No comment needed.
Tyler Durden - Founder
Marla Singer - Foil
Travis - Author
Cornelius - Author
Sacrilege - Senior Researcher
tips [ at ] zerohedge [ dot ] com - Our Reader Tips Mailbox
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
ads [ at ] zerohedge [ dot ] com - Advertising Inquiries.
abuse [ at ] zerohedge [ dot ] com - Abuse / Infringement Issues
It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure.
Zero Hedge Offices:
United States:
888.qui.zero (888.784.9376)
Zurich:
+41 43 501 6717
London:
+44 20 3318 4753
copyright ©2009 zero hedge - limited reproduction (with attribution) permitted by request
zero hedge's redundancy powered by:
on Thu, 11/19/2009 - 12:45
#135913
I just called Brady's office and left feedback for him letting him know that what he said was FANTASTIC and needed to be said. I encourage each and every one of you to do the same. Call his office at:
Phone: (936) 441-5700
The nice lady from Texas on the other end of the line is taking the comments and writing them down. Please call them.
on Thu, 11/19/2009 - 13:07
#135971
you're right, she is a very nice lady. We had a good laugh over Timmy's immature criminal on the stand behavior. If I raise my tone and get closer to the mic and remind everyone that I saved the world and had no other choice but to give money to my old employer, then you must believe me. Even if the bastard never takes the hit, I like to see him squirm.
on Thu, 11/19/2009 - 13:21
#135999
I thought it touched his lips a couple times. Kinda like when you're watching the nasty, sweaty kid in front of you touch his lips on the drinking fountain on the playground.
Squirming like the squidy he is - especially the knowing/telling smirk when asked what his role at the time was - and then he remembered he was on camera.
on Thu, 11/19/2009 - 17:27
#136433
I think his smirk was involuntary, kinda like the way a donkey can't help but hee-haw.
on Thu, 11/19/2009 - 12:46
#135914
Geithner REALLY hates to be called an Eraser Head.
on Thu, 11/19/2009 - 12:46
#135915
what a douchebag
on Thu, 11/19/2009 - 12:49
#135922
"They made me write bad checks."
on Thu, 11/19/2009 - 14:50
#136164
LOL post of the day!!
on Thu, 11/19/2009 - 12:53
#135925
I was too apathetic about voting between the lesser of two evils back in '08. I did think Obama was a better choice, but that was because I hadn't yet fully investigated the demagoguery: "Yes We Can!".
But I did know about Bloomberg's FOIA request to see where our money went - and that Timmy was head of the FDNY, which responded: "Neener-neener, we don't belong to you! FOIA doesn't apply!"
So with Timmy's nomination I was floored. Conspiracy before my very eyes! Unfreakingbelievable!
on Thu, 11/19/2009 - 13:03
#135954
you know, we see what we see now...we can't tell what yesterday's divergence would have brought us...it's a loser's game...deal with the now and as always it is what it is.
on Thu, 11/19/2009 - 13:26
#136009
...and, learn from your mistakes.
on Thu, 11/19/2009 - 13:37
#136037
on Thu, 11/19/2009 - 12:53
#135926
Not sure about that Youtube header. Do you need testicles to get testy?
Also, the freeze frame, is that taken from the cartoon we saw where Timmy said it was just shrinkage?
on Thu, 11/19/2009 - 13:04
#135942
MsCreant gives Timmay the wagging pinky finger salute.
on Thu, 11/19/2009 - 12:53
#135927
He reminds me of Robert Stack in Eliot Ness.
He is a sore looooooooooozer, imho.
on Thu, 11/19/2009 - 14:15
#136093
should GFH immediately SOTB, his body language is telling, I would personally give him a smack with real delight, normally being nonviolent. Really curious, it is physical, I really would :)
on Thu, 11/19/2009 - 16:36
#136338
Yea he does.
But I don't remember Robert Stack getting caught cheating on his taxes or being part of a gang rape of the entire middle class.
And he was a better actor than Timmy is.
on Thu, 11/19/2009 - 12:54
#135931
Well at least he has a nice house to go back to in Westchester.
on Thu, 11/19/2009 - 12:58
#135940
Heh, heh, heh,
New bathroom too!
http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investiga...
on Thu, 11/19/2009 - 12:58
#135939
My name is Timmay and don't you know - I will never have to go
I give the best as every banker knows - My Lord Blankfein always bitches about my nose
Don't forget I need lots of breaks too - Because I always have to dial the 212
So don't you worry don't you shout - My green shoots will hide what that 24 trillion is all about
I even even braved Sheila and a free pool fright - Until I found out it was a Friday night
Perhaps it is best that I depart this nest - My unsold home might still be best
Last night I picked up the phone - But there was no one at home
- Layne
on Thu, 11/19/2009 - 13:00
#135943
I smell toast too.
on Thu, 11/19/2009 - 13:01
#135945
time for a new Poll
Will Turbo be canned before the mid-terms?
on Thu, 11/19/2009 - 13:07
#135969
agreed on the poll. Maybe ZH can start a campaign to get congresspeople and senators to demand his resignation because he is a spineless, gutless, panzy puppet Fraud.
