Time For Tim Geithner's Annual Top-Ticking Op-Ed, In Which We Learn That It Is Time To Panic About America's Banks

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 07/19/2011 - 20:12 | 1472405 MobBarley
MobBarley's picture

Anything about how in 2003 Bush Jr told Greenspan

to go around telling all the banks to lend like crazy to support the

decaying economy because of the outsourcing by Clinton

through the false housing boom resulting in 60% of all jobs in

"America" being directly or inderectly supported by housing loan

money and how the banks need not worry because they would all be bailed out?

And as an aside, can we get at least a mention of how Bush Jr's

first act as pResident was to sign into law that any and all high paying

Tech jobs could be sent overseas saving the cost of H1B Visa's and

importation of Indian and Pakistani monkeys to the country?

As a further aside, can someone mention that Jeb Bush being

Governor of Florida during the 'hanging Chad' fiasco was just

ever so slightly a conflict of interest regarding investigation of

the

 

oh nevermind. It's not like any of you don't know this shit is rigged.

 

Tue, 07/19/2011 - 21:56 | 1472617 AssFire
AssFire's picture

Hey Mob,

I think it is spelled "Amerika" now.

Anyway, Welcome Back!..  I guess you been hanging with Ted Williams' frozen head the last 8 years?

Tue, 07/19/2011 - 22:10 | 1472680 ElvisDog
ElvisDog's picture

It's time to move on from the 2000 election perhaps? Yeah, that 2003 Bush-Greenspan conversation is a burning issue in 2011.

Tue, 07/19/2011 - 22:51 | 1472765 RoRoTrader
RoRoTrader's picture

The Securities and Exchange Commission, the Commodity Futures Trading Commission and the banking regulators have outlined the major elements of reforms to bring oversight, transparency and greater stability to the $600 trillion derivatives market.

 

$600 Trillion derivatives market.

 

$600 Trillion derivatives market.

 

$600 Trillion derivatives market.

Tue, 07/19/2011 - 22:57 | 1472785 RoRoTrader
RoRoTrader's picture

 

Nice how Geithner slipped the $600 Trillion into the discourse to nobody.

 

Tue, 07/19/2011 - 23:50 | 1472861 tip e. canoe
tip e. canoe's picture

yeah, real nice.

-- 600,000,000,000,000 --

wow, look at all those zeroes.

Wed, 07/20/2011 - 04:45 | 1473055 Popo
Popo's picture

Exactly:  $600 TRILLION.  

And when we actually achieve "transparency" on that $600 Trillion derivatives market,  we will all get to look through the window at the ultimate horror show of $600 trillion worth of toilet paper wrapped around a core of pure bullshit.   And then what?

The house of cards is so impossibly cosmic in scale that there is no possible way to "regulate" it.  

There are only two possibilities:  It can get bigger and remain opaque, or implode via attempts to make it transparent.    ... And the former will ultimately necessitate the latter anyway.

 

 

 

 

 

 

Tue, 07/19/2011 - 23:49 | 1472858 66Sexy
66Sexy's picture

i dont think this is junk.

Tue, 07/19/2011 - 20:21 | 1472406 gangland
gangland's picture

welcome to the pain bichezzzzz ® ™ ©!

Tue, 07/19/2011 - 20:14 | 1472409 perchprism
perchprism's picture

"The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure".

 

Jesus Christ.  The Dem's were totally in power.  

Tue, 07/19/2011 - 20:27 | 1472449 DosZap
DosZap's picture

Ding,Ding, Ding!!!!!!!!!!!!!

You sir are 100% CORRECTOMUNDO!!!.

Not to mention, that Bush Jr, and Ron Paul, not only once or twice, but numerous times told Frank & Dodd that the loans being made thru FM/FM, were getting VERY risky, and to REIGN them IN.

 

Did they?.

Hell no.

 ( O.T )..........just like Katrina,five days before land fall Bush Jr. called the Governor, and Mayor Nagin..........telling them to get their PEOPLE OUT.

Did they listen?, Hell no.

Who got the BLAME for slow response?.

Don't get me wrong, I am NO fan of Bush Jr.,but let's call a spade a spade.

Truth hurts...............

IF they had listened to sound advice, the disaster in N O, would have been minuscule compared to what it was, in terms of human suffering.

The answer is obvious.

Tue, 07/19/2011 - 20:34 | 1472463 louisianagold
louisianagold's picture

Most of those who remained during Katrina were those who rely on the government for all.  Warnings were there days in advance.  These people will never lift a finger to help themselves.

Tue, 07/19/2011 - 21:00 | 1472521 centerline
centerline's picture

Welfare state.  If the SHTF in any big way, that is were we are headed on a grand scale.

Tue, 07/19/2011 - 21:36 | 1472603 WestVillageIdiot
WestVillageIdiot's picture

Compare the readction in New Orleans to the typical reaction to awful weather disasters in the Midwest.  Night meet day.  The welfare culture has created the, "I can't do shit for myself, and I won't do shit for others" culture. 

