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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




 

When just under a year ago, Tim Geithner penned "Welcome to the Recovery" he top ticked the zenith of the business cycle to the day if not the hour, with the economy finding itself in a straight line contraction ever since then, blissfully delayed by a 9 month QE2 detour. Now that the QE2 is no longer a factor, we are already seeing economists everywhere cut their Q2 GDP forecasts to sub 2%, an effective stall speed for the economy in real terms, and reducing their full year economic forecasts. Which is why we were delighted to learn that today Geithner has just released his latest iteration of a top-ticking missive, this one titled inappropriately enough "Dodd-Frank Has Made Our Banks Stronger" which is supremely ironic because not only has Dodd-Frank not made anything stronger as it has not even been remotely implemented, but as Bank of America, Goldman and Citi's Q2 results have just confirmed, the US bank sector is now the weakest it has been in years. Thus, when accentuated with a Geithner adminition to not panic our only advice is to do precisely the opposite. Oh yes, it took precisely 25 days between Geithner's heartfelt appeal to America's idiot class last year and Bernanke's Jackson Hole appearance. We wonder if this year it will be shorter.

From The WSJ:

Dodd-Frank Has Made Our Banks Stronger

By Tim Geithner

Two and a half years ago, with our country on the edge of a second Great Depression, we met with the president in the White House to discuss whether to move in those first months of his administration to legislate fundamental reform of the financial system -- or wait until we had put the crisis behind us.

The president made two key decisions. First, he chose to move forward, knowing that the forces of opposition to reform would grow stronger as the memory of the crisis receded. And second, he asked us to write draft legislation rather than propose broad principles. 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.

In June 2009, the administration submitted to Congress a proposal that would fundamentally reshape the financial system. It was designed to lay a stronger foundation for innovation, economic growth and job creation with robust protections for consumers and investors and tough constraints on risk-taking. We drew on ideas and insights from reform-oriented thinkers across the political spectrum.

As the Democratic Chairmen of the Senate Banking Committee and the House Financial Services Committee Chris Dodd and Barney Frank initiated negotiations on the bill, we expected backing from both sides of the aisle. Even after that proved impossible in the House, where reform passed initially without a single Republican vote, we remained hopeful that common-sense efforts would garner bipartisan backing. But senior Republican negotiators on the Senate Banking Committee were unable or unwilling to define a core set of reforms they could support. Ultimately, Dodd-Frank passed with only six Republican votes.

Where are we today, a year since the Wall Street Reform and Consumer Protection Act was signed into law?

By almost any measure, the U.S. financial system is in much stronger shape, not just relative to the depth of the crisis but also relative to conditions that prevailed before it hit.

We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs. Moreover, these actions have helped to restart economic growth, increase the value of American families' savings by trillions of dollars, make it possible for businesses to borrow again, and prevent a second Great Depression.

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. Our banking regulators have reached global agreement on new capital standards that require the world's largest financial firms to hold roughly three times more capital relative to risk than before the crisis.

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.

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.

The Federal Deposit Insurance Corporation has developed new tools to safely unwind or break up large nonbank institutions that fail in the future, without exposing the taxpayer to any risk of loss. This framework, together with the tougher capital requirements, derivatives reforms, and the limits in the law on future bailouts will make our system more resilient in crisis. They will also help curb the expectation that taxpayers will in the future step in to save the financial industry from its mistakes.

The Consumer Financial Protection Bureau has already proposed new ways to simplify disclosure of mortgage and credit-card loans so that consumers can shop for the best terms and be protected from abusive and predatory practices. And the president has selected former Ohio Attorney General Richard Cordray to serve as the bureau's first director, building upon the powerful legacy that Prof. Elizabeth Warren has established in setting up the agency.

Finally, we have started the process of winding down Fannie Mae and Freddie Mac and reforming the overall mortgage market.

We are implementing reform quickly but carefully, and we are taking public input at each step of the way. Because this is complicated work, and because it entails extensive coordination with multiple agencies around the world, some rules are being written more quickly than others. Where we need more time to get the substance right, we will take the time we need.

There is still a great deal of work to do to repair the damage caused by the crisis, and to implement the full framework of reforms. Ultimately, success will depend on making sure that we can write sensible rules that promote the health of the broader economy instead of the interests of individual firms -- and that those charged with enforcing these rules have the resources and the talented people they need to do their job.