in unrelated news, when AA earnings came out, we pointed out that aluminum inventories on the LME were at record highs. The same goes true for copper, zinc, and nickle. There is a massive disconnect between reality and the party-line of recovery.
http://seekingalpha.com/article/174275-dr-copper-spots-a-monster-crash?source=hp_wc
on Thu, 11/19/2009 - 13:37
#136036
Maybe ZH can start a campaign to get congresspeople and senators
We don't need a poll, with all due respect
Simply go to your rep/senator site and send an email and follow up with a phone call. it is effective when many people do it. thank you.
on Thu, 11/19/2009 - 17:25
#136427
It's way past phone calls. Remember the outcome to the mass of calls against the TARP and other bailouts. You got ignored and you are still being ignored. Sheeeeit! You even changed both your houses and where did that get you. This is another point in history where, having been so royally screwed, the Siege Torch and Pitch Fork crowd start to get it.
on Thu, 11/19/2009 - 17:25
#136428
It's way past phone calls. Remember the outcome to the mass of calls against the TARP and other bailouts. You got ignored and you are still being ignored. Sheeeeit! You even changed both your houses and where did that get you. This is another point in history where, having been so royally screwed, the Siege Torch and Pitch Fork crowd start to get it.
on Thu, 11/19/2009 - 19:22
#136634
In 2006, the democrats took control of the US Senate, but in 2008, the lsm led people to believe that the Republicans were in control so that the demorats would get the magic 60 votes needed.
on Thu, 11/19/2009 - 13:59
#136069
There has to be a fall guy, a victim - when the time comes.
Economically, it looks like Fat Larry and Timmay are the front men. Are you going to bet against Fat Larry? Backstabber and political infighter extraordinaire? No, then it must be Timmay.
Of course knowing Mr. Change is as slick as Mr. Slick can get... I would not put it past Mr. Change and Fat Larry to...
Blame the whole thing on Sheila Bair and fire Paul Volcker.. even though Volcker does not even work there... Brilliant! It's Clinton triangulation brilliant!
Yep that's my bet.
Timmay stays because Aunt Lloyd Blank-dick and Uncle Jamie say so and Paul Volker gets fired.
What a win win for Mr. Change. I have hope! It is Change I could believe in!
on Thu, 11/19/2009 - 16:38
#136340
It has been clear that it was going to be Timmay from the very beginning.
on Thu, 11/19/2009 - 13:00
#135946
I'm a thinking that Timmy's house isn't worth what it used to be.
He might just have to get mortgage assistance.
BTW: Why does he get to resign and keep his golden parachute? Shouldn't he be fired and escorted off the premises.
on Thu, 11/19/2009 - 13:01
#135951
Eraserhead is a good one for tim.
http://jessel.100megsfree3.com/eraserhead_geithner2.jpg
Congressmen are good at histrionics for the cameras. They like to pretend that they are bystanders to nearly everything, especially their own handiwork.
Timmy is inept, a stooge. Schumer was particularly grating.
As for Tex the demagogue, 'Hey, how 'bout some tax cuts to cure what ails us.'
on Thu, 11/19/2009 - 13:05
#135966
+1
on Thu, 11/19/2009 - 14:09
#136074
I resemble that remark... stop stealing my image... used proudly here since August 09...
http://i677.photobucket.com/albums/vv133/problemis/Zero%20Hedge/eraserhe...
As Faux Secretary of the US Treasury...
I am as legitimate as that Geithner guy...
Note: I think my original was courtesy of Jesse at Jesse's Cafe Americain... I will have to find the original link...
on Thu, 11/19/2009 - 19:10
#136617
Knock knock. Hello? McFly? Who do you think that was that posted above you?
on Tue, 11/24/2009 - 13:05
#140697
I did not know it was The Jesse...
He is brilliant. I read him everyday.
Maybe I did not find it on Jesse's site (and I always credit him when I post any of his hilarious pics...), because mine has the title "Secretary of the US Treasury" at the bottom.
I will have to check my links and post the credit...
on Tue, 11/24/2009 - 13:19
#140725
It was Jesse 3/24/09 "Here Come the Coupon Purchases From the Fed"
http://jessescrossroadscafe.blogspot.com/2009/03/here-come-coupon-purcha...
Jesse: I am not worthy, I am not worthy... neither is Geithner the Eraserhead...
on Thu, 11/19/2009 - 16:01
#136286
"They like to pretend that they are bystanders to nearly everything, especially their own handiwork."
You captured it perfectly.
on Thu, 11/19/2009 - 13:03
#135958
I note to ZHers that the morning headline on HuffPo was a blistering call from a Democratic congressperson (DeFazio, Oregon) calling for the resignation of not only Geithner, but Summers as well.
I think this is much more telling than the Brady action today, though I agree wholeheartedly in this bipartisan approach!!
on Thu, 11/19/2009 - 13:05
#135965
TYLER / This is your baby, but, maybe consider putting together some type of petition on ZH calling for Geithner's resignation (similar to your Audit the Fed). People need to know, and feel, like the public still hs a vote and there are some options out there. Also, maybe something like this (via ZH) may not only garner national momentum, but also draw further focus on the work ZH produces. Thanks.
on Thu, 11/19/2009 - 13:10
#135978
Sometimes I really wonder at the psychology of this man...