Tue, 07/19/2011 - 22:06 | 1472674 tip e. canoe
tip e. canoe's picture

precisely the point.  here's another example:

http://theprojectveritas.com/node/9

Tue, 07/19/2011 - 22:12 | 1472686 AssFire
AssFire's picture

I'm begining to think all this is directed to those who do not have the Neanderthal DNA update 2.0 patch. And that is Racist!

Tue, 07/19/2011 - 23:07 | 1472797 tip e. canoe
tip e. canoe's picture

perhaps...but i happen to believe that epigenetics is equally as important as genetics, and no matter who's right & who's wrong, one thing is certain -- the kids are losing...

Tue, 07/19/2011 - 22:20 | 1472696 JW n FL
JW n FL's picture

Tip I luv Ya Bro.. BUT!

 

"I Love how the Big Money Koch Brothers put together these high dollar productions showing only the worst of the worst.. out of 500 people at the Hotel 4 maybe 5 idiots ruin everything for everyone else? But it is the Union's? I wish the Union's would spend some Money following around the Koch Brothers!"

 

That was my YouTube Response!

Tue, 07/19/2011 - 22:53 | 1472770 JW n FL
JW n FL's picture

http://www.youtube.com/watch?v=xd9OYJMX9t4

 

Tea Party..

 

Big.. NO! Huge!! Money! Koch Brothers Money, Baby!!

 

Spin anything so they can have no environmental laws put into place.

 

All we can do is Pray for "We the People" Wake Up! and decide they prefer Freedom over some Lobby Whore or some Lobby Whores Owner.

Tue, 07/19/2011 - 23:04 | 1472793 tip e. canoe
tip e. canoe's picture

you're such a hippy JDub ;~)  you're right though, best to look at all angles when viewing a piece of propaganda.   but isn't that the overriding theme these days?   the idiot 1% always ruin it for everyone else.   why is that you think?   been trying to wrap my head around this one lately, not yet successful.

Wed, 07/20/2011 - 08:51 | 1473298 Are you kidding
Are you kidding's picture

What do you expect from niggers?

Tue, 07/19/2011 - 22:23 | 1472707 Gold Dog
Gold Dog's picture

Good one DosZap!

Tue, 07/19/2011 - 20:33 | 1472461 nmewn
nmewn's picture

I can't decide which is more offensive, Timmy's musings of his complete innocence in the whole sordid affair or his heralding consumer protection under a law named Dodd-Frank.

Both are a slap in the face.

Tue, 07/19/2011 - 20:48 | 1472498 mayhem_korner
mayhem_korner's picture

As a rule, avoid using "Frank" and "protection" in the same dinner conversation.  It's just brings up too many disturbing images...

Tue, 07/19/2011 - 21:02 | 1472525 Cheesy Bastard
Cheesy Bastard's picture

Ew.  "Stim" Geithner.

Tue, 07/19/2011 - 22:06 | 1472664 AssFire
AssFire's picture

I love it when people use:  "to be honest with you" in the midst of conversation.

I begin to think: 'you mean everything else you said might not have been true?...and,- I invested my money with you??!!

Wed, 07/20/2011 - 09:59 | 1473495 sullymandias
sullymandias's picture


"The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure".

Jesus Christ.  The Dem's were totally in power.

Oh! I thought he was talking about banker lobby influence..

Wed, 07/20/2011 - 10:01 | 1473503 sullymandias
sullymandias's picture

 

"The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure".

Jesus Christ.  The Dem's were totally in power.

Oh! I thought he was talking about banker lobby influence..

 

Tue, 07/19/2011 - 20:21 | 1472414 buzzsaw99
buzzsaw99's picture

he sounds like oliver twist begging the sheep to buy bank stocks.

Please, sir, I want some more...

hey turbo: don't cry into your gruel lulz lulz lulz

Tue, 07/19/2011 - 21:38 | 1472608 WestVillageIdiot
WestVillageIdiot's picture

After he leaves the disaster behind him at Treasury he can start playing the part of Fagan on Broadway.  "It's a hard naught life......for me"

Tue, 07/19/2011 - 20:16 | 1472415 kaiserhoff
kaiserhoff's picture

One thing you can say for the entire Obama Crew.  They all have piss poor timing.

Tue, 07/19/2011 - 20:18 | 1472423 RockTime
RockTime's picture

TG is as incompetent as the rest of the so-called "government" -- why waste ink on him in this blog, especially on his meaningless musings in press?

Tue, 07/19/2011 - 20:19 | 1472425 Fazzie
Fazzie's picture

  Little Timmah flip flopping from touting a rigged fake recovery to assuring the sheep there is no need to panic.

  Priceless.

Tue, 07/19/2011 - 21:04 | 1472526 IQ 145
IQ 145's picture

 It's just so special when the Treasury Secretary tells you "not to panic". Oh, brother. passport, Check. Airline ticket, open, check. New Zealand, no entry visa required, check. don't panic. that's what they tell you just before the sound sputters and goes off.

Wed, 07/20/2011 - 02:29 | 1472987 B9K9
B9K9's picture

New Zealand? Try Canada. One day's driving distance for about 50% of the US population. (Cranking, Indy style.) A 1% movement of US residents (3m) equates to a 10% hit to Canada's support infrastructure. (Their total population is less than California's.)

I specked it out last year; Canada will be the new Texas. Sheer free market mayhem - and the Canadian government won't be able to do a thing. Not that they'll want to. Look to California to portend the future - politicians & businesses love, love immigration. All those new constituents to be representing, you know, and all those new housing tracts & infrastructure projects (power, water, sewage, transport, etc.) to be building to house all those refugees.

A little OT: Does anybody recall 2, 3 years ago the lament that no one understood what was occurring? Or the claim that Bernanke didn't know what he was doing (LOL)? Or that the general public thought that those who did understood where 'gloom & doomers"? Anybody get that kind of pushback anymore? Not me. Shit, I've got people volunteering all the time about what they think is going down.

Once the politicians lose the will of The People, it's all over except for the crying. Prepare my brothers, prepare. The real show is going to be starting any day now. (Btw, I still think one of the generals, indeed, perhaps Petraeus, is going to have to execute the foreign & domestic enemies clause.)

In my fantasy, I imagine the order going out to round up around 10,000+ bankers and assorted criminals, including our current crop of "leaders".

Tue, 07/19/2011 - 20:19 | 1472426 JustPrintMoreDuh
JustPrintMoreDuh's picture

All together now ... QE3, QE3, QE3!!!  Yes we can!

Tue, 07/19/2011 - 22:06 | 1472676 LongBalls
LongBalls's picture

QE is T minus 5,4,3,2,............

Tue, 07/19/2011 - 20:22 | 1472431 SwingForce
SwingForce's picture

"The Securities and Exchange Commission, the Commodity Futures Trading Commission and the banking regulators have outlined the major elements of reforms to bring oversight, transparency and greater stability to the $600 trillion derivatives market."

Gotta watch that INSIDE JOB movie again, I think I misunderstood something.

Tue, 07/19/2011 - 21:51 | 1472643 cosmictrainwreck
cosmictrainwreck's picture

$600 TRILLION (bitchez). Oh, btw, Steve Liesman says "derivatives serve a very valuable function...." (SquawkBox 7/18/2011)

Tue, 07/19/2011 - 21:57 | 1472650 Conrad Murray
Conrad Murray's picture

The exponential function.

Wed, 07/20/2011 - 00:22 | 1472900 island
island's picture

Yeah - the derivatives market serves to keep "TBTF" alive and well. 

Shuck this fit.

Tue, 07/19/2011 - 20:21 | 1472432 tom a taxpayer
tom a taxpayer's picture

The first sign of reform would the day we see Geithner, Hank Paulson, Bernanke, Blankfien, banksters, Wall Street capos, and Congressional and Executive branch co-conspirators arrested, handcuffed, and perp walked into jail for the greatest financial crimes in U.S. history.

Tue, 07/19/2011 - 20:22 | 1472435 Eireann go Brach
Eireann go Brach's picture

Wee Tim needs to be gang raped by Bwarney Fwank, his boyfriend and 2 gerbils for all the lies and worthless work he has done since entering office!

Tue, 07/19/2011 - 20:36 | 1472468 JustPrintMoreDuh
JustPrintMoreDuh's picture

I dont think he would get that message (i.e. punishment)

Tue, 07/19/2011 - 20:25 | 1472443 mayhem_korner
mayhem_korner's picture

Declare victory and go home.

Get outta Dodge.

Exit stage left.

(Black) swan song.

Dead cat's been tossed.

I'm not going to stand here and let you bad mouth the United States of America!

Yours, Timmay

 

 

 

Tue, 07/19/2011 - 20:25 | 1472444 nmewn
nmewn's picture

"All financial crises are caused by too much leverage,..."

And your job at the NYFR was to supply that leverage wasn't it Timmy?

 

Tue, 07/19/2011 - 20:39 | 1472475 Raynja
Raynja's picture

All financial crises are caused by too much leverage, and by reducing leverage, we have taken the most important step toward diminishing the risk of future crises. We have forced the largest financial institutions to take less risk and to hold much stronger financial cushions against the commitments they make.....And for the first time, we have the ability to extend these types of limits on risk-taking to firms that may not call themselves banks but could still pose catastrophic risk to the economy were they to fail.

 

 

but not when it applies to the .gov or the fed

 

 

thanks timmay!!! i needed a good laugh

Tue, 07/19/2011 - 20:54 | 1472505 mayhem_korner
mayhem_korner's picture

...and by reducing leverage, we have...

...we have forced the largest financial institutions....

And for the first time...[in my adult life...?]

 

DANGER, WILL ROBINSON! DANGER!

Tue, 07/19/2011 - 21:48 | 1472632 Lucius Corneliu...
Lucius Cornelius Sulla's picture

So tell me, how does anybody really know how leveraged the banks are when nobody knows the true value of the collateral on the non-performing loans? 

Tue, 07/19/2011 - 21:50 | 1472642 mayhem_korner
mayhem_korner's picture

Remember, we're in Timland.  No need to bring in that GAAP or fair valuation stuff.  Ponzi on, Garth.

Do NOT follow this link or you will be banned from the site!