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Tim Toots His Horn

Bruce Krasting's picture





 

 

TFG Younger-1

 

Today is the last day that Tim Geithner will be Treasury Secretary. The Treasury Department has a blog post that highlights Tim’s contributions. Coming from his co-workers, you’d expect fluff and accolades, and that is what was dished up (I'm sure Tim edited every word). The post lists 75 “accomplishments”. I found a few of those interesting.

 

64. He played basketball with Chinese high school students in Beijing and swung a cricket bat in India.

 

Swell….

 

55. Secretary Geithner and the President fought for and extended the payroll tax cut at the end of 2011 payroll tax cut despite fierce opposition.

 

Yeah, Tim fought hard for spending bucks during the big election year. What happened 6 weeks after the election? Tim and Obama ramped those payroll taxes back up. # 55 should read: “TG got the PR tax extended, it proved to be a factor in the election. It was good deal for the Administration, it only cost the taxpayers $125 billion.”

 

 

59. During Secretary Geithner’s tenure, Treasury chaired the Partnership for Arab Countries in Transition, and initiating other measures to strengthen institutions and markets in support of the Arab Spring.

 

I’m thinking Tim’s bank, The Federal Financing Bank, was making loans for weapons? Anyway, it’s hard to look at N. Africa and the rest of the ME and call it a success.

 

ffb#1

 

And while we're on the topic of the FFB, how about all the other stuff that happened under Tim's watch?

 

timonffbbigshots

ffb#4

timonpo

 

 

58. During Secretary Geithner’s tenure, Treasury deepened its relationship with Chinese leaders

 

Egad….

 

chinamanipulates#1

 

tlegraphchinahatesus

 

 

57. Secretary Geithner repeatedly made the moral case for ending the high-income tax cuts

 

Moral case?

 

 

54. Secretary Geithner was one of the principal negotiators with Congress during the bipartisan December 2010 tax compromise.

 

Yes, yes - but - Where was he on the crucial negotiations on the Debt Limit in July 2011? We got a downgrade that Tim said would never happen, the economy and markets tanked because of that fiasco. The T-Sec was decidedly missing in that mess. That is what he should be remembered for.

 

 

53. Secretary Geithner was part of the economic team that developed the comprehensive, specific set of proposals in the Presidents FY 2013 Budget…..

 

Please! Spare me! The US has not had a budget for a single day that Tim has been running the show. That is a disgraceful result.

 

 

49. During Secretary Geithner’s tenure, the Treasury building became what is believed to be the oldest building in the world to receive a Leadership in Energy Design Gold certification.

 

The folks at Treasury digging deep to connect Tim to the environment with this. My bet is Tim has no clue how the building is heated. Like most of the stuff from D.C.; form over substance.

 

 

47. Secretary Geithner ordered the elimination of the minting of the dollar coins.

 

Unbelievable….. The coins were costing $50m a year and no one wanted them. Any idiot could have seen this. Tim takes credit for the obvious.

 

 

46. ..the weighted average maturity of Treasury securities is now at its longest level in a decade – and is up nearly 33 percent since October 2008.

 

Tim’s taking credit for this? This could never have happened were it not for Bernanke QEing for the entire time Tim was selling paper. What the Treasury does not give Tim proper credit for is the increase in Debt. In Tim’s 1,460 days debt increased $5.8 TRILLION! A , a 182% increase!!

 

 

45. During Secretary Geithner’s tenure, Treasury proposed more than $1.1 billion in savings.

 

Yes, but actually only achieved half of that. Geithner spent $50B in his four years just turning the lights on at Treasury. The damn IRS is costing $12B a year! For bean-counters!

 

 

41. During Secretary Geithner’s tenure, Treasury worked to support lending for families. For example, more than 1 million student loans….

 

Tim looks at this an accomplishment. I look at as an off-balance sheet stimulus to the economy. I think Tim abused student lending. I think Tim set the country up for another Fannie Mae experience, where taxpayers will eat a loss due to government lending.

 

studentloanddebtclock

 

 

39. Secretary Geithner has pushed the regulatory agencies with rulewriting authority to move quickly but diligently in implementing Wall Street reform.

 

doddfrank

 

 

 

9. During Secretary Geithner’s tenure, Treasury completed the wind down of the portfolio of mortgage-backed securities (MBS) it acquired as part of its response to the financial crisis.

 

Great! Tim Sold the Bonds to the Fed! To say that this is an accomplishment is a deception.