He must never have had a good friend to talk to.
I shudder to think of what his relationship with his wife is like.
He is a child, who is evil only because we have placed power in his hands.
Remember in "The Killing Fields" when they put the children in charge of the labor camps, because they were more "pure" than the adults?
That's Geithner, a fool, a child, with nothing of substance to offer, and we have put him in charge of our Treasury.
on Fri, 11/20/2009 - 00:01
#136968
So is his boss. The Won. Lovely what Ford Foundation employees managed to conconcoct in the form of their abberrant offspring.
on Thu, 11/19/2009 - 13:13
#135984
Geithner is the fed's scapegoat. He's going to become more & more desperate.
on Thu, 11/19/2009 - 13:16
#135986
I don't know what kind of authority Timmay didn't feel he had to do his job correctly as NYFed chair.
From Taibbi's "Big Takeover" piece:
"There's this notion that the regulators couldn't do anything to stop AIG," says a government official who was present during the bailout. "That's bullshit. What you have to understand is that these regulators have ultimate power. They can send you a letter and say, 'You don't exist anymore,' and that's basically that. They don't even really need due process.
on Thu, 11/19/2009 - 13:19
#135991
Watched the whole episode with the good congressman and will call in some support. Timmah either had a sunburn or was an interesting color of Hypertension Red today. Man, the best moment is when Timmah tries to go Democrat and say (in effect): it was your fugging home boy Bush who dumped this steaming pile on us and I had nothing to do with this . . . and. . Brady calmly asks him what his job was before he became Treasury Secretary. OOOOOOooooo. You could hear that hit from the 700 section and it was UGLY. No pads, nothing. Tim's comeback was lame, as befits the arrogant career bureaucrat that he is. Perhaps it is beginning to dawn on Timmah that when you lie down with dogs, you get fleas. Big ass, Goldman Sachs sized fleas, for which a 55 gallon drum of Frontline is simply not enough. My read: Timmah is gone as part of the pre-midterms "house cleaning" this Administration will have to do to get this done. Obama himself is mantaining his distance, as befits the fact that (a) he was told who to put in as Treasury Secretary, and to "butt out," and (2) why on earth take the hit for the economy when Timmah is so perfectly being lined up to do so. But disposing of Timmah as if he is the cause of all this is a joke - just sidewalk 3 card monte with personnel who are "in charge" and "responsible" in name only. I fault Obama on entrusting the economy to these yin-yangs in return for Goldman political contributions, i.e., being bought and paid for. Won't get fooled again. (Yeah, right.)
on Thu, 11/19/2009 - 13:40
#136041
Brady calmly asks him what his job was before he became Treasury Secretary.
The look on geithner's face as he realizes the question is priceless! He knew he had just been set up.
nice summary Ned!
on Thu, 11/19/2009 - 14:14
#136083
I watched Geithner REAL closely in this clip and I am 101% sure Timmy lost bladder control for a few moments there.
on Thu, 11/19/2009 - 15:27
#136216
It's ok he had dozens of bearer bonds hidden in his shorts. They are very absorbant of liquidity haven't ya heard?
on Thu, 11/19/2009 - 14:14
#136090
Wow. Would have liked to have seen what came before. Can't believe that it was so easy to get the Right Honorable Secretary to shoot himself in the foot.
Apropos of nothing, it seems that some serious consultants have been working with the Timmeister. A few months ago he was a babbling geek, now he has something vaguely resembling rico suave, dare I hope, presidential?
on Thu, 11/19/2009 - 14:45
#136135
+10 It is all a joke. Timmy's just the skinny girl prison boy now. Somebody's got to take it, but the joint is still made up of criminals.
on Thu, 11/19/2009 - 15:06
#136189
Interesting to note, in the days of 3 card Monte, the title of the person whose job it was to entice new clientele, was called the Hooker. As the hooker was usually female, and the game of 3 card Monty evolved... well you can see where this is going.
I wonder who the harlot could be in this game of 3 card Monte, gettin' the risk takers to jump into a rigged game... hmmmm.... who could it be?
on Thu, 11/19/2009 - 15:25
#136210
Gee, and I thought the term "hooker" developed during the Civil War in recognition of the exploits of an Union general with the same name.
on Thu, 11/19/2009 - 16:11
#136300
How's that workin' out for you? ...thinking I mean...
on Thu, 11/19/2009 - 19:10
#136615
Seems there is debate on the origin of the term:
1. One that hooks.2. Slang A prostitute.Word History: In his Personal Memoirs Ulysses S. Grant described Maj. Gen. Joseph Hooker as "a dangerous man ... not subordinate to his superiors." Hooker had his faults. He may indeed have been insubordinate; he was undoubtedly an erratic leader. But "Fighting Joe" Hooker is often accused of one thing he certainly did not do: he did not give his name to prostitutes. According to a popular story, the men under Hooker's command during the Civil War were a particularly wild bunch, and would spend much of their time in brothels when on leave. For this reason, as the story goes, prostitutes came to be known as hookers. However attractive this theory may be, it cannot be true. The word hooker with the sense "prostitute" is already recorded before the Civil War. As early as 1845 it is found in North Carolina, as reported in Norman Ellsworth Eliason's Tarheel Talk; an Historical Study of the English Language in North Carolina to 1860, published in 1956. It also appears in the second edition of John Russell Bartlett's Dictionary of Americanisms, published in 1859, where it is defined as "a strumpet, a sailor's trull." Etymologically, it is most likely that hooker is simply "one who hooks." The term portrays a prostitute as a person who hooks, or snares, clients.
http://www.thefreedictionary.com/Hooker
Martin Armstrong has a piece out recently on gold that retold the Hooker story as if it was true. I can see why there would be confusion.
http://www.businessinsider.com/martin-armstrong-gold-headed-to-5000-and-...
on Thu, 11/19/2009 - 21:40
#136838
Ahhhh, the urban legends of prostitution... Good 'ol Martin...yes I was referring to the words' etymology, then making an allegory to the harlot in the Revelation of St. John as being...nevermind....I laugh loudly! =]
on Fri, 11/20/2009 - 06:53
#137099
'My read: Timmah is gone as part of the pre-midterms "house cleaning" this Administration will have to do to get this done.'
http://delong.typepad.com/sdj/2009/11/chance-of-great-depression-now-5.html
http://krugman.blogs.nytimes.com/2009/11/18/the-aig-report/ green
http://thehill.com/blogs/blog-briefing-room/news/68459-house-dem-gorwing-consensus-among-liberals-to-dump-geithner
All systems go.
on Thu, 11/19/2009 - 13:23
#135992
I have a sneaking suspicion that Turbo Tax Timmy has just crossed over from puppet to patsy.
I've been thinking for about a month now that since the so called "recovery" hasn't materialized as promised (the tell was unemployment stagnating) it's just a matter of time before another sacrificial lamb is brought to the altar so that blood may be spilled to quiet the savage beast stirring in the restless sheeple.
With "My Friend Ben" recently anointed by Obama for a second term, it would undermine Obama to second guess himself now by pulling Baby Big Ben's nomination. Since Timmy boy is the only other high powered puppet in the public spot light, I suspect he's going to take to fall for the greater good of the Ponzi.
I may be way off base on this but Timmy just laid the ground work for his own blood letting with this performance. You NEVER bite the hand of Congress regardless of the read meat thrown in front of you. I suspect that lamb chop Timmy just chomped on was laced with poison.
Remember, these hearings are as choreographed as a Broadway show. Timmy was being unusually needled right up until Brady placed the pick ax in his back. I'm a bit shocked Timmy took the bait but I wouldn't be surprised if "they" had someone from his office or the white house calling him all night long with "official business" to make sure he was extremely tired and off his game today.
on Thu, 11/19/2009 - 13:25
#136008
you may be right. they definitely need a fall guy. there is no honor among thieves....
on Thu, 11/19/2009 - 13:37
#136038
The scapegoat will be whoever Larry Summers wants gone. It would be Bair if the public actually knew who she was. As you say, it must be someone prominent enough to make a statement.
I ask myself, if the admin wakes up and is politically savvy enough to make a course correction with econ policy, what would it be? To me, turning on Wall Street, overhauling the regulation regime, and ending TBTF seems the low-hanging fruit politically. Don't start looking for internal scapegoats - turn on the banks loudly and publicly. Whether it's right or wrong, the voting public would surely support it.
Obama is nothing if not very politically astute. Watching him so far, I see a lack of deep understanding of economic issues, and therefore reliance on his advisors. But as the politics of it all get worse, he'll understand the moves he needs to make on a different level, political rather than economic. Between that and the mid-term elections, I still suspect that 2010 will be a very uncomfortable year for Wall Street.
on Thu, 11/19/2009 - 13:20
#135996
Congress: "Can you please tell us about the economic recovery?"
Geithner: "Timmay."
Congress: "Can you please update us as to the secretive maneuvers that are about to take place between the U.S. Treasury and the Federal Reserve?"
Geithner: "Timmay, TIMMAY."
Congress: "Can you please attempt to justify why you should not be expected to submit your resignation as Secretary of the Treasury?"
Geither: "Tim-may? Timmay... Timmay, Timmay-TIMMAY, TIMMAY TIM-MAY!!!"
on Thu, 11/19/2009 - 13:33
#136026
LOLOLOL oh my god that's funny.
"Timmay....livin'-a-liiiie...TIMMAY..."
on Thu, 11/19/2009 - 13:21
#136000
This year (so far), we've donated $63,300 to candidates and national political campaigns who specifically are committed to reducing the deficit, and, will place restrictions on further spending. We wrote earlier, each and every one of us needs to get off our asses and DO SOMETHING. It doesn't matter what you do, but do something proactively to change the course the U.S. is on. Some can donate money. Some can only make phone calls. But, back up what you're feeling with actions. Do something today, tomorrow, but take action. Think about it...
on Thu, 11/19/2009 - 13:43
#136049
Anyone thought of running as an Independant against the incumbent?
on Thu, 11/19/2009 - 17:44
#136463
If we get enough people go Independent it will turn into a massive Pop Idol like contest.
on Thu, 11/19/2009 - 18:06
#136504
I agree ratava, more of the same is what is called for here.
on Thu, 11/19/2009 - 13:24
#136004
Of course it was all the other guy's fault. That's the easy answer.
