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    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

Tim Geithner Top Tick Op-Ed #2: "A Rescue Worth Fueling"

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Wed, 06/01/2011 - 13:08 | 1329355 John McCloy
John McCloy's picture

I dont understand. If we are already in the recovery and it was not just the result of dollar devaluation and 2.5 QEs than why do we need more fake recovery for a false economy? Wont that only put us in an even more dire situation next year?

 The real answer is that YES..they know this but if they can use magical printed dollars to pass the responsibility on to another group of officials or elected than that is all they are concerned about.

Wed, 06/01/2011 - 13:07 | 1329366 ParaZite
ParaZite's picture

The banks simply haven't finished their looting. They got caught in foreclosure fraud, etc... all extending the time line until they could own all residential property in the USA via worthless fiat, while the worker drones and slaves paid for it all with the sweat of their brow. 

QE3 will pass, the market will collapse, and the US Taxpayer will be stuck with the repayment of a debt they DID NOT WANT. 

Wed, 06/01/2011 - 13:13 | 1329384 max2205
max2205's picture

Funny, auto's are like, what, 5% of gdp...and they are zombies to boot

Wed, 06/01/2011 - 13:21 | 1329437 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Timmah writes garbage.  Where did he pull his stats from?  Unemployment in Detroit has improved?  GM has turned profit?  Unbelievable propaganda.

Wed, 06/01/2011 - 13:31 | 1329463 flacon
flacon's picture

Reminds me of: [The recovery is] "too young to die" mantra from a few days ago. 

Wed, 06/01/2011 - 13:35 | 1329496 redpill
redpill's picture

The deflationary movement in stocks today is going to make Timmay and Uncle Ben extremely cranky.

 

At this point they might as well just outlaw selling.  Essentially that is the underlying message of their policies anyway.

 

Wed, 06/01/2011 - 17:10 | 1330374 Poor Grogman
Poor Grogman's picture

Why not?

In late Roman times it was made illegal to abandon your farmland or turn yourself into a slave.

You were forced to continue supporting the kleptocrats, under threat of state sanctioned violence.

That's what it usually comes to in the end...

Wed, 06/01/2011 - 21:33 | 1331097 knukles
knukles's picture

And those who flaunted and befouled Caesar were crucified along the Appian highway, for only Caesar was annointed to accomplish Caesar's Works.

Wed, 06/01/2011 - 13:16 | 1329392 DaveyJones
DaveyJones's picture

Ah, fraudclosure. The third branch of government has completely fallen to the same folks.  

Wed, 06/01/2011 - 14:39 | 1329694 Noah Vail
Noah Vail's picture

Yeah, screw it, we don't need no stinkin' auto industry. That's what we got China for. Can't wait for the new 2012 Xingtrang to come out. I can buy it with my worth less dollars. Don't get much, but whatdaya expect?

Thu, 06/02/2011 - 07:13 | 1331714 Urban Redneck
Urban Redneck's picture

Actually the US doesn't need an auto industry- the prevention of adopting all that "super secret super high efficiency" engine technology isn't a conspiracy by big oil it is a conspiracy between the DNC and UAW.  Between the Chinese (Volvo V60) and the Germans (Volkswagen X1) Comrade Obama could have licensed the technology for a 150mpg 4 door and 300mpg 2 door diesel electric hybrid, inaugurated an Effiency for Clunkers program...but instead he chose to spend billions of US taxpayer dollars replenishing the coffers of the UAW which worked so hard to get to him elected, and condemning Americans to a future of Zaz Volts.

 

 

Wed, 06/01/2011 - 13:58 | 1329578 Smiddywesson
Smiddywesson's picture

Rather than explaining their actions as an effort to kick the can down the road and blame the other side, I believe they are giving the bankers the time they need to put their plan into action.  That plan is a gold standard that will really stick it to anyone who is a saver.  they don't care if these savers are angry, because they are outnumbered by the non savers.  Politicians only care about numbers and votes.

Your explanation does not take into account the near global participation in playing for time.  Do you think the Chinese, the EU, even the solvent countries would play ball is these actions were just to pass blame between the Republicans and Democrats?  Are all the central banks of the world buying gold because they like the Dems and not the Republicans?  This is about money.  They are straining to keep everything stumbling forward until a new system is ready to be instituted.  They can't stop the world's economy while a new system is devised.  The shift has to be seemless.

Wed, 06/01/2011 - 14:46 | 1329730 Spastica Rex
Spastica Rex's picture

I think emergent behavior explains the weirdenss. Two simple imperatives: 1) maintain the status quo 2) retain capitalism (however it's defined). All the complexity boils down to these two rules.

Wed, 06/01/2011 - 21:32 | 1331106 knukles
knukles's picture

"Loot Ahoy"

Wed, 06/01/2011 - 16:46 | 1330281 macholatte
macholatte's picture

There's another angle, Smiddy. The concept that all the problems were orchestrated needs a bit of modification. How about this: They fucked up.

The orchastra played the wrong song and bottoms up! Scramble for the life boats.