 

 

 

13. Secretary Geithner will be the eleventh longest serving Treasury Secretary in the Department’s history.

 

This is an accomplishment. I can’t believe he made it this long. I think he should have been dumped after the Turbo Tax problem.

 

 

10. Secretary Geithner has made 24 appearances on Sunday morning talk shows.

 

And in every one of them he had a smarmy, know-it-all attitude.

 

smarmy

 

 

 

16. Secretary Geithner was born in New York City but spent much of his childhood outside the United States in Zimbabwe….

 

…..where he first became enamored with devaluing a currency to achieve “success”.

 

Zimbabwe_$100_trillion_2009_Obverse(1)

 

 

Anyway, I feel like I owe Tim some thanks. He gave me a bunch of stories the last few years.. Most of those were at Tim's expense. Like in the the Godfather, it was only business, nothing personal.

 

 

2135952544_2364279f25_m

 


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Sat, 01/26/2013 - 11:05 | Link to Comment bigkahuna
Sat, 01/26/2013 - 10:09 | Link to Comment GMadScientist
GMadScientist's picture

I am genuinely frightened to see who's next; I don't see how they could make it worse, but I've been wrong about that so many times thus far.

 

Sat, 01/26/2013 - 11:42 | Link to Comment shovelhead
shovelhead's picture

Word has it that Beelzebub himself declined the post because he felt that continuing to provide guidance and inspiration behind the public eye was a better use of his time.

Sat, 01/26/2013 - 09:17 | Link to Comment etresoi
etresoi's picture

HAHAHA, you are almost neighbors.  He lives over in Larchmont, but after he is hired by GS, he'll prpbably move to greenwich.

Sat, 01/26/2013 - 09:17 | Link to Comment falak pema
falak pema's picture

the perfect gentleman always a state bureaucrat who never put private interest above the public one.

He saved the world and we should be thankful for that; never ask him what he did prior to 2009 as he was at the FED and that is  a totally black spot in his memory.

Some people get mild but temporary Alzheimerism when young, its an occupational hasard and a professional idiosyncrasy that is endemic to occupying that stressful function. 

Like polar night it leaves a very deep bite in the minds of those who have experienced it but fortunately as compensation an incredible payout to their bank acounts... I guess we can say thank God for small mercies... as we tip our hats to him. 

Sat, 01/26/2013 - 08:31 | Link to Comment edb5s
edb5s's picture

HAHAHAHA: "57. Secretary Geithner repeatedly made the moral case for ending the high-income tax cuts"

It is a strange moral system that justifies outright theft.

Sat, 01/26/2013 - 01:27 | Link to Comment putaipan
putaipan's picture

mary jo and lew.... with timmah gone -i wanna know who is making these appointments. or are these his parting gifts to us?

 

http://www.rollingstone.com/politics/blogs/taibblog/choice-of-mary-jo-wh...

http://www.democracynow.org/2013/1/11/failure_of_epic_proportions_treasu...

Sat, 01/26/2013 - 00:29 | Link to Comment Gold Dog
Gold Dog's picture

3. Gave actual weasels a bad name.

( Bonus on Lou the Jew. One of the tests they give for psychosis is to ask the patient to draw a circle, if a right-handed person draws it clockwise it is a tell-tale. I think that his signature is what got him the job.)

Sat, 01/26/2013 - 10:11 | Link to Comment GMadScientist
GMadScientist's picture

...ask the patient to draw a circle, and if they stab you with the pen while screaming about saladin and the holy land, they might be psychotic.

Sat, 01/26/2013 - 11:17 | Link to Comment Gold Dog
Gold Dog's picture

Good one GMS! If the square has rounded off corners it is a sign of daine bramage.

Fri, 01/25/2013 - 22:19 | Link to Comment John_Coltrane
John_Coltrane's picture

2.  "Worried about projected toilet paper shortages due to global warming, Timmy worked with the Bernake to achieve dollar to toilet paper parity as was acheived in his birthplace, Rhodesia.  Tim opined we should soon be able to wipe our collective asses with the $ with no loss of value.

Fri, 01/25/2013 - 21:20 | Link to Comment ptoemmes
ptoemmes's picture

We could do a list ;-)  75 if you insist.  I'll start it.