Timmy isn't alone in using this rationale, now the party line. Here is a link that details comments made by Budget Director Peter Orszag about "inherited" problems, and is typical of the increasingly aggressive "we're innocent" rhetoric used by the administration. http://keithhennessey.com/2009/11/04/inherited-deficits-fallacy/
on Thu, 11/19/2009 - 13:25
#136007
What I get out of that short clip is that no one has control over this thing any more.
We are fucked.
My confidence that the Congress will actually do anything to punish any one who deserves it, or to rein in excess, is about equal to my confidence that the Health Care bill will actually lower health care costs.
(OT, but as Congress debates their 3,000 page health care extravaganze, my state regulators just allowed my health plan to raise premiums by 16% over the next few years. The hot air is apparently not helping much....)
on Thu, 11/19/2009 - 13:39
#136040
The more individuals (Congress men and woman) involved in making the stew (the economic and political disaster we're experiencing) the more likely everyone will agree it tastes OK, regardless of the reality of the situation.
This is why all in Congress are encouraged by House and Senate leadership to partake in pork and other perks of office. That way, when it comes to parsing out blame, none will be found.
The mafia calls it everyone getting a taste.
on Thu, 11/19/2009 - 14:32
#136124
Yep. Corollary: When everyone’s responsible, no one’s responsible.
CD: In reference to your earlier rumination on today’s college experience, see Empire of Illusion, Chapter III (Illusion of Wisdom) by Chris Hedges. The older heads here (I’m class of 1974) who haven’t spent their careers in higher education as I have would not recognize the place.
Abelard
on Sat, 11/21/2009 - 12:26
#138208
Thanks. I will read it with relish. I suspect it will help fill in some blanks as I flesh out my ideas. Appreciate the feedback.
on Thu, 11/19/2009 - 16:41
#136344
Congressional hearings are Kabuki theater.
All so dramatic and not a fucking thing changes.
on Thu, 11/19/2009 - 13:28
#136015
Of course, he does have a point, Congress DID authorize the TARP bailout...
Tim is basically saying, I am who I am because you made me this way.
And he's right.
on Thu, 11/19/2009 - 13:45
#136053
It's not inaccurate to say that the new Admin was handed a giant shit sandwich.
But at this point, it doesn't do much good to harp on it. Taking the bait to turn this into a party-line thing was a big mistake for Timmay.
on Thu, 11/19/2009 - 13:30
#136019
fwiw, imho, having counseled hundreds of people thru the years, observations and body language wise
a. obvious too all, he get's upset when confronted with what he was doing before all things went too hell
b. for him, and i've seen him few hundred times, that's probably an 8.5 on his anger scale for him, as compared to this blog, where we hit that everday, so there is a guage
c. in his previous post, my best guess is alot of shit went down he was against doing, voiced it, yet, he's pretty passive guy overall..........so where he thought he was putting his foot down, others interpreted it as typical boss bs, ie, "hey, stop coming in late, don't do that", as opposed to "u come in late one more time your gone" or something with consequences.................so internally he feels very burned by others, and feels he was always trying to do the right thing and getting no credit for
d. so he takes new position thinking folks will listen to his shyte, he will get the job done.............and since they don't cause everyone thinks he's a pansy, a pussy, which he has no clue of at all how others percieve him, even those close to him..........he constantly gets taken advantage of and will
overall, the guys emotionally clueless and a pussy, he will continue to get eaten by all the sharks, while the whole time he is befuddled why because he knew the correct answer too the test, yet, no clue how to get the job done
him and ben are pretty much cut from the same cloth, ben just happens to have more authority and power and a better poker face for patience, ben can repeat the same shyte non-stop with a straight patient face, whereas timmy gets upset after being asked the third time
the worst is that fellows like these are horrible at picking talent
on Thu, 11/19/2009 - 13:35
#136034
looks like turbotax tim geithner is losing his composure. Brady should have brought up tubrotax tim's role in blocking brooksley born's derivative oversight:
http://www.pbs.org/wgbh/pages/frontline/warning/view/
on Thu, 11/19/2009 - 13:37
#136035
Meanwhile, Hank Paulson is shopping ebay for wigs.
on Thu, 11/19/2009 - 13:46
#136045
http://janetcharltonshollywood.com/images/0320webstory_spectorcut.jpg
on Thu, 11/19/2009 - 15:26
#136212
Holy shit that was bad......Phil Sphincter.
on Thu, 11/19/2009 - 19:11
#136618
Where has that Bastard Son of the Devil been anyway. Having a conference with his Father is my guess.
The Wig BTW is to hide the 666 number showing on his chrome dome. :))))
on Thu, 11/19/2009 - 13:40
#136043
Tyler: I was at the hearing. The attack seemed more dramatic on video. TG, (aka Dr. Strangelove,) handled it well. There will be no resignation or a firing...not with this Administration. As much of a dolt as he is, does anyone believe we'd get someone like Volker as a replacement? I don't have much faith in any of Obama's economic team. They will continue to blame economic woes on Bush. Maybe Obama got a lesson in foreign capital flows during his Asia visit and will pursue ideas to stimulate the US free enterprise system rather than just letting Ben and Tim flood the world with dollars. At some point all that liquidity has to stand for something other than universal healthcare.
on Thu, 11/19/2009 - 14:05
#136077
I have no faith in any central bankers any time or anywhere.