So now, as you said, they need to reboot, buy time, configure a solution and not get killed, both literally and figuratively, during the process, which can take years. The idea that all the central banks, in a global economy, work independently and not in concert may not be the fact of the matter. There is a great deal of collusion.

 

People go where they want to be led.

-- Edward Bernays

 

 

Wed, 06/01/2011 - 13:09 | 1329357 LRC Fan
LRC Fan's picture

BTFD-just avoid LNKD, AIG, GM, MSFT, RMBS.....

Wed, 06/01/2011 - 13:09 | 1329358 I think I need ...
I think I need to buy a gun's picture

when is gold revaluation?

Wed, 06/01/2011 - 13:09 | 1329359 Crummy
Crummy's picture

A revolt worth fueling.

 

Wed, 06/01/2011 - 13:50 | 1329541 Hedgetard55
Hedgetard55's picture

I would like to see, as a result of that revolt, Timmah and Uncle Ben as cellies in Sing Sing for the rest of their lives.

Wed, 06/01/2011 - 16:34 | 1330203 Real Estate Geek
Real Estate Geek's picture

Those two; together?  I think you're forgetting to celebrate and encourage diversity.

 

Wed, 06/01/2011 - 17:03 | 1330352 JR
JR's picture

Geithner of NYFed cum USTreasury’s lasting legacy will be bailouts. And the only reputation he has off Wall Street is to try to find people who’ll believe they have worked. These are lies; Geithner is using the big lie and WaPo to protect his decisions of taking taxpayer money and bailing out his people - i.e., I’m doing a responsible job.

Wed, 06/01/2011 - 13:10 | 1329365 CPL
CPL's picture

I just knew they would be caught doing this nonsense again.  it made zero sense that the recovery of GM was all about SUV's.

 

Well at least if they are going to broker a scam, it might as well be one born out of the Nortel nonsense.

Wed, 06/01/2011 - 13:11 | 1329368 Temporalist
Temporalist's picture

I thank Salvidor Dali for making the dream world I wake up to daily.

Wed, 06/01/2011 - 13:15 | 1329393 Shell Game
Shell Game's picture

At least one can walk away from a Dali..

Wed, 06/01/2011 - 13:57 | 1329574 citta vritti
citta vritti's picture

Dali high?

Wed, 06/01/2011 - 13:11 | 1329371 Russiamerica
Russiamerica's picture

Banksters, where do you want it?

Politicians, same place as last time.

Banksters, wont that hurt!

Politicians, no it wont hurt me, only future generations.

Banksters wont they notice?

Politicians, nope they think its normal.

Banksters, excellent I will prepare my family and friends then.

Politicians, what will you do?

Banksters, We are going to adjust gold and silver to a lower price then buy as much as we can but only physical.

Politicians, What should I do?

Banksters, Duh.......... you have already done it! Thanks

 

 

 

Wed, 06/01/2011 - 13:14 | 1329377 Mercury
Mercury's picture

Yes folks,  from one of the great champions of...

* Too big to fail
* Too important to prosecute
    and
* Too rich to be wrong

It's......

** Too expensive and counterproductive not too buy again !!

Timaaaaaaahhhhhhhhhh !!!!

Wed, 06/01/2011 - 13:24 | 1329407 tickhound
tickhound's picture

Re-dedicated to the man who brought us the above...

 

Elton John, Tiny Dancer (Tiny Tim-mah)

 

Blue skies, Bennay

Debt pimp, Timmay

Schem-sters for the man.

 

Prices high,

Debt to the sky,

Print is the ponzi plan.

 

Larry Summers,

massage the numbers,

marking market to a sham.

 

Now it hits me,

the fraud economy,

toilet paper in my hand...

 

Barry freaks, out in the street

Another ticket sent by God

No turning back, we just laugh

The price for Ipad's not that bad.

 

Awoken man, he makes a stand

In an internet forum

Speaking on, right and wrong

The story's old news for some

 

But oh how it feels so true

Lying here, in IOU's

Cursing you, but you can't hear me

When I say slowly, but LOUDLY

 

F' me harder, tiny Tim-mah

Countless hedge-funds hit the highway

Wash the world in worthless pap-ah

Another busy day, today...

 

 

Wed, 06/01/2011 - 14:01 | 1329605 Vic Vinegar
Vic Vinegar's picture

LOL.  Nice work.

Wed, 06/01/2011 - 15:58 | 1330002 Dolar in a vortex
Dolar in a vortex's picture

nice

Wed, 06/01/2011 - 13:17 | 1329420 Mercury
Mercury's picture

to buy again

Wed, 06/01/2011 - 13:09 | 1329379 LaLiLuLeLo
LaLiLuLeLo's picture

The writer is secretary of the Treasury.

 

noooo...The writer is SATAN

Wed, 06/01/2011 - 13:18 | 1329408 Robot Traders Mom
Robot Traders Mom's picture

+666

Wed, 06/01/2011 - 13:16 | 1329418 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Little Nicky.

Wed, 06/01/2011 - 13:32 | 1329483 augie
augie's picture

is robo's mom's real name valarie by any chance?

Wed, 06/01/2011 - 13:13 | 1329382 Missiondweller
Missiondweller's picture

As I said yesterday, the new mantra will be "more stimulus, we're almost there"

(Just one last "hit" and I'll go cold turkey, I swear!)

Wed, 06/01/2011 - 13:11 | 1329386 Shell Game
Shell Game's picture

Geithner needs to become lampost decor.

 

Wed, 06/01/2011 - 13:13 | 1329395 orangedrinkandchips
orangedrinkandchips's picture

Billions for a few thousand jobs. Wonderful. Let the stupid fuckers fail. Period. The market has spoken. IF they made shit that was half-way decent, then the fucking govt wouldnt have to deal with it. Ignore the market at your own risk, not ours fuck-wad Tim.

 

It is so easy to understand. Survial of the fittest. GM and Cry-slayer are shit companies. They are like the Do-Do bird. Obsolete. Bottom line, people would lend without a problem if they thought these companies can make a car that can run.

Your playing favorites and you get fucked bigtime.

Besides, Tim G. will go down in history as the worst civil servant ever!

Wed, 06/01/2011 - 13:16 | 1329399 Cdad
Cdad's picture

Sheesh Tyler,

In China, they build a hotel, implode it, then rebuild it.  It's a perfect solution for a falling GDP.  Timmay is just learning from China, stacking one GM car on top of another GM car.  All that is left is to put them in a car crusher and recycle the materials....and rebuild them.  Presto.

And anyway...what is all this chatter about no jobs in America.  According to Wall Street just:

1.  Buy Netflix shares

2  ?

3.  Jobs

Simple.  Who knew being an economist [or a treasury secretary] was so easy?

Wed, 06/01/2011 - 13:31 | 1329459 Cdad
Cdad's picture

Hmmmm?  I must be wrong.  The NASDAQ is shaping up to be a complete, one day, simple moving average wipe out.  Pick your flavor, 10, 20, or 50.

What am I and Timmay missing?

Wed, 06/01/2011 - 13:31 | 1329480 plocequ1
plocequ1's picture

Im locked and loaded on NFLX. Im very happy to be here today.

Wed, 06/01/2011 - 13:50 | 1329542 Cdad
Cdad's picture

You are a true American, sir, doing your part for job creation.  However, word to the wise...you might want to monitor the ravenous put buying beneath your feet there.  You know...just monitor it.

But anyway, everyone knows that streaming movies feeds a hungry nation.

Wed, 06/01/2011 - 14:01 | 1329589 citta vritti
citta vritti's picture

cheaper than iPads? plus, great taste, less filling?

Wed, 06/01/2011 - 14:53 | 1329747 Spastica Rex
Spastica Rex's picture

Netflix is responsible for the single greatest innovation in modern history, namely, the ability to watch any episode of the Black Adder at any moment on any day. My life is complete. I am simply waiting for an approved device to help me quietly end my life as I fall to sleep watching Rowan Atkinson make penis jokes. You can grind up my remains and feed them to the poor.

Wed, 06/01/2011 - 15:04 | 1329778 Cdad
Cdad's picture

Ummm...Plocequ1,

This just in....

http://www.google.com/hostednews/ap/article/ALeqM5ik9nx-HC02AMQJeknM4vTcUGQAIg?docId=f929ac78edce43a5bb70ff7d7adc7747

Not to worry...that's only a ten fold increase in expenses...for Starz alone.  No problem here.  I'm sure that is NOT why folks are buying NFLX puts.

Wed, 06/01/2011 - 13:18 | 1329410 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Boobus Americanus will take it up the ass like they always do. As long as they don't have to think, they'll rubber stamp everything.

 

Ps--Hey feds, you do realize this is only going to work until it doesn't. I suppose this is a bad time to point out, as Robert Reich has on numerous occassions (not a fan of him either) that at some point, the great unwashed is going to come knocking at your gated communities. Cardio people....cardio.

 

Thankfully, I only have to run faster than some of you.

Wed, 06/01/2011 - 13:36 | 1329488 scatterbrains
scatterbrains's picture

"only have to run faster than some of you"  takes me back to my unemployed youth when we would drink beer and play *hot beans* around dusk.. sort of hide&seek except you hide a leather belt then send everyone out searching for it.  Who ever finds it yells "hot beans" and starts whipping who's ever closest to him before or unless (sometimes peeps slip and fall) they reach base.  I only had to run faster then the slowest player..  one time while fleeing for base and hearing a friend get whipped, I laughed so hard a sharted...  memories!

Wed, 06/01/2011 - 14:46 | 1329726 Chump
Chump's picture

Awesome.

Wed, 06/01/2011 - 13:15 | 1329412 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

He didn't save any union jobs!  He allowed GM to destroy the union when they filed bankruptcy before the fascist government bailed them out, which negated their pensions.  Policy has destroyed the unions with NAFTA and propaganda that a union is a bad thing.  I will admit, most unions are horseshit organisations, but the union is like a tribe of people with like minded ideals.  It is the idea of the union that is America.  The United States of America is essentially a union in and of itself.

Wed, 06/01/2011 - 14:01 | 1329603 citta vritti
citta vritti's picture

and 600,000+ dead in the Civil War to prove States couldn’t leave and, oh yes, you can’t enslave people except by debt

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