1. Tim Geithner cheated on his taxes from 2001-20014 to the tune of about $35,000 owed, but not paid.  He was caught in 2006 during an IRS audit but only had to pay the back taxes plus about $15,000 in interest.  No late payment fine was imposed.  The tax situation endeared him with the nickname TurboTax Tim as it was strongly hinted that it was his use of TurboTax that casued the - ahem - oversight. While this event did come up, it unfortunately did not cause much trouble during his confirmation hearings as Treasury Secretary as the irony that he would be responsible for the IRS was lost on just about everyone (except readers of ZH).

 

I see Laughinggrizzley had some started above...

Fri, 01/25/2013 - 20:59 | Link to Comment ramacers
ramacers's picture

piece of s---

Fri, 01/25/2013 - 22:16 | Link to Comment espirit
espirit's picture

Turbo Tim's a contortionist?

Whocouldanode.

Fri, 01/25/2013 - 20:47 | Link to Comment New_Meat
New_Meat's picture

Bruce, please stay on fire and at the same time don't burn out. - Ned

Fri, 01/25/2013 - 20:40 | Link to Comment ebworthen
ebworthen's picture

The Treasury Department works for Wall Street.

Questions?

Fri, 01/25/2013 - 18:21 | Link to Comment Racer
Racer's picture

Good riddance to bad rubbish..... till then next rubbish bin arrives

Fri, 01/25/2013 - 20:05 | Link to Comment machineh
machineh's picture

He's already here ... Jack Lew at your service!

He can't write his name, but he works six days a week.

Thankfully he won't be in the office to announce bad news late on Friday nights, after the news cycle has closed for the day.

Fri, 01/25/2013 - 21:53 | Link to Comment AllWorkedUp
AllWorkedUp's picture

You mean Jack Jew right? One lying piece of shit replaced by another.

The country is finished.

Fri, 01/25/2013 - 18:06 | Link to Comment woolly mammoth
woolly mammoth's picture

Bruce , It's been a while, but I just wanted to thank you again for taking the time to put these contributions together. I do enjoy your writings.

Fri, 01/25/2013 - 18:05 | Link to Comment Random_Robert
Random_Robert's picture

The real reason they suspended the minting of the 1$ coins had NOTHING to do with popularity..

It had EVERYTHING to do with the fact that they knew that the US Dollar would never hold up against the Brass Standard any better than it held up against the Cupro-nickel standard in the 70's (with the Susan B Anthony and Eisenhower coins).

If you have a Sacagawea Dollar floating around, stuff it away in the attic - one day it will probably be "worth" 50 bucks...

of course, a cup coffee on that same day will probably be $100....

 

 

Fri, 01/25/2013 - 20:05 | Link to Comment a growing concern
a growing concern's picture

Get your cupro-nickel arbitrage on! Better than having your money earn .000001% interest at the bank.

Fri, 01/25/2013 - 21:44 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

You get a double plus for the Archer name and icon.

Fri, 01/25/2013 - 18:03 | Link to Comment new game
new game's picture

yea and don't forget ole hank the crank

700 billion front run stock market scam-all legal and legit

all in buds - we gonna get er done

buy til ya finger numb...

Fri, 01/25/2013 - 18:02 | Link to Comment H E D G E H O G
H E D G E H O G's picture

aw shit! give the fucking weasel a break! like in break his neck, his arms, legs, and it doesn't have to be in that order. unaccountable, egotistical, arrogant, lying, POS! and this dickhead is going to be receiving a taxpayer funded pension check for the rest of his life. goldman is welcoming him back with open arms and saying "good job timmy".....................

Fri, 01/25/2013 - 18:02 | Link to Comment fonzannoon
fonzannoon's picture

nobody ever gives him credit for his role in Ghost. The perfect banker bad guy role.

Fri, 01/25/2013 - 20:16 | Link to Comment booboo
booboo's picture

Or Mars Attacks

Fri, 01/25/2013 - 20:07 | Link to Comment a growing concern
a growing concern's picture

L O fucking L.

Fri, 01/25/2013 - 17:49 | Link to Comment NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Perception vs. Reality

Fri, 01/25/2013 - 17:41 | Link to Comment dexter_morgan
dexter_morgan's picture

Hell of a ride, wasn't it ...............

Fri, 01/25/2013 - 17:30 | Link to Comment davhay
davhay's picture

FUCK HIM!!!! What happened to last weeks news that fuck head gave the banks the heads up on discount rate cut!