As we move forward, however, many of those who fought reform during the legislative process are now trying to slow down and weaken rules, starve regulatory agencies of resources, and block nominations so that they can ultimately kill reform.

We will not let that happen. Too many Americans are still suffering from the pain of the financial crisis. We owe them a financial system with better protections against abuse and catastrophic risk. As secretary of the Treasury, I will recommend that the president veto any legislation passed by Congress that would undermine these vital financial protections.

 

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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.

Tue, 07/19/2011 - 22:34 | 1472733 Yes_Questions
Yes_Questions's picture

Take the Principal balances, cut em in half; and you are getting close.

Close enough for Gubmint work.

Tue, 07/19/2011 - 21:07 | 1472535 IQ 145
IQ 145's picture

 answer; yes. YES, Sir. Yes, sir. well then you understand why we have this firing squad here today, don't you? Yes, sir. Good.

Tue, 07/19/2011 - 21:12 | 1472550 IQ 145
IQ 145's picture

 Timmah is a closet Austrian! Who knew?

Wed, 07/20/2011 - 04:13 | 1473041 Yen Cross
Yen Cross's picture

  You are a Human " Waffle Iron 1.45"

Tue, 07/19/2011 - 22:08 | 1472678 LongBalls
LongBalls's picture

Say it.

Tue, 07/19/2011 - 20:35 | 1472465 Justaman
Justaman's picture

Timmay!!!!  At least he is getting practice on writing the BS client letter for his next Wall Street employer.  Unfortunately for us, he can't leave soon enough. 

Tue, 07/19/2011 - 20:36 | 1472469 slewie the pi-rat
slewie the pi-rat's picture

LOL  timmah does not capitalize President

Tue, 07/19/2011 - 20:41 | 1472478 Raynja
Raynja's picture

he only pays tribute to his masters

Tue, 07/19/2011 - 21:07 | 1472536 cosmictrainwreck
cosmictrainwreck's picture

not necessary in this context, as he is spaeking of that moron occupying the office of.... but, wait a minute - maybe I'm wrong...let me call one of those fuckin' lawyers ^TM

Tue, 07/19/2011 - 23:54 | 1472866 slewie the pi-rat
slewie the pi-rat's picture

"As secretary of the Treasury, I will recommend that the president veto..."

see, he does the same thing to himself.  this way he is not insubordinate.  LOL  he is gonna recommend the sweetest deal the banksters could dream up.  again. 

it's only the 19th.  protect yer head. 

Wed, 07/20/2011 - 03:02 | 1473008 Yen Cross
Yen Cross's picture

 i capitalize [Wookie]...      best wishes YEN!

Tue, 07/19/2011 - 20:41 | 1472481 rosiescenario
rosiescenario's picture

Well, despite our lousy economy and more layoffs, apparently Linda Green still has a job as just reported by the AP.....

 

"

County officials who are responsible for keeping land records, including property deeds, say that they have received thousands of robo-signed documents filed in their offices since October.

In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of "Linda Green," but in 22 different handwriting styles and with many different titles..."

 

Perhaps Linda has multiple personality disorder which accounts for the same name but different handwriting?

Tue, 07/19/2011 - 21:09 | 1472541 IQ 145
IQ 145's picture

 Lord have mercy; if you wrote a novel with this kind of stuff in it it would be panned, as "not credible"; things like this can't occur in the real world. Uh, huh.

Tue, 07/19/2011 - 21:41 | 1472614 WestVillageIdiot
WestVillageIdiot's picture

Any credible publisher would kick you out of their office in a heartbeat. 

Tue, 07/19/2011 - 23:01 | 1472791 JW n FL
JW n FL's picture

++++++++++++++++++++++++++++++++++++++++++

No.. no! it is a work of non-fiction!

wait?? wait??? give me a minute.. noooooooo! it is true to life!

I sware! I have sworn testimony! just look!

no.. no... no need to call security I will go. I understand it could be viewed as some what outside of what conceivably would be called normal behavior.

