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Jon Stewart Disembowels SecTreas Geithner

George Washington's picture




 

Tim Geithner has been using voodoo economics to rationalize choosing the big banks over homeowners. (And his argument that it wasn't politically possible to do anything else is bunk, especially since the American people opposed bank bailouts from day one.)

Jon Stewart does a better job of challenging Geithner than any mainstream "reporter":

 

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Sun, 05/25/2014 - 09:57 | 4793030 insect0man
insect0man's picture

How many of the account executives at Argent Mortgage who entered fabricated FICO scores into Empower went to jail?

{ crickets crickets crickets }

"Those people are uneducated and ignorant - they DESERVE to be taken advantage of..."
--Application Support Manager, Argent Mortgage, Circa May 2007

DESERVE?

And how the hell is Penny "My family bank failed because of its innovations in Suprime Lending" Pritzker the Secretary of Commerce?

Cluster Frock, 1 each.

Sun, 05/25/2014 - 09:31 | 4793004 CheapBastard
CheapBastard's picture

Geitner should have let banks suffer if not fail all the way. By saving banks he indirectly forced innocent Merikans to be victimized and pay for the peeples who could not afford those houses to begin with. Why should others take the losses for irresponsible people?

 

Should have let then foreclose and clean up the maket place similar ot the 1980s and this entire matter would be history and everyone would have moved on by now. Instead we have had years of recession and trillions more in debt on the backs of Merikans who had nothign to do with 'underwater mortgages.'

Sun, 05/25/2014 - 05:59 | 4792863 dreadnaught
dreadnaught's picture

OMFG! I almost pissed my pants watching this!!!

Sun, 05/25/2014 - 04:34 | 4792839 Yen Cross
Yen Cross's picture

  Okay George. I love and respect your articles.

  Here's what's up with usd/jpy  it's going to hit the 50 day average and head back to the 10 day.

  I'm short gbp/jpy because usd/jpy is range bound. cable isn't

Sun, 05/25/2014 - 02:53 | 4792778 nah
nah's picture

baby boomers are retiring welcome to the new normal bitchez

.

the boomers are very politically motivated and seek rent for services they barely offered elderly 15 years ago while they sell into a 'favorable' economy during a paradigm shift hidden by new "healthcare fees" and financing for credit

.

boomers "Reagan" invented cheap money bitchez

Sun, 05/25/2014 - 01:00 | 4792673 RichardParker
RichardParker's picture

Listen to this douche Geitner, it's worse than nails scratching on a blackboard.  The guy talks a million miles an hour in circles and says ABSOLUTELY NOTHING!  At times, he doesn't let Stewart get a word in edge-wise. 

When they break out the gullotines, make sure to save a spot at the front of the line for this POS.

Sat, 05/24/2014 - 23:17 | 4792542 Pascal1967
Pascal1967's picture

Jon Stewart is a fucking RETARD, his retardedness only elclipsed by the fucking IMMORAL RETARD Tax-Cheat Timmy Geitner.  This is a circle-jerking waste of time:  A liberal cock-cocksucker giving air time to a tax-cheat slimeball.  Fuck BOTH of these cretins.

Sat, 05/24/2014 - 23:04 | 4792525 Hongcha
Hongcha's picture

Thanks to all who took the trouble to watch this; I will myself not give it ten seconds.

Sat, 05/24/2014 - 21:54 | 4792380 novictim
novictim's picture

If you ACTUALLY watch Stewart "grill" Geithner then you will be disappointed to find that little Timmy gets off without being "gutted".

Jon Stewart really dropped the ball.

Sun, 05/25/2014 - 02:35 | 4792760 TheReplacement
TheReplacement's picture

He's a comedian. 

Now, about those professional journalists who can't or won't hold a candle to a comedian when it comes to asking hard questions...

Sun, 05/25/2014 - 13:49 | 4792376 Hail Spode
Hail Spode's picture

`Very disappointng. I watched them all and at the end Tim G. still had his bowels within him.  When Spode gets a talk show and the description is "Spode rips Giethner's head off" you will want to tune in.  It will be epic television that Real Americans will love.

