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

Tyler Durden's picture

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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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.

-273's picture

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

CB's picture

no thank you very much.  Tim can suck it.

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?

faustian bargain's picture

All of that sortof goes without saying.

Ripped Chunk's picture

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

MarketTruth's picture

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

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.

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?

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

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.

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.

velobabe's picture

priceless! “stuff” 1981.

Ripped Chunk's picture

Brilliant man. Probably the best ever.

jc125d's picture

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

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

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?  

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!"

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.


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

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. 

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.

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.


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. 

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!

DaveyJones's picture

Geithner: "our recoveries depend on certainties and confidence"

Oh, we're screwed

assumptionblindness's picture

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

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. 


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.    

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!


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.

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

suteibu's picture

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

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.


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.  

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)

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.”


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".

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.

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...

suteibu's picture

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

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 

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.



Kurtieboy's picture

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

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."