Wed, 07/20/2011 - 03:03 | 1473010 Yen Cross
Yen Cross's picture

  IQ 145 /-(145)~0

Tue, 07/19/2011 - 20:43 | 1472483 booboo
booboo's picture

Douchebaggery on parade. GODDAMN IF THAT GUY DOES NOT SEND ME INTO A FUCKING RAGE EVERYTIME HE OPENS HIS MOUTH, i gotta calm down, blood pressure ya know! Dr. said I should just pray about it, so here goes; Dear God, I have not been the best person in the world, anyway, please send a flock of ravens to swarm that FUCKING BASTARD LIL TIMMAY AND PLUCK HIS FUCKING EYES OUT!!!

Tue, 07/19/2011 - 21:49 | 1472638 Lucius Corneliu...
Lucius Cornelius Sulla's picture

amen

Tue, 07/19/2011 - 23:53 | 1472864 DeadFred
DeadFred's picture

And all of God's children said 'Amen'.

Tue, 07/19/2011 - 20:53 | 1472511 red2893
red2893's picture

can some one say hocus pocus?

 

http://theopeningrange.blogspot.com/

 

 

 

 

 

 

 

 

 

 

 

 

http://theopeningrange.blogspot.com/

 

 

 

http://theopeningrange.blogspot.com/

Tue, 07/19/2011 - 21:48 | 1472633 AssFire
AssFire's picture

Go home.

Tue, 07/19/2011 - 21:53 | 1472647 AssFire
AssFire's picture

you are not fight club material

Tue, 07/19/2011 - 20:55 | 1472515 centerline
centerline's picture

Doing his job.  And millions of idiots will believe this work of fiction to thier own peril.  It just becomes more and more of a tragic comedy watching someone claim all is well while flames and sparks dance all around.  Normalcy bias is an amazing thing folks.  Is a perfect description of too many baby boomers.  Later generations have the added benefit of being progressively numbed from the neck up by an overload of information...attention spans reduced to that of fruit fly.

Tue, 07/19/2011 - 20:56 | 1472516 Seasmoke
Seasmoke's picture

i can think of no person who deserves to be hanged more than geithner

Tue, 07/19/2011 - 20:59 | 1472520 American Dreams
American Dreams's picture

This link was posted by herecomess&p666 and was diappeared, just thought I would repost it for the giggles and see if it gets wacked again.

know your enemy

Tue, 07/19/2011 - 21:06 | 1472531 SaveTheBales
SaveTheBales's picture

Oh can't we hang Robert Rubin instead?

Tue, 07/19/2011 - 21:43 | 1472622 WestVillageIdiot
WestVillageIdiot's picture

Sorry but Greenspan still beats out Geithner. 

Tue, 07/19/2011 - 22:21 | 1472699 Bay of Pigs
Bay of Pigs's picture

What about Jabba the Hutt Summers?

He'd snap the rope... 

Tue, 07/19/2011 - 22:41 | 1472745 old naughty
old naughty's picture

when have they been in the same ring?

And Timmah throwed in the towel (about to).

sarc off/

 

Tue, 07/19/2011 - 22:24 | 1472703 Ponzi Unit
Ponzi Unit's picture

Oh, I can.

Timmy's controllers in the fed and the banks, especially those who wear a hat in both camps.

Tue, 07/19/2011 - 21:09 | 1472542 cosmictrainwreck
cosmictrainwreck's picture

I just wanna know one thing: has Timmah got a law degree? Or does he come by his stupidity naturally/genetically?

Tue, 07/19/2011 - 22:30 | 1472723 Gold Dog
Gold Dog's picture

You simply cannot learn this shit, you have to be born with it!

Tue, 07/19/2011 - 21:11 | 1472548 oogs66
oogs66's picture

For a minute when I read the headline that Geithner commented on banks, I was scared he had bottom ticked it and all my shorts were beyond hopeless.  his belief they have solved or fixed or changed anything is comical.  I will agree that if all the rules of Dodd Frank are implemented (15% chance) and Basel III is fully implemented (30% chance) and the banks all make it till 2018 (40% chance) then we will be in better shape than ever in 2018.    So I the likelihood that we are in better shape in the future is low, and we are definitely not materially better today!

Tue, 07/19/2011 - 21:12 | 1472551 Bansters-in-my-...
Bansters-in-my- feces's picture

Delusional Fuck Wadd

Tue, 07/19/2011 - 21:17 | 1472566 gwar5
gwar5's picture

Dodd-Frank needs to be repealed and so does the CFPB. Those are horrible bills.

We need to bring Glass-Steagall back, break up the TBTF, end the Fed, go back on a gold standard and get our gold deposits away from the FRBNY, under armored escort, and over to our depository at West Point. 

Tue, 07/19/2011 - 22:25 | 1472714 Ponzi Unit
Ponzi Unit's picture

+1

Tue, 07/19/2011 - 22:34 | 1472731 Bear
Bear's picture

Couldn't be said better ... + a lot

Wed, 07/20/2011 - 09:07 | 1473341 magis00
magis00's picture

Yes.

Tue, 07/19/2011 - 21:18 | 1472568 randocalrissian
randocalrissian's picture

Can someone please point me in the general direction of the pea-eating competition?

 

Sincerely,

Joey Chestnut

Tue, 07/19/2011 - 22:53 | 1472768 nmewn
nmewn's picture

Don't call my bluff!

Please.

ROTFLMAO!!!!!!!!!!

Tue, 07/19/2011 - 21:18 | 1472570 HungrySeagull
HungrySeagull's picture

Gah! Boilerplate!

That can be typed by any High School Hottie with half a brain in Business 101.

Tue, 07/19/2011 - 22:06 | 1472675 Yes_Questions
Yes_Questions's picture

She was quite the up and comer:

http://www.youtube.com/watch?v=RRNwUhf4JM8

 

Tue, 07/19/2011 - 21:25 | 1472580 Manzilla
Manzilla's picture

"common-sense efforts would garner bipartisan backing."

 

I'm so fucking tired of hearing both sides say "common sense". It truly saddens me to know that people in this country believe their what their side says is common sense. Open your god damn eyes those of you on the far right and far left. Please! Your politicians are killing this country and you refuse to see it.

Tue, 07/19/2011 - 21:57 | 1472657 Yes_Questions
Tue, 07/19/2011 - 21:59 | 1472660 Dr. Engali
Dr. Engali's picture

I keep having that very same recurring scream in my head. Sadly they don't want to know. One side wants to tell you who you can and can't sleep with, the other side wants to tell you what you can and can't drive or eat. The financiers and politicians laugh all the way to the bank.

Tue, 07/19/2011 - 21:29 | 1472588 Caviar Emptor
Caviar Emptor's picture

The dissemblers are proding the parasites to nudge the hypocrites to tell the public to buy stock

Tue, 07/19/2011 - 21:55 | 1472651 Yes_Questions
Yes_Questions's picture

Good Food Chain Pyramid.

+1

 

Tue, 07/19/2011 - 21:35 | 1472600 jomama
jomama's picture

Tyler nailed this on the head, as usual.  When the talking heads come out and claim strength, it means exactly the opposite.

http://www.youtube.com/watch?v=WbrjRKB586s

Tue, 07/19/2011 - 21:37 | 1472604 Atomizer
Atomizer's picture

Timmah will resign after everything is in place. Family matters will be spun.

Tue, 07/19/2011 - 21:46 | 1472629 I am Jobe
I am Jobe's picture

Look Greenshoots-

CISCO

http://in.finance.yahoo.com/news/Cisco-cut-workforce-15-reuters-23615743...

CSCO increased the layoffs from 10K to 11.5K. Chambers should join the Obama Admin just like GE.

Lets not forget Borders

Tue, 07/19/2011 - 21:50 | 1472634 plocequ1
plocequ1's picture

DEL.

Tue, 07/19/2011 - 21:52 | 1472639 Yes_Questions
Yes_Questions'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.

That was before he was shown that one camera angle of the JF Kennedy assassination especially reserved for newly minted, wet behind the ears presidents who think they have the luxury to want.

And then the banksters lived happily ever after.

The End.

Tue, 07/19/2011 - 21:56 | 1472652 Bear
Bear's picture

Do you believe the Bankers killed Kennedy?

Tue, 07/19/2011 - 22:23 | 1472706 Yes_Questions
Yes_Questions's picture

I did see the new Bill Hicks documentary.

Tue, 07/19/2011 - 22:29 | 1472722 Ponzi Unit
Ponzi Unit's picture

It's past your bedtime.

Wed, 07/20/2011 - 00:24 | 1472906 Bear
Bear's picture

Goodnight

Tue, 07/19/2011 - 22:36 | 1472735 StormShadow
StormShadow's picture

Well of course not.  Who would suggest such a thing?