Sat, 05/24/2014 - 21:24 | 4792324 hangemhigh77
hangemhigh77's picture

Hey Timmah, you got this far without getting FUCKING HANGED.  Maybe you should just STFU!!!  FUCK YOUR BOOK ASSHOLE.  Do you really think you can FUCKING LIE to us so you can shill your FUCKING POS BOOK!!???  I wouldn't wipe my ASS with your book you midget motherfucker.  Everytime you open your FOOL FUCKING MOUTH you insult my intelligence.  FUCK OFF YOU FUCKING LYING SHRIMP MOTHERFUCKER!!!

Sat, 05/24/2014 - 21:17 | 4792314 hangemhigh77
hangemhigh77's picture

Tattoo "LIAR" on this pricks forehead and FUCKING HANG HIM!!!!

Sat, 05/24/2014 - 21:15 | 4792305 hangemhigh77
hangemhigh77's picture

is it OBVIOUS he's LYING yet?  Is it???  HANG THIS TRAITOR!!!!  HANG HIM!!!

Sun, 05/25/2014 - 11:52 | 4793313 sunnyside
sunnyside's picture

Maybe he really is  just that stupid.  I want to believe that, because I watched the interview and with the arrogance and blustering he truly comes across as a bad stooge if that is his role.

Sat, 05/24/2014 - 20:53 | 4792260 Dr. Bonzo
Dr. Bonzo's picture

Skp the clips. As usual, the comments are far more informative.

Sat, 05/24/2014 - 19:54 | 4792134 Downtoolong
Downtoolong's picture

Geithner has only bolstered my longstanding belief that human beings can and will rationalize and condone any behavior when it’s in their self-interest to do so, no matter how absurd the arguments.

Coming up next, watch Tim Geithner try to sell a copy of his book to a subway bum in his continuing quest to find someone who believes him.

Sat, 05/24/2014 - 19:20 | 4792055 vachon
vachon's picture

Absolutley agree about the mark to market issue.  

Sat, 05/24/2014 - 18:01 | 4791898 SocDoc
SocDoc's picture

When they got to the "perception" and "capture" part, I was kind of wishing Stewart woulda asked Gethner if he actually knew anyone living in a sub-$200k home. Or anyone remotely like "regular people" who had actually lost theirs. 

Because I do. 

Sun, 05/25/2014 - 02:40 | 4792764 TheReplacement
TheReplacement's picture

I think Stewart opened the door for a lot of follow up questions by his audience.  I wonder how many of these young adults might now ask their parents about how the crisis affected them and so on. 

Think of the potential.  It would be like going from "Aw man, it's raining dog shit again." to "Hey, WHY is it raining dog shit?"  That would be nice to see in the young.

Sat, 05/24/2014 - 16:45 | 4791759 bobert727
bobert727's picture

This whole issue is far more simple than either Geitner or Stewart even touched on.

1.  Alan Greenspan left rates too low for too long.

2.  With rates too low, investors went searching for yield; voila the CDO

3.  Reckless lending to supply the CDO market and mis-ratings by the rating agency led to easy access to mortgages and fueled the rise in housing prices.

4.  Bundle up all these mortgages, give them A credit ratings, and sell them to investors worlwide made Wall Street tons of money and greased the well that kept the machine going.

What could have prevented all this? Very Simple.  After 911 the Fed dramatically lowered rates for fear it would lead to a recession or more likely a depression.  However, they saw and knew the kind of lending that was going on and could have slowed it had they just began to raise rates.

But look where we are now.  Again, like before, people are in a hunt for yield/return. So where are they piling all their money? Not the housing market.  But the stock market.  And its' meteoric rise is not unsimilar to the housing market rise prior to the housing collapse.  Guess how this will end?