Fri, 01/25/2013 - 17:40 | Link to Comment Rainman
Rainman's picture

Banksters : " Put Neidergeithner on it. He's a swarmy little shit, just like you, right ?  { Oblameo nods }

Fri, 01/25/2013 - 17:29 | Link to Comment HoofHearted
HoofHearted's picture

Can he take Bernanke with him? It would be accomplishment #1. 

Restored confidence in the US fiat by resigning and taking the Bernank with him.

Fri, 01/25/2013 - 17:25 | Link to Comment PubliusTacitus
PubliusTacitus's picture

This is what Timmah! Will be remembered for, for all eternity:

 

http://video.foxbusiness.com/v/4651704/

 

Go to hell Geithner, ignorant fuck

Fri, 01/25/2013 - 21:31 | Link to Comment Squid Vicious
Squid Vicious's picture

Is he wearing a Casio digital watch? what a cheap little fucker, and his wife is disgusting

Fri, 01/25/2013 - 17:18 | Link to Comment sangell
sangell's picture

I think it was still called Rhodesia when Timmy lived there. White rule and all that.

Fri, 01/25/2013 - 17:09 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Also, he got his buddies 100 cents on the dollar for JUNK.

Fri, 01/25/2013 - 17:08 | Link to Comment Joebloinvestor
Joebloinvestor's picture

When he dies they will have to bury him in secret to keep the grave from being desecrated daily.

Fri, 01/25/2013 - 22:32 | Link to Comment Manic by Proxy
Manic by Proxy's picture

He should be buried with his ass sticking up in the air. So Barama  can stop by for a cold one.

Fri, 01/25/2013 - 17:17 | Link to Comment Dadburnitpa
Dadburnitpa's picture

Just burn the witch and place his urn in a public urinal to make it easier for the citizens. 

Fri, 01/25/2013 - 17:08 | Link to Comment Laughinggrizzley
Laughinggrizzley's picture

67, Had some hacker clone an IP address of an SEC attorney, so it would not be embarassing getting caught surfing for porn

83. Not one CEO of a major bank went to jail for fraud and corruption

43. Had a fifth grader show him how to file his taxes using Turbo Tax

Fri, 01/25/2013 - 16:56 | Link to Comment LFMayor
LFMayor's picture

Jughead, pencil necked fuckstick.   Go find a hole and pull it in after you, it won't be long before we'll be looking to strap your ass into a tumbrell for that last parade downtown.

Fri, 01/25/2013 - 17:19 | Link to Comment lewy14
lewy14's picture

That jughead, pencil necked fuckstick will be worth hundreds of millions in short order.

Courtesy of HardWork™ and RiskTaking™ in the PrivateSector™.

Fri, 01/25/2013 - 16:20 | Link to Comment disabledvet
disabledvet's picture

The one I remember is the basketball game in China. Ah the "days of rage" when yields were moving higher and the debt numbers were so big you really did (I know I did) feel like "this is the end." and instead? He pays a visit to China and those yields start plunging and I was like "ub oh, they're going to win again" and the next thing I see is the TS playing basketball with Chinese kids and I was like "yep, the G men have even this one figured out." I'm glad I called shorting treasuries un-patriotic at the time. Turned out to be HUGELY profitable. He does seem to be leaving in a hurry though. Is there an interim guy before Jack Lew? I did note the guy who stuck the taxpayer with Fannie and Fred is now Chief of Staff. Yikes!

Sat, 01/26/2013 - 10:14 | Link to Comment GMadScientist
GMadScientist's picture

Not one but two kids less than 5'6" dunked on the man; he claimed they were manipulating the height of the net.

 

Fri, 01/25/2013 - 20:23 | Link to Comment BigDuke6
BigDuke6's picture

Please feel free to post your own tributes to Tim below...

Sat, 01/26/2013 - 10:17 | Link to Comment GMadScientist
GMadScientist's picture

Hold on, I gotta eat more corn to get the ears right.

Fri, 01/25/2013 - 17:14 | Link to Comment SafelyGraze
SafelyGraze's picture

#1: began repatriating german metal

Fri, 01/25/2013 - 21:53 | Link to Comment disabledvet
disabledvet's picture

power is to be respected not loved. by hating "it" we respect it more in my view. everyone talks about "going to town" on the bad guys...but all that's really being done is venting. to defeat something you must first begin to know it...and clearly mere "name calling" is not knowing. the scary part of course is that "knowing" is just the beginning. "then you become one" is usually the next step...

Fri, 01/25/2013 - 22:45 | Link to Comment Zer0head
Zer0head's picture

he was a little man whom history will forget

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