Tue, 07/19/2011 - 22:28 | 1472719 Ponzi Unit
Ponzi Unit's picture

Very good, sir!

Tue, 07/19/2011 - 21:54 | 1472648 Bear
Bear's picture

"a stronger foundation for innovation, economic growth and job creation with robust protections for consumers and investors and tough constraints on risk-taking"

They actually believe this? Priceless


Tue, 07/19/2011 - 22:05 | 1472672 Raymond Reason
Raymond Reason's picture

As we move forward, however, many of those who fought reform during the legislative process are now trying to slow down and weaken rules, starve regulatory agencies of resources, and block nominations so that they can ultimately kill reform.

 

Somebody robbed his Exchange Stabilization Fund. 

Tue, 07/19/2011 - 22:10 | 1472682 Gold Dog
Gold Dog's picture

Testie. Reader for a year, first time poster...bitchez!!

 

Tue, 07/19/2011 - 22:17 | 1472691 wsmith
wsmith's picture

I don't think the Bernank can implement QE3--no matter how fucked up the banking system is.

Last time, he exported so much inflation that he brought on the Arab Spring.

Look.  I know what I'm fucking talking about.  I live in Asia.

You can't begin to imagine the inflation QE2 brought on.  I'm paying 8 dollars for a gallon of gas.

No fucking shit.

Is he stupid enough to start a revolution in China?

I'm seeing severe deflation in the future.

But what the fuck do I know?

Anyway, so long.

And God bless all you Marxist cocksuckers.

http://geraldcelente.proboards.com 

Tue, 07/19/2011 - 22:21 | 1472702 Yes_Questions
Yes_Questions's picture

Finally, we have started the process of winding down Fannie Mae and Freddie Mac and reforming the overall mortgage market.

Is this supposed to be Red Meat or does this actually mean anything?  In the Days before credit scores, (when actual underwriters reviewed the loan application package) Fannie guidelines were the benchmark for the best practice in loan approvals.  Most everything else was what became Sub Prime.

Or is this about getting the toxic garbage out of the GSEs.?

Tue, 07/19/2011 - 23:06 | 1472764 Atomizer
Atomizer's picture

Think bigger. Lehman Brothers and Bear Stearns. BAC is the next systemic risk.

Derivatives - Product + Chain Rule + Factoring

http://www.youtube.com/watch?v=cngzQ5xIOBY

Bork and Hayek on so-called "Intellectuals"

http://www.youtube.com/watch?v=km0-La2gGt4&playnext=1&list=PLFE68B589461CA91F

Hayek on The Road to Serfdom

http://www.youtube.com/watch?v=3r4vFnPCCjU

Tue, 07/19/2011 - 22:24 | 1472709 Doyle Hargraves
Doyle Hargraves's picture

We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs...BWAHAHAHAHAHA!!!! If that is so then why raise the debt ceiling? Just take some of those 'profits' you and owebama and all the other administration hacks are talking about and put it in a rainy day fund for just this occasion, oh wait you're a lying son of a bitch! There are no profits just a bigger tax bill for me! Fuck you timmay I hope you burn in hell bitch!

Wed, 07/20/2011 - 00:34 | 1472916 victor82
victor82's picture

Dude. TARP money gone the way of Robert Mugabe's political opponents.

Didn't the banksters get their hands on the loot and start loaning it out to each other?

Tue, 07/19/2011 - 22:28 | 1472721 erg
erg's picture

I'd like to take this opportunity to intoduce a new index. I like to

call it the RPI. The Rate of Rampaging Pillaging index.

 No applause please, just send money.

Tue, 07/19/2011 - 22:38 | 1472740 Caviar Emptor
Caviar Emptor's picture

In Washington today (Capital Hill and WH), there was a serious risk that reality might have to be faced. 

And that is a risk we simply can not take and won't accept. 

 

If at any time reality were to enter the discussion, there's a chance that new ideas and new energy might not be stifled and suppressed. That we cannot have. There's a chance that meaningful competition could reinvigorate the economy and lead to a new era of innovation and growth. That would be like facing death. At least to the cartels of special interests that own politicians from both parties lock stock and barrel and drink from the eternal fountain of corporate welfare. 

Tue, 07/19/2011 - 22:49 | 1472760 Ponzi Unit
Ponzi Unit's picture


"...cartels of special interests that own politicians from both parties lock stock and barrel and drink from the eternal fountain of corporate welfare."

Hats off, Caviar. Well turned.

A bas les aristos!

 

Tue, 07/19/2011 - 23:27 | 1472829 SoNH80
SoNH80's picture

Brilliant.  I like your stuff, but you've outdone yourself this time.

Tue, 07/19/2011 - 22:39 | 1472743 monopoly
monopoly's picture

I think I am going to be sick. No way Goldman gives this twit a job.

Tue, 07/19/2011 - 22:45 | 1472749 HungrySeagull
HungrySeagull's picture

Yes way.

Flies gather in abundance on piles of shit.

Tue, 07/19/2011 - 22:45 | 1472748 steveo
steveo's picture

When someone in the PTB claims a problem is contained, you can be sure the SHTF is right around the corner.

Tue, 07/19/2011 - 22:46 | 1472751 wsmith
wsmith's picture

What's on store for today?

First, I'm going to take a nasty shit.  Then I'm going to drink coffee and smoke cigarettes.

I need to take a shower.  I'm itchy all over.

After that, I'll probably watch Prison Break.  I'm on season 4.

Tonight, I'll give CNBC a try.

Anyway, so long.

And God bless all you Marxist cocksuckers.

http://geraldcelente.proboards.com

Tue, 07/19/2011 - 22:49 | 1472762 Global Hunter
Global Hunter's picture

He knocks the Republicans in one part and praises the Democrats.  I couldn't care less if that is his view but isn't his position supposed to be non partisan?  Why is he taking sides in a political debate?

Tue, 07/19/2011 - 22:55 | 1472772 lizzy36
lizzy36's picture

We have recovered most of the investments the government made to put out the fires and avert disaster. While many misperceive the investment made in banks under the Troubled Asset Relief Program as an unfair and unjust gift to the financial sector, we have already turned a profit on these investments, and we may do so on all the government intervention programs.

Odd that Turbo Timmy is unable to do math. Odder still that nobody (present company (ZH) excepted) bothers to call him on this simple fact.

From the ProPublica website the total net outstanding under TARP is as of JULY 19, 2011....wait for it..... $239 billion.I would love to see the model that TIMMY is currently using to get his "profitable" number. My guess is it is similar to the one Moody's used to rate housing in 2006.

Detailed Breakdown OUTFLOWS: $573,082,422,440   Disbursed Banks and other Financial Institutions $245,155,693,547 Fannie and Freddie $162,400,000,000 Auto Companies $79,697,855,706 AIG $67,835,000,000 Toxic Asset Purchases $15,839,984,774 Mortgage Mod Program $1,342,127,956 State Housing Programs $393,615,005 Small Business Loan Aid $368,145,452 FHA Refinance Program $50,000,000 INFLOWS: $334,093,506,149 Refunds $272,878,657,269 Money returned to Treasury by bailed-out companies. Dividends $40,794,173,451 Revenue Treasury has earned on its investments through dividend payments. Interest $1,198,358,390 Revenue Treasury has earned through its loans through interest payments. Warrants $9,038,848,788 Revenue Treasury has earned from selling stock warrants it held on companies that have paid back its investment. Other Proceeds $9,730,471,478 Revenue from selling off equity or other assets. Fees $454,000,000 Revenue Treasury has garnered from special fees. Net Outstanding: $238,988,916,291 http://projects.propublica.org/bailout/main/summary
Tue, 07/19/2011 - 23:22 | 1472823 Atomizer
Atomizer's picture

Thank you Lizzy. Perfect post

Tue, 07/19/2011 - 23:23 | 1472827 OldPhart
OldPhart's picture

Lizzy, your rebuttal is excellent.  Kudos.

Tue, 07/19/2011 - 23:40 | 1472843 cramers_tears
cramers_tears's picture

Thanks Lizzy for the update.  I haven't looked at Pro-Publica for a while.  I wonder how much Timmah's gonna get from "The GoldmanSachs" for such a profitable financial track record.  Why he's makin' the US Citizens "nothin' but money."