Finally, by the end of President Obama's term, the Federal Debt is expected to reach $20 Trillion.  He will have been reponsible for more debt then all his predecessors combined.  In eight years he will have done what took 100's of years before him.  Now I say this not to lay blame at Obama but to point out that at current interest rates we are able to finance this debt load.  Just 7 years ago the 5 year treasury had a yield of 5%. Today that yield is at 1.53%.  We constantly here about how rates are going to rise, and I think they will too for other reasons, but as rates rise it will become increasingly difficult to finance this debt load.  We laugh a few years back when the yield on Italian debt went above 5%.  Well I have news for some, the US will choke too if 5 year yields get anywhere near 5%. We are living on borrowed time and have attempted to solve a crisis caused by low interest rates by making rates even lower and shifting the investment of choice from the housing market to the stock market.  Eventually the brekaing point will come.  For the housing crisis they used lower rates/easy money to ward off the collapse.  What do they have left the next time around.  It looked riskless prior to the housing crisis and once again it looks riskless again. As I often hear repeated on the financial channels; "where else are you going to put your money?". That my friends is not an investment strategy.

 

Sat, 05/24/2014 - 16:00 | 4791694 blindman
blindman's picture

Geithner’s Single Most Revealing Sentence

William K. Black

Timothy Geithner has a great deal of competition for the title of worst Treasury Secretary of the United States, but he has swept the field as worst President of Federal Reserve Bank of New York (NY Fed). Geithner is a target rich environment for critics and he has a gift for saying things that are obviously depraved, but which he thinks are worthy of a public servant."
.....
http://www.zerohedge.com/contributed/2014-05-13/bill-black-geithner%E2%8...
.
oh, never mind ......

Sat, 05/24/2014 - 16:15 | 4791711 blindman
blindman's picture

.." He did vastly more harm to the Nation as the President of the New York Fed than he did as Treasury Secretary. He was supposed to regulate most of the largest (and most criminal) bank holding companies – and failed so completely that he testified to Congress that he had never been a regulator and that the problem in banking leading up to the crisis was excessive regulation. His statement that he was never a regulator was truthful – but you’re not supposed to admit it, and you’re certainly not supposed to be proud of it. Geithner, Greenspan, and Bernanke are the three Fed leaders who could have prevented the entire crisis by being even modestly effective regulators.

Instead of regulating the banks, Geithner relied on the banks self-regulating through “stress tests.” The stress tests were (and remain) farcical. AIG, Fannie, Freddie, Lehman, the Irish banks, and the big three Icelandic banks all passed stress tests shortly before they collapsed. It is a measure of Geithner’s goofiness that he has entitled his book “Stress Test.”

As Treasury Secretary, Geithner made his infamous “foam the runways” comment. He admitted that while the way he ran the programs putatively designed to help distressed homeowners was causing them to fail frequently to help homeowners it was succeeding in easing the bank crashes.

Geithner repeatedly claimed as Treasury Secretary that he never worked for Wall Street (and as he left congratulated himself on not joining Wall Street – a few months before he did). As New York Fed President Geithner worked for Wall Street for five years and was handsomely rewarded for that service. As he has admitted, virtually bragged, he did not work for the American people as a regulator though that is what he was supposed to do.

Geithner’s Most Revealing Sentence ...."
oh, man ...

Sat, 05/24/2014 - 15:31 | 4791648 foxmuldar
foxmuldar's picture

Lets also string up Warren Buffett for his help in bailing out Goldman Sachs. Buffett made a hefty profit from his stock buying of GS prior to GS getting bailed out. Its called insider information that most of us don't have access to. 

Sat, 05/24/2014 - 15:43 | 4791667 headhunt
headhunt's picture

True that - easy to be an 'oracle' when they tell you what is coming next in your crystal ball.

He is a progressive old wanker who has never wanted his entire life.

Sat, 05/24/2014 - 15:20 | 4791626 Ban KKiller
Ban KKiller's picture

TG? Fuck you. 

Sat, 05/24/2014 - 14:49 | 4791563 the grateful un...
the grateful unemployed's picture

they crashed the market, the market didn't crash by itself, nothing in the market happens by itself, JS starts with the wrong question, or assumption.

Sat, 05/24/2014 - 15:23 | 4791633 LoneCapitalist
LoneCapitalist's picture

It was never about the TARP money at all. That was the distraction. It was eliminating the mark to market rule that saved ( and continues to save ) the banks. Stewart is wasting his time talking about a shiny object being waved with one hand while the other hand suspends mark to market.

Sat, 05/24/2014 - 14:13 | 4791509 LetsGetPhysical
LetsGetPhysical's picture

Jon Stewart: A day late and a dollar short. Where was this bitch when the shit was actually going down? Oh that's right...he was cheerleading Tim's boss and being all hopey and changey. Now that all the money has been spent Jonny-come-lately rides in for a "told ya so". Partisan hackery at it's best. 

Sat, 05/24/2014 - 21:23 | 4792321 MontgomeryScott
MontgomeryScott's picture

Life is full of questions.

Even Tim Geithner knows this.

Just shut up, and pay your fucking taxes!

Hell, Timmy let these people do HIS taxes when he was working at the World Bank!

http://www.youtube.com/watch?v=L3DwJwDMu10

I wonder who Jon Stewart's tax broker is.

http://www.youtube.com/watch?v=orZvzTwD_C0

 

I only upvoted you because of your avatar, which seems to be a horny bitch waiting to get fucked in a 'Kama Sutra' sort of way.

Sat, 05/24/2014 - 14:59 | 4791578 jaxville
jaxville's picture

Sorry letsgetphysical for the downvote ....I meant to upvote you. Just having a dorked out day here

Sat, 05/24/2014 - 21:37 | 4792343 MontgomeryScott
MontgomeryScott's picture

I'm sure he'll forgive you.

When they tell you 'Black' is really 'White', and the Moon is just 'The Sun At Night'; you tend to lose control of your faculties.

http://www.youtube.com/watch?v=VUjUIP2ugG4

 

As the confusion multiplies and menifests itself; like a plague, the realization of your seeming helpnessness to control your bodily functions becomes obvious to you, and you have to 'apologize' when this outside influence (like waterboarding in Guantanamo) causes you to press a mouse while aiming the 'target arrow' on the DARK side.

The whole 'disembowling' thing seems rather 'over the top', though. A bullet to Geithner's cranium would be sufficient in this case.

Sat, 05/24/2014 - 15:41 | 4791662 headhunt
headhunt's picture

you can change your vote

Sat, 05/24/2014 - 13:09 | 4791396 Atlantis Consigliore
Atlantis Consigliore's picture

Corzine = Fredo   http://youtu.be/BUiw6kMH2G8

 

Im a big guy Mike and I was stepped  Ova....

Im smart and I want respect, I FU a $ 16 B  swap dats all.

 

Im from Goldman and Im smart and want respect,  all I ve done is BK  commodities whore houses. 

Sucking thumb.

 

 

Sat, 05/24/2014 - 13:08 | 4791392 patb
patb's picture

Geithner is comparing Wall Street Bankers to Terrorist criminals.

If that's true, shouldn't they all be in Guantanamo?

 

 

Sat, 05/24/2014 - 12:49 | 4791336 I Write Code
I Write Code's picture

I went back and actually watched most of it.  Two points.  First, it is ironic beyond all get-out to hear Timmy talking about "capture" of the regulators, of the government.  Timmy was captured twenty years ago*, why else does he creep around muttering about "my precious"?  In moments of clarity perhaps he admits this to himself.  I hope he falls into the Cracks of Doom real soon now.

Second, I was all ready to say something really nice about Jon Stewart, and then he goes and mouths off about Donald Rumsfeld.  OK Stewart baby, you did a pretty good job with Timmy, but hey as far as I'm concerned you can jump into the volcano right behind him.

*And Stewart called him on this several times.

Sat, 05/24/2014 - 13:37 | 4791439 hooligan2009
hooligan2009's picture

agreed, although stewart actually got an interview of substance and covered som of the issues, it remains that the bail-out endorsed a decades long flaw of the inflation of housing prices for no good reason other than higher fees to estate agents, banks and state treasuries at the expense of the long term prospects for economic growth of this country. 

the banks not only financed the inflation of housing prices to levels beyond that which people could afford to pay, they gouged homeowners with fees, insurances and taxes until the system collapsed under the weight of unsustainable debt. 

the actions of first paulson and then geithner with their respective figure head presidents was to attempt to maintain prices at artificially high levels unrelated to average incomes, