Atlantic,” but was not ready to cede the terrain to politicians. “It is very important,” he said, “that we don’t throw the baby out with the bathwater.”

Members of the financial services industry seemed ruefully aware of how far they had sunk in public regard. Commenting on whether private equity companies would support an Obama administration proposal on bank regulation, David M. Rubenstein, managing director of the buyout firm Carlyle Group, quipped, “Our position is unsure because we’re afraid if we come out in favor, it won’t pass.”

Perhaps the billionaire investor and philanthropist George Soros summed up the ambivalence most succinctly. “You want to keep regulation to a minimum,” he said, “because it is worse than markets. But you can’t do without it.”

And so, from President Nicolas Sarkozy of France, who urged creation of a new international monetary system and even a new reserve currency to replace the dollar, to angry representatives from trade unions, to the white businessmen in suits who still dominate this snow-kissed gathering, the one certainty seemed to be continued uncertainty...

Mr. Obama’s chief economic adviser, Lawrence H. Summers, evoked one reason for Mr. Obama’s priorities (focus on Main Street and jobs) before a packed audience on Saturday, noting that, in the United States, one in five men aged 25 to 54 is now jobless. Although the United States economy grew strongly in the last quarter of 2009, persistent unemployment has created a situation he described as “a statistical recovery and a human recession.” ...

[A]s power has shifted toward China and South Asia, the Europeans, Americans and Japanese have watched their economies decline or stall sharply. Rebuilding mutual trust will be ever more difficult amid fears that such pain will continue and that the current generation entering the work force is likely to be less prosperous than its parents...

“In the transition phase from a superpower-dominated world to a multipolar world you will see a lot of uncertainty and you will see a lot of volatility,” said Josef Ackermann, chairman of Deutsche Bank...

Banding together in the Group of 20 that has emerged to take the place of the Group of 7 as the body to control the direction of the world economy, politicians and economists are supposed to produce policy suggestions by June...   (emphasis mine)

http://www.nytimes.com/2010/01/31/business/global/31davos.html?partner=r...

Tue, 02/02/2010 - 13:20 | 214832 JR
JR's picture

Another quote from a central banker who does not have a clue as to the significance of a worldwide backlash against the collectivism of the central bankers (from 'Bankers at Davos Seek Unity' NYTimes 02/02/10):

Bob Diamond, chief executive of Barclay’s Capital:

“You have to step back from the rhetoric.  I have seen no evidence to suggest that shrinking banks and making banks smaller and more narrow is the answer.”

 

Tue, 02/02/2010 - 14:01 | 214874 faustian bargain
faustian bargain's picture

Very careful wording. He should have then been asked, "So, have you seen evidence that making banks smaller is NOT the answer?"

And his answer would have to have been "no".

Wed, 02/03/2010 - 04:15 | 215659 Hephasteus
Hephasteus's picture

The baby isn't a baby. It's a manipulative little shit. Anything but complete and utter destruction of our current financial system is simply continuation of the scam that has been seen through. The baby that isn't a baby, isn't in the bathwater getting clean. It's in there pissing in it.

Tue, 02/02/2010 - 12:20 | 214758 assumptionblindness
assumptionblindness's picture

Why has the thumb-fist-overlap become such a popular gesture when giving congressional testimony?   I am sick of seeing it, Timmah...

Tue, 02/02/2010 - 12:22 | 214764 suteibu
suteibu's picture

It is designed to keep the middle finger from giving away his feelings about Congress and the American people.

Tue, 02/02/2010 - 12:24 | 214771 Handle with care
Handle with care's picture

Timmah is saying that AIG not paying out at 100 cents on the dollar is the same as the company failing and the same as the whole insurance industry failing.

 

As far as I've read, haircuts on instruments that are trading in the market at a lower in retturn for immediate payment is not the same as a failure and the insurance parts of AIG were easy to keep separate 

Tue, 02/02/2010 - 12:28 | 214777 B_Movie
B_Movie's picture

I dont have a full understanding of what is .. when Gietherner says

rivets coming off the submarine ... I wonder what happens if we call his bluff ..

I am begining to think that Timmy and Company fear a crash, even though they keep threatening us with a crash ... during a crash/panic secenario do they risk loosing their current level of control as the outcome of a crash/panic is unknown ???

just wondering.

 

 

Tue, 02/02/2010 - 12:28 | 214779 Kurtieboy
Kurtieboy's picture

What a joke. All this does is provde a pulpit for the senators to grandstand.

Tue, 02/02/2010 - 12:33 | 214784 DaveyJones
DaveyJones's picture

This time, somebody coached Timmy to start off each response by agreeing to anything said, then ending with a useless twist. Senator, you're right, we are totally screwed, but this administration took immediate and courageous steps to keep us from being extra screwed."  

Tue, 02/02/2010 - 13:05 | 214819 Anonymous
Anonymous's picture

it's his standard MO, begin a response with a statement of general agreement and then run out the clock with a rambling off topic response concluding with a statement of genaral agreement. The Senators love it because they can pretend to sound tough yet status quo remains intact.

Tue, 02/02/2010 - 12:37 | 214789 Anonymous
Anonymous's picture

send him to Guantanamo !

Tue, 02/02/2010 - 12:51 | 214804 Anonymous
Anonymous's picture

liar,,,send him to Guantanamo

Tue, 02/02/2010 - 13:15 | 214812 MarketTruth
MarketTruth's picture

Timmah FINALLY admitted that high debt = weak dollar... provided people lose faith that USA can pay back debt. Wonder why the Fed's MASSIVE QUEASing was not mentioned because it was the only way to manipulate interest rates down instead of reaching their true % rate. As such, higher interest rates on debt = ....

Also, Timmah's smirk on his face after 'strong dollar' interaction shows me he is total scum. Instead, he should be VERY concerned about 'strong dollar'.

And yes, i know they eally want a weak dollar to make USA goods cheaper for those who import them.

Remember folks, NOTHING OF ACTUAL VALUE backs the US dollar and so could eventually find intrinsic value of 0.

Tue, 02/02/2010 - 13:02 | 214817 Anonymous
Anonymous's picture

I always thought Pinocchio was Italian,,,,

Tue, 02/02/2010 - 13:31 | 214820 virgilcaine
virgilcaine's picture

The Fed has consumed all credit from the Economy..Zero rates and weak dollar offer little incentive for saving which leads to Production.

The Fed has consciously chosen to Save the TBTF at the expense of the Mid to Smaller community banks, which are the lifeblood of local lending. 

As they fail so does the the entire community they once served.

 

Tue, 02/02/2010 - 14:17 | 214904 Assetman
Assetman's picture

You're so right on the mark here... I hope readers appreciate it.

Tue, 02/02/2010 - 13:29 | 214844 Lndmvr
Lndmvr's picture

Too cold to riot yet. Spring is on the way.

Tue, 02/02/2010 - 14:26 | 214916 carbonmutant
carbonmutant's picture

Hot town, summer in the city...

Tue, 02/02/2010 - 13:39 | 214858 DaveyJones
DaveyJones's picture

Cantwell and Bunning corrected the record on TARP and community banks.

He's such a lying scum  

Tue, 02/02/2010 - 13:50 | 214860 John McCloy
John McCloy's picture

Well that accomplished so much Senators thank you.

Senators: So you lied and stole money from Americans to hand out to Wall Street because they they threatened us with the Stock Market? Then you covered everything up?

Geithner: Yup. You know the drill.Systemic risk.Things would have gotten terrible in the nation, martial law oogga booga. What are you going to do about it?

Senators: Oh well we are powerless and care nothing of the people so we are going to pretend that we will work very hard with you in the coming years to feign some sort of regulation and you tell us when you are available for some more staged committees for public consumption on your timeline but in all honesty we have money unlike those in the middle class who are unemployed and watching their dollar decay so we could really give two shits. They are obviously too dumb and distracted to care because we keep them mesmerized by reality TV and Desperate housewives.

Geithner: (Shrugs)  They haven't revolted yet and not an indictment so anyway the checks will be in your campaign coffers by election time.

Senators: Give our best to President of Earth Blankfein, Vice President Dimon and 10 Star General  Mack. Oh and hear are some more matches and a bigger can of gasoline courteousy of Moral Hazard squared so just try to wait a few years before burning it all down again.

Geithner: Up yours.

Senators: Very well then. Thanks boss.

Tue, 02/02/2010 - 14:08 | 214879 Anonymous
Anonymous's picture

This directly contradicts Geithner’s claim “that the ‘people responsible’ for overseeing the insurance subsidiaries ‘had no idea’ about the risks facing AIG policyholders. He’s talking about Dinallo here. Instead of being safely segregated, Geithner said the insurance businesses were ‘tightly connected’ to the parent company. Paulson added that the healthy parts of AIG had been ‘infected’ by the ‘toxic assets.’ He added, ‘One part of the company would have contaminated the other.’” Does this mean that New York’s “heavy state insurance regulation was a sham,” the newspaper asked? It would seem that “When push came to shove, policyholders were not protected from a default by the parent company.” It urges that Dinallo be brought back to straighten the matter out.

Geithner closed his own comments by saying, “if you are outraged by what happened with A.I.G., then you should be deeply committed to financial reform.” This is rhetorical judo. The financial system in question is not the economy at large. It was A.I.G.’s carefully segregated bookies’ account for wealthy hedge fund gambles and Wall Street speculations that should have had little to do with the “real” economy at all.

It seems to be merely an incidental by-product of saving taxpayers and labor that Wall Street ended up with the hundreds of billions of dollars of gains (and losses avoided) – at a $13 trillion expense by government, of about four million jobs in the overall economy whose employment is shrinking, and of about four million home foreclosures in 2009-10. The cover story is that matters would have been worse otherwise. This was the price for “saving the system.” But “the system” turns out to be the Bubble Economy, in which the Obama administration has put as much faith as Bush did. This is why the same managers have been kept in place. This policy has enabled Republicans to strike a posture of denouncing the banks in preparation for this November’s mid-term election.

“Saving the economy” has become a euphemism for the policy of keeping bad debts on the books and saving high finance from writing them down to reflect the realistic ability to pay. Wall Street has used its bailout money to lobby Washington, back its political nominees to hold Congress hostage, and blame the downturn on any regulator or president who does not yield to its demands.

http://www.counterpunch.org/hudson02012010.html

Tue, 02/02/2010 - 14:15 | 214894 virgilcaine
virgilcaine's picture

Tim is a strange one , he starts smiling for no apparent reason..A Congresswoman is talking about banks not lending and he is Smiling.. strange.

He has fixed eyelids and every now and then a forked tounge emerges..

Tue, 02/02/2010 - 14:41 | 214936 Anonymous
Anonymous's picture

Well, for some good market news from the MSM - DR Horton swung to a profit, thanks to tax subsidies from Uncle Sugar. Also, pending sales of existing homes increased in Dec., once again primed by Uncle Sugar providing tax credits. Wonder how many are foreclosures?

Rally on, the FIRE economy is in recovery mode, and there are bouses once again on Wall Street.

Tue, 02/02/2010 - 16:08 | 215085 JR
JR's picture

Recovery mode?  You mean Ben stealing ol' ladies savings to help out brother Lloyd? Here’s how Nate of Nathan’s Economic Edge sees the recovery.

The Redbook same store sales along with the worthless Goldman ICSC showed their usual small weekly and YOY sales gains, again not real and not worth discussing…

Yesterday Construction Spending came in less than expected gains with a  –1.2% reading month over month, and –9.9% year over year.  As in minus 10% from the same time last year, at the height of the crisis?  Wow.  Oh yeah, GDP plus 5.7%…because of re-inventory buying stuff that’s made in China to sit on shelves waiting for debt saturated consumers to come buy it.  Please.

The ISM Manufacturing Index did rise to 58.4 which was higher than expectations.  Remember, anything above 50 is supposed to show expansion…it will take years at that rate to get us back to the level of prior activity.  I really don’t like indexes like this because they do not show anything but relativity.  But the ISM is a strange one based on surveys anyway.  But get this…yesterday the Institute for Supply Management (ISM) moved to change the definition of growth from a reading of 50 to any reading above 42.   LOL!  Yep, it seems that history shows to them, that the economy is expanding when the Manufacturing ISM is above 42 and therefore anything over 42 shows expansion.   Sound reasonable?  Based on what?  Trumped up GDP data!  Based on what?  Trumped up inflation data and mark to fantasy financial assets! (emphasis mine)

http://economicedge.blogspot.com/

Tue, 02/02/2010 - 15:04 | 214979 Anonymous
Anonymous's picture

Timmy mentioning that GDP grew by 6% annualized in Dec., like that number is correct.

Two words to describe him - Liar and Cheat.

Tue, 02/02/2010 - 15:43 | 215041 Anonymous
Anonymous's picture

Notice how Timmay was a YES man today..?

He was promising and coddling the whole session....

He is so relieved from the other day's total bashing....

Timmay is getting the game down....

Getting some callouses....

It's a good thing....

Tue, 02/02/2010 - 15:58 | 215066 Anonymous
Anonymous's picture

They should interview Barry Ritholtz
starts 14 minutes into video...maybe they'll start doing the right thing..

http://bit.ly/aZDmj6

Tue, 02/02/2010 - 16:04 | 215076 koaj
koaj's picture

wake me when we have a pitchfork shortage..zzzzz

Tue, 02/02/2010 - 21:02 | 215436 Hephasteus
Hephasteus's picture

Let's play chase the weasel. It was a good show.

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