US Treasury - Deep Thinking?
I was down in Washington on a business trip. That ended at four and I
headed for a bar. I found a spot between Pennsylvania and Kentucky
Avenues. Nice place. Two barkeeps, me and another guy who looked like
he had been drinking gin for the past few hours. Quiet, just the way I
like it.
Sure enough, at five the place fills up. It’s a young crowd. Good
looking. Well dressed. This looked like an Ivy League group. I was
thinking that they could be DOJ, possibly IRS (they looked too happy,
but who knows). They could have been Treasury folks; the headquarters
is not far off. Anyway, they had two drinks gossiped for and hour and
left. I stayed.
At one point I happened to look under the now empty stool next to me.
Some folded up papers. Being the nosey S.O.B. that I am, I picked them
up and took a look. Bingo!
I am just guessing, but these initials could stand for Geithner,
Volker, Summers, Goolsbee and Romer. Of course they could stand for
anything. I will leave it to you to draw any conclusions that might be
appropriate after a look at this. Judging from the notes that were
taken, this must have been an interesting meeting. I am using the
Scribd format so you can enlarge this. Enjoy!
Found Memo
If you haven’t as yet, take a look at the ‘labels for this post’. Life is a comedy. We’re all a part of it. Happy Holiday.
bk
(7 votes)
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on Mon, 12/21/2009 - 22:42
#171369
Is this the same document?
www.scribd.com/doc/24355825/Treasury-Memo -
on Tue, 12/22/2009 - 11:21
#171666
Bllue Fairy:
it is gone from this link but at least could still be found on Krasting's site (at least a few minutes ago)
Black helicopters?
on Mon, 12/21/2009 - 23:59
#171400
It looks like a bunch of teenagers hyped up on something.
on Tue, 12/22/2009 - 13:34
#171835
Coffee stain. Stoli on the shopping list - extra dirrrty - just how DC girls like it.
on Tue, 12/22/2009 - 01:51
#171417
ha
That really got me. Although PV is still probably meanie face poopy pants to this Administration
on Tue, 12/22/2009 - 00:56
#171419
Thanks for the laugh Bruce.
on Tue, 12/22/2009 - 07:06
#171476
Treasury is all about communication not about finance - BUT, so is every division of every government and company. How you paint the message is the single most important job in life. The great news is that every American rode gold to a $150.- "profit" - so go spend it.
Enjoyed the post - loved the pen work.
on Tue, 12/22/2009 - 07:11
#171478
Funny!
on Tue, 12/22/2009 - 07:53
#171493
The document has been deleted from scribd.
on Tue, 12/22/2009 - 08:05
#171496
If this is authentic then we can assume the US gov policy is to print its way out of any and all problems. Very scary.
on Tue, 12/22/2009 - 10:18
#171586
It's not authentic, dude. Nobody prints anything any more. Ever hear of an iPod?
on Tue, 12/22/2009 - 13:32
#171816
My director used to make us print out meeting agendas for each person at every meeting. He would always make notes in the margins. Similar to this person, pro points on the left, contrary on the right.
Printed meeting agendas are not unusual. A group could have been going over the talking points content and making notes during the meeting.
Bruce stated the crowd looked Ivy League. This director went to Cornell (is that technically ivy? public school...) and worked at a DC non profit before I worked for him.
That said it does have the earmarks of a plant. ZH as a critic of the power structure, would likely be surveilled by opponents on Wall Street and pro Wall Street gov't lackeys. Reporters movements monitored, etc. Discrediting ZH by getting them to post erroneous material would be a classic tactic.
Don't laugh. Nixon obsessed with and spied on the press. This administration has all the symptoms of message control freaks.
on Tue, 12/22/2009 - 15:14
#171968
The scary part is that Problem is right, and this is too close to the truth (like great comedy always is) -- it's not a huge stretch to assume it's real (as in real notes from real Treasury aides, or as in real planted document intended as a Trojan). But like Bruce said, take a close and careful look at the document tags beneath the title. Happy second-shortest day of the year.
on Tue, 12/22/2009 - 21:42
#172289
My first impression is that this is probably legitimate- assuming Bruce isn't pulling a fast one on us. (I live in DC and there aren't many bars between Penn and Kentucky Ave. Also there aren't any Treasury buildings there? Sounds suspicious.)
Government still prints everything- including money. Plus the note taker has the spelling capability of a 3rd grader. Par for the course.
Perhaps the biggest factor that support its validity are that the talking points that have no basis in reality. "Loans values are 125% of property values"... Break out the champagne! Everyone is "$150" better off, despite having the dollar decline the past year. What planet do these guys live on?