Wed, 07/20/2011 - 00:22 | 1472901 Bear
Bear's picture

" we have already turned a profit on these investments" ... translation we have made a profit on those funds that were actually returned ... potitical speak and regular communication are different

Wed, 07/20/2011 - 10:52 | 1473664 Miles Kendig
Miles Kendig's picture

Lizzy gets the hard hit award of the week ...  tee 'em up and LIGHTS OUT

http://youtu.be/XD03ut-iUzg

Tue, 07/19/2011 - 23:10 | 1472801 StormShadow
StormShadow's picture

Obama on the TV every day, and now Geithner writing articles.  If this is not a red flag sign of the imminent Apocalypse I don't know what is.

I just can't take the ignorant masses walking around in a fog of bliss anymore.  The shell-shocked look on their faces when it comes crumbling down will be sad, yet priceless at the same time.

 

Tue, 07/19/2011 - 23:15 | 1472806 PulauHantu29
PulauHantu29's picture

The article will be a "knock-off" of the Green Shoots article.

These guys are Super-Spinmeisters. i have learned alot from them, for free. No need to attend Spin Masters any more...or subscribe to the ten DVDs "How to Spin your Own Mother" anymore...they have taught me everything, for free.

I thank them.

Wed, 07/20/2011 - 09:12 | 1473355 magis00
magis00's picture

The Art of Speaking, While Saying Nothing

Tue, 07/19/2011 - 23:21 | 1472818 wsmith
wsmith's picture

One the lighter side...

Here's Rupert Murdoch being attacked with a pie...

http://www.geraldcelente.proboards.com/index.cgi?action=display&board=other&thread=1483&page=1

Brings a smile to my face.

Peace.

Tue, 07/19/2011 - 23:24 | 1472828 FischerBlack
FischerBlack's picture

Oops! Timmy with a Freudian slip! Read 'stronger' as 'more powerful' and you'll see what he's really getting at.

Tue, 07/19/2011 - 23:40 | 1472841 glenlloyd
glenlloyd's picture

I've never read such a huge pile of tripe in all my life...what a lying sack of shit!

It never ceases to amaze me that every time he opens his mouth nothing but shit comes out.

Tue, 07/19/2011 - 23:44 | 1472848 Temporalist
Temporalist's picture

Ron Paul Floor Speech on Debt Ceiling July 19 2011

"We Will Default Because The Debt Is Unsustainable"

http://www.youtube.com/watch?v=xqfm0zrRs9Q&feature=youtu.be

 

Tue, 07/19/2011 - 23:47 | 1472853 hidingfromhelis
hidingfromhelis's picture

Holy financial clusterfuck doublespeak Batman! Every time Turbo Timmy speaks, the needle on the Batmobile BS-O-Meter just bounces off the limiter.

Wed, 07/20/2011 - 00:08 | 1472883 I am Jobe
I am Jobe's picture

 

 

Larry Summers on How to Save the Rich: "No Big Financial Institution in Any Country Should be Allowed to Fail"; Pure Idiocy at its Finest

http://globaleconomicanalysis.blogspot.com/2011/07/larry-summers-on-how-...

Wed, 07/20/2011 - 00:09 | 1472885 static
static's picture

Meanwhile get out your microscopes to see the share prices of the Banks in Europe :

http://www.acting-man.com/?p=8995

Wed, 07/20/2011 - 00:13 | 1472889 AssFire
AssFire's picture

Whoever junked everyone of my posts: speakout pussy.

Wed, 07/20/2011 - 00:15 | 1472892 Village Idiot
Village Idiot's picture

I didn't junk you, pussy. 

Wed, 07/20/2011 - 00:16 | 1472894 Village Idiot
Village Idiot's picture

Standing right here for you, baby.  Come and get it...

Wed, 07/20/2011 - 00:39 | 1472908 Village Idiot
Village Idiot's picture

Next...

 

signing off...you go, girl.

Wed, 07/20/2011 - 00:57 | 1472927 OldPhart
OldPhart's picture


"Moreover, these actions have helped to restart economic growth, increase the value of American families' savings by trillions of dollars, make it possible for businesses to borrow again, and prevent a second Great Depression."

 

Let's break this down:

 Moreover, these actions have helped to restart economic growth, [U-6, 16.2%,]

 

increase the value of American families' savings by trillions of dollars [home values down, interest rates at negative real returns]

[make it ] [possible for businesses to borrow again] [and prevent ] [a ] [second ] [Great ] [Depression].

Wed, 07/20/2011 - 00:59 | 1472930 Temporalist
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