Good intentions get fucked up in practice.
on Thu, 11/19/2009 - 16:45
#136350
Like I said, Congessional hearings are Kabuki theater.
Were there any costumed characters just out of the camera's view striking dramatic poses as the "tension" in the theater room increased?
on Thu, 11/19/2009 - 23:07
#136931
Its good to hear from someone who was present at the hearing.
I would like to point out, that many understand Geithners allegiance, its obvious from his bank regulation proposals, and other statements he has made in public, and actions at the FRBNY, that he works on behalf of the FED member banks, and not the people. The Congressman's tone is correct, however, the questions he asked really did not show Geithners true misdeeds as President of the FRBNY.
Now to be fair to Tim, he was offered the Treasury job by Obama. Obama really needed to add an outsider to his economic team to get a better perspective on what is happening. I think his economic team is very weak. Obama should learn from his mistakes, and change some personnel. However, Tim should really be a man here and step down on his own accord.
Mark Beck
on Thu, 11/19/2009 - 13:45
#136055
Agreed, Geithner needs to resign, he is a big liability to the country.
on Thu, 11/19/2009 - 13:47
#136057
Ah, Timmy G., I almost feel sorry for him.
on Thu, 11/19/2009 - 15:29
#136217
No!!! We need him in there to accelerate the collapse,,I can't stand this death by a thousand cuts bullshit, Let's get it on, and recalibrate.
on Thu, 11/19/2009 - 13:48
#136058
As I predicted last spring, once the banks are gorged on bailout money and can consume no more, Geithner goes under the bus. At that point, Obama will start spewing populist nonsense and try to claim he was against 'em the whole time. End result, the TBTFs end up with all our money, courtesy of this and past administrations, and Obama's kool aid drinkng supporters see him as a hero.
on Thu, 11/19/2009 - 13:59
#136067
Prediction: Warren "The Great" Buffett will be called in to save the world after Timmy is let go. Warren "The Magnanimous" Buffett will only accept the position, if his buddy Charlie "Coattails" Munger is given a job as head of the Federal Railway Administration. Warren "The Noble Minded" Buffett will, in an "aw shucks" manner, demand additional bailouts for Insurance and Reinsurance companies, and all companies with a big "MOAT" around them - since they are so critical to "main street".
on Thu, 11/19/2009 - 14:03
#136072
Resign, bankster puppet TinyTim Geithner, RESIGN!
on Thu, 11/19/2009 - 14:07
#136080
Called the office and told the nice lady on the other end it was welcome to see some honest questions that needed to be asked.
on Thu, 11/19/2009 - 14:13
#136088
Wasn't the initial tranche of the no-string bailout money (say $350Bn) doled out in October 2008 when the 'world was ending'?
Wasn't Bush still President and Paulson still the Treasury head?
I am all for pointing fingers and holding people accountable. Let's just not give a free pass to the Republicans at the same time.
on Thu, 11/19/2009 - 15:15
#136203
NO ONE here has given the Republicans a pass on this. The point is that the Obama administration, and more specifically, Geithner, have been in charge for nearly a year and have yet to demonstrate an inkling of real desire to enact actual economic reform beyond a little populist rabble-rousing.
Passing a "stimulus" that's utterly failed to do what Romer, Obama, and the Democrats said it was going to do; bailing out auto companies on the pretext of keeping them from declaring bankruptcy, only to have them declare bankruptcy anyway; trying to declaw HR 1207 while promising "transparency"; putting former GS officials in charge of federal regulatory agencies; allowing TBTF banks to keep their toxic trash off their books while said banks give their executives bonuses and falsely declare they've made profits; encouraging "extend and pretend" through C4C, the First Time Homebuyer Credit, and "quantitative easing"; crushing the dollar's value while stating they support a "strong dollar policy,"; and laughingly arguing for a "pay as you go" economic policy while ramping up the budget deficit to levels even FDR, Reagan, and Bush wouldn't have dreamed of; all these are actions of an administration that is too cowardly to actually regulate the country's economy in a fiscally responsible manner.
Quite frankly, getting handed a shit sandwich isn't even relevant anymore. As Timmy's little performance demonstrated, when they can't charm their way out of being held accountable for their actions so far, they will use the last stance of the desperate--deflection, blaming the predecessor, and whining about being criticized.
At some point, Obama and his administration need to put on the Big Boy Pants, accept that not everyone thinks Obama speaks with the voice of a god and not of a man, and take responsibility for whether their policies are actually working. The constant excuse "But we inherited this!" is the refuge of losers who talk big but can't actually get anything done.
on Thu, 11/19/2009 - 20:41
#136757
Well said!!!
Here's an old business story.
A manager retires from a company. He leaves behind 3 envelopes in his desk. He tells his replacement, if you have a situation and you really don't know what to do, open an envelope...remember, I'm only leaving you 3 of them.
Well, a difficult situation does arise, so the new manager opens the envelope. It says, "Blame it on me." Some time passes and another situation comes up. The manager reaches for the second envelope, opens it and it says, "Blame me."