I wish I knew the name of the bar. I would go hang out there and look for other trash.
P.S. Cornell has 7 colleges: 4 private and 3 public (or vice versa). In my experience the quality of the students varied greatly between the public/private colleges. I met 2 geniuses (easily >170 IQs) while I was there, as well as many other 'smart' people. I spent most my time in the natural science departments so I could have a skewed perspective.
on Tue, 12/22/2009 - 13:52
#171862
Ben told you his game plan is his famous 2002 speech, "I have a helicopter and a printing press" speech. Nothing has changed
on Tue, 12/22/2009 - 08:19
#171507
Nice job Bruce! Enjoyed it....
on Tue, 12/22/2009 - 09:50
#171562
"The Federal Reserve Bank has purchased all of the bonds held by Chinese."
If this is true, taken in context with other FED purchases, how long before the FRB completes its "acquisition" of the United States? Or are they already in a "first lein" position?
on Tue, 12/22/2009 - 11:00
#171642
You can probably add one person to the Q4 Unemployment Numbers.
on Tue, 12/22/2009 - 11:27
#171674
This isn't policy this is propaganda dept. All you can read from this is a spin machine. Interesting look into the spin machine though.
on Tue, 12/22/2009 - 12:15
#171727
Unbelievable. This should be the main story of the day. This is REAL.
on Tue, 12/22/2009 - 12:27
#171752
holy f*ckin sh*t - this is so maddeningly stupid. "no consequence to Fed buying treasuries"?!?!!?!?!?!?!?!?! OMFG!!!!!!!!!!!!!!!!!!!!!!! The US is richer because the price of gold went up!?!?!?!?!?!?!!?!?!? OMFG X 2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
on Tue, 12/22/2009 - 12:35
#171763
Don't get upset, get a pitchfork
on Tue, 12/22/2009 - 12:37
#171764
wow. a smoking gun.
So the Chinese DID say "YOU will be buying from us those fraudulent agency bonds", and the UST/Fed said "okay". I'd long suspected this, but now we know. wow.
UST IS planning to issue debt directly to the Fed. wow.
our leadership at Treasury and Fed are certifiable scumbags. no surprise there.
damn it. the existence of people like this in power saps the will to live.
on Tue, 12/22/2009 - 12:41
#171770
"... Treasury has developed a new method of funding the deficit."
Double underlined "Important!" "Shows leadership and innovation." [ AG ]
"For example, if market conditions do not suit us, Treasury will simple sell our debt issuance directly to the FRB. This important new tool will allow the country to greatly expand our debt with little or no consequence."
"Happy face - Yes! T.G."
=====
It's a tragedy that these people think they can snow our congressmen into believing that this issuance of debt will have "little or no consequences".
It's a tragedy that Americans will be impoverished by a government that will grow out of control with money printed at will competing with the few dollars that many people worked very hard for.
It's a tragedy that so many Americans have lost their jobs because of fiscal scammers in our government and businesses.
It's a tragedy that bankers and rating agencies scammed other people with fiscally irresponsible loans, and conned America to save them.
It's a tragedy that these con artists pervade America. You're not the leaders you think you are. You are con artists.
on Tue, 12/22/2009 - 12:53
#171783
A "new method for funding the deficit" !?! Sell direct to FRB with no consequence!? It is almost as if there is NO adult supervision besides PV, aka 'poopster'. It is astounding to see just how ignorant these people think the American public is. In one "talking point" they say the gold rally has made $45 billion for the American public and in the next breath admit a loss of $200 billion (and counting) on the agencies alone. And of course, we all know that the gold price COULD go down, but the debt added to solve the financial disaster will remain... which is ironically the same issue that we started with: asset prices that dropped in value below the debt meant to carry them.
on Tue, 12/22/2009 - 13:01
#171792
A "new method for funding the deficit" !?! Sell direct to FRB with no consequence!? It is almost as if there is NO adult supervision besides PV, aka 'poopster'. It is astounding to see just how ignorant these people think the American public is. In one "talking point" they say the gold rally has made $45 billion for the American public and in the next breath admit a loss of $200 billion (and counting) on the agencies alone. And of course, we all know that the gold price COULD go down, but the debt added to solve the financial disaster will remain... which is ironically the same issue that we started with: asset prices that dropped in value below the debt meant to carry them.
on Tue, 12/22/2009 - 13:20
#171821
Maybe a dumb question but what is WLW next to CR? Romer just belching up coffee cake at the table?
on Tue, 12/22/2009 - 13:24
#171827
This maybe a dumb question but what does WLW mean next to CR? Is it just Romer belching up coffee cake during the meeting?
on Tue, 12/22/2009 - 13:30
#171831
WLW - We Love Washington
on Tue, 12/22/2009 - 13:33
#171833
Thanks AM. Romer belching would have made me less nauseous...
on Tue, 12/22/2009 - 13:53
#171863
"Whatever Larry Wants" See page 2 red note.
on Tue, 12/22/2009 - 13:25
#171828
The greatest post of the year. Cat food. Sympathy Card. Stoli. Now that my friends is the State of the Union.
on Tue, 12/22/2009 - 13:39
#171840
Bruce - that was LOL funny! Right down to the drink stain.
I see some folks forgot to read the "labels for this post"!
Too Funny! Best of the season to you and yours.
JR
on Tue, 12/22/2009 - 14:16
#171899
"We are all part of it." I get it intellectually. Practically, well, Dearest Leader and the borgs are not my driniking buddies.
I remember in the 60's, we used to say that if you are not part of the solution you are part of the problem. Well, I have so few solutions to this mess and disturbance that I do feel dirty, unwashed and somewhat complicit. I knew from the get go that this set of folks were worse than most previous bosses. I was right - big deal. Now what??
on Tue, 12/22/2009 - 15:46
#172008
Cat food. Sympathy Card(not!) How about Guns, gold & Stoli.
on Tue, 12/22/2009 - 16:25
#172055
Funny if it weren't so awfully close to the true state of affairs.
What choices does UST have? No, seriously what choices do they have?
Debt ceiling has been breached. Funding is drying up. Liabilities are increasing.
I mean they can pretend and extend for many moons or can they?
Print, print, print.. or default.
on Tue, 12/22/2009 - 16:32
#172062
We wait for Jan. 13th To watch TG talk to Congress. Marla get the poll ready for whats going to be said......
on Tue, 12/22/2009 - 17:02
#172092
So Bruce, this is a good start, but you should do a "War of the Worlds" type of Orson Welles radio program about the briefing where the president is informed that the Treasury can no longer fund Government, without Ben B. utterly debasing the currency into worthlessness. Call it "Obama can you spare a dime".
Final scene; as despair sets in, the only thing Obama can say, as he grips his chest in pain is, Rosebud.
Mark Beck
on Tue, 12/22/2009 - 19:09
#172207
I like it. I will start work on it right after the holidays.
bk
on Tue, 12/22/2009 - 21:16
#172308
This is effing ridiculous. I can only hope someone was playing a joke on Bruce. I really, really, really want to believe this is a farce. However, I can picture the meeting in my mind. WTF happened to this country!? Our moronic leaders believe their own lies. Just perfect.
on Tue, 12/22/2009 - 21:18
#172309
If a speech writer attended a planning session and took copious notes, then it may not be a stretch to believe this really transpired. Here's why;
1.) they really believe they are invincible
2.) they seek every opportunity to pat themselves on the back
3.) they yearn for examples to show leadership and innovation
4.) they must give the "O" credit whenever possible
6.) their idea of a "moral booster" is telling a bigger lie
7.) P.V. may be the "official party pooper on everything" since he is the only one who has real government experience
8.) "... make this a Congressional problem" - best to lay blame on multiple heads so as to diffuse public anger
They say "Truth is stranger than fiction." It's not a stretch to believe ineptness was at the heart of this, plant or no plant.
Note, "they" in this case means the usual suspects: PV, TG, AG, LS, et al.
on Tue, 12/22/2009 - 21:41
#172326
Note to self: Humor is a difficult medium on the Internet.
on Tue, 12/22/2009 - 22:31
#172357
Red ink looks to clear to be real
on Wed, 12/23/2009 - 00:36
#172420
dollar pessimism is reaching new highs and this time pundits think they got it objectively right...
on Wed, 12/23/2009 - 01:45
#172440
This is like a great, big IQ test.
on Wed, 12/23/2009 - 08:49
#172523
Thanks to all of you. I hope that you found this funny. That was my intent. For those that did not like the attempt at humor, my apology.
To the folks at Treasury: I was just poking fun. But the fact that this came too close to reality is your fault too. You brought us to the point where people like me can fabricate a crazy story and people believe it. The reason is they do not trust you. D.C. has done so many dumb things in the past two years that nothing surprises us any longer. We can even believe (for a short while) that things like I described could happen.
Anyway, to all, a Happy Holiday!
bk