A while later, a third situation comes up and the manager reaches for the third envelope. He opens it and it says, "This one's all yours."
on Thu, 11/19/2009 - 15:51
#136266
And who was the congressional majority - in both houses - at the time? And who was, nominally at least, a member of the upper house of that congressional majority (hint, two of them have since moved up the Peter Principle ladder)?
Anyone who suggests that Bush and the Repubs have gotten a free pass here (or anywhere, for that matter) simply hasn't been paying attention. There is plenty of blame to go around - going back 30 (40? 60? 90?) years.
To screw-up something this royally it has to be bipartisan.
on Thu, 11/19/2009 - 14:14
#136092
You can't keep your head stuck up your own backside for ever, at some point you'll have to take it out in order to breathe!
Looks like some poeople had enough of shit, we can only hope there are many more to follow!!!
on Thu, 11/19/2009 - 14:27
#136113
Turbo Timmy is a clown and he needs to go down. I called Brady's office too and told him to keep up the good work
on Thu, 11/19/2009 - 14:31
#136119
Timmy needs to go
on Thu, 11/19/2009 - 14:31
#136121
Let's pitch in and send him a helmet.
on Thu, 11/19/2009 - 14:36
#136132
I called.
on Thu, 11/19/2009 - 14:41
#136140
Geithner is a crook. He should resign. The only problem is that Obama could put an even bigger crook in his place. Or worse, he renames the position Treasury Czar and gives him a KGB like force to crush the dissenters. Sadly, this is not out of the realm of possibility.
on Thu, 11/19/2009 - 14:45
#136151
Geither says no to calls of resignation, insists he has done everything banks have wanted him to do so why the complaints?
http://www.bloomberg.com/apps/news?pid=20601110&sid=aB8wOfiZYG.A
on Thu, 11/19/2009 - 14:53
#136170
CNBC defends Geither. So typical.
on Thu, 11/19/2009 - 14:57
#136177
Stalker FED overseeing hotel california. You can check out any time you like but you can never never leave!!! When the IMF has secures the loans it's going to make to the USA with nukes. WE'LL ALL PAY FOR THIS CRUELTY TO HIM!!!
on Thu, 11/19/2009 - 15:04
#136187
What a tin woodsman looking motha fucka!
on Thu, 11/19/2009 - 15:21
#136206
So...what should be done?
on Thu, 11/19/2009 - 16:32
#136332
Should be done is too large a mountain to climb.
What needs done is one or two things that communicate to the administration, Lord Blankfein, and the other harlots in investment banking and the government, that many of us know what is going on, what is actually happening and we are not fooled by the useless feeble rhetoric that issues from the mouths of these psychos.
Get acquainted with one or two issues and begin to get to know them cold. Every aspect. Do not be intimidated if you do not understand the complexity of Collateral Default Swaps, or other derivatives, and the derivatives of derivatives.
Learn about something you can understand, like what role your own representative played in placing this country into trillions of dollars of debt to the Chinese. Why Ted Kennedy himself was responsible for a trillion dollars of debt accumulation during his reign as king of Massachusetts, dying before the spoiled fruit of his legacy could rot and fall to the ground, worm-infested, while his own voters kept putting hime back in office. Take them to task for keeping Senator Byrd in office, building expensive monuments to himself all over W. Va. that people in Nebraska had to pay for. Or find out the track record of Mel Watt and why he is gutting any change in the Congress' oversight of the FED, where his campaign money comes from.
For starters....then communicate that to your local media outlets, blogs, and those who you associate with. Spread the word not just to the choir but to those who keep their heads in the sand. Make them hear you. Sooner or later you will find a comrade to help you.
on Thu, 11/19/2009 - 15:42
#136239
We should start a petition demanding that Geithner and Bernanke resign, immediately.
on Thu, 11/19/2009 - 16:27
#136322
But then what? Who should take their place at their respective posts and what policy changes should follow?
on Thu, 11/19/2009 - 21:09
#136793
That was a rehtorical question? They wouldn't look further than a Goldman alumini.
on Thu, 11/19/2009 - 16:05
#136288
As a relative neophyte regarding economics I am always a bit timid commenting on zerohedge but when it comes to politics they're are a lot of people exhibiting mucho naivety here. This Geithener dog and pony show is nothing more than a sophisticated bread and circus for snobs. Deposing of this stooge will do nothing to rectify the situation. To cut the cancer out of this government is going to take a lot more than thrashing this chump.
on Thu, 11/19/2009 - 17:56
#136488
Brilliant.
By this time next year, the Great One will need someone to flop on top of the incoming live financial hand grenades. They'll be coming from everywhere too.
Timmy's gotta' go. He'll snitch like a 6 year old schoolgirl.
Obama needs someone outside the " CIRCLE ".......and fast.
Gordon Liddy's getting old but he's still a righteous dude.
on Thu, 11/19/2009 - 16:26
#136321
Maybe they can appoint some who knows how to work Turbo Tax.
on Thu, 11/19/2009 - 18:00
#136498
It is profoundly true that the problems facing Timothy were inherited from the Bush Administration who inherited them from the Clinton Administration. Exhibit A: Robert Rubin. Timothy is a Rubin/Summers protégé. Rubin’s hand is still on the tiller. The baggage comes with the jobs; you could say the names were changed to protect the guilty but these guys don’t even change the names. So for those who say, “fire Geithner,” we must remind that our Timothy is not the Federal Reserve System. That’s what needs the dismissal.
Parroting the prophetic second president of the United States, John Adams, who was talking about aristocracy which these days one might call the investment banker plutocracy, “You may think you can eliminate it (but ) like Waterfowl (it) dives for ages and rises again with brighter plumage.”
Geithner, of course, did “work” for Goldman Sachs. He was, and is, actively involved in the central bank’s policy—both before and during the financial crisis. Follow the money. Stephen Friedman of Goldman Sachs was chair of the NY Fed where then President Geithner received his salary, while past CEO of Goldman Sachs Hank Paulson worked hand-in-treasury with the Fed. It is now NY Fed President William Dudley, formerly of Goldman Sach, working hand-in-treasury with Geithner, formerly of the NY Fed. Who benefits? Why, Goldman Sachs. Follow the money. It is Goldman Sachs et al. who have stolen the fruit from the high standard of living Americans would now be enjoying.
And, now, the homelessness begins…
Guest explained it well, IMO, in February of 2009 on RGE Monitor:
“What is with this tendency to have Goldman Sachs alumni in all sectors of decision making? Robert Rubin, Henry Paulson, Tim Geithner! These apparatchiks are akin to the nomenclatura of the communist party. They are spread throughout our society to be the keepers of the faith. They are the heads of the
economic inquisition. Any HERETIC will pay the price! In 1998, Brooksley Born who had been appointed
the head of the Commodities Futures Trading Commission had the HERETICAL CONCEPT PERCEPTION that the (OTC) OVER THE COUNTER DERIVATIVES HAD TO BE SUPERVISED.
The Rubin-Goldman Mafia ran her out of town, and here we are with a FRANKENSTEIN OF OVER
THE COUNTER DERIVATIVES THAT ARE MORE DESTRUCTIVE THAN THE SUBPRIME DEBT
TRIGGER THAT CREATED THE CASCADE OF TIGHTLY COUPLED FINANCIAL INSTRUMENTS
INTO A CREDIT FREEZE. When you make heretics pay the price of telling the truth to power, your
society has no place but down. In a democracy, there can be no heresy! All ideas must be tested and falsified and adopted if truly functional. THIS IS INHERENT IN EVOLUTIONARY ADAPTATION.
"It doesn't matter whether a cat is black or white, can it hunt mice". We as a society decided that
only greedy cats who ate our steaks and left us the mice to eat were going to run the financial system.
Are we freaking morons? Even worse, we now want these greedy cats to literally eat our flesh and
leave us as a skeleton country in total debt. The mice are the derivatives that are totally separate
from the subprime mortgage crisis. The greedy cats will eat the flesh and the mice will eat the bones.
EITHER THE GOVERNMENT TAKES CONTROL FROM THE GREEDY CATS, and resets the system
to be regulated, or we will fail. We will fail for the same reasons the communists failed. They were
inefficient apparatchiks who ran the system for their purposes and subjugated the people with totalitarian
ideas. The financial elite is the same! They just use more subtle and stealthy methods developed in
Madison Avenue. They manufacture consent and root out the heretics.
http://www.rgemonitor.com/roubini-monitor/255573/republicans_start_to_su...
on Thu, 11/19/2009 - 18:09
#136513
Superior posting, JR.
on Thu, 11/19/2009 - 18:23
#136540
The US is the most corrupt country on earth - measured by the value of the corruption.
on Thu, 11/19/2009 - 19:14
#136619
Geithner has (almost) single-handedly stopped great depression 2.0 from happening with his pure genius manoeveuers. While things are bad now, unemployment would be double now without Tim.
- unless you buy the voodoo economics coming from many posters, the majority of which clearly lack any understanding of finance in the economy. Short knowledge, long populist rage that is.
Geithner's a hero for the ages and will remembered well in history if he goes now.
on Thu, 11/19/2009 - 20:53
#136771
The government has always been owned by the lobbyists, but I've never seen corruption so far out in the open. It's as if they're so confident in their power over us that they are just rubbing it in our faces.
Well, they're right. This is the first generation that is totally sunk in debt, and with 2-income households. Yes, they've got us by the balls. I don't see how a population that susceptible to pressure can ever mount a serious protest. As a society, I think we are a lot closer to losing our freedom than we are to bringing back government "by...and for" the people.
Watch things get worse, not better.
on Thu, 11/19/2009 - 21:20
#136806
FU Timmay
on Thu, 11/19/2009 - 21:56
#136861
The Geithners are morons- trust me on that. The house he is trying to sell is probably his Mom's. He's a patsey- lowlife clerk- a moron. If you really want to slam somebody, slam Greenspan or Bernanke. They know they are ass raping the middleclass
on Thu, 11/19/2009 - 22:22
#136884
TG is just the latest in a long line of loyal eggheads who got thrown under the bus by Government Sachs.
on Thu, 11/19/2009 - 23:33
#136950
Tax-free Tim gettin' sweaty:
http://www.powerlineblog.com/archives/2009/11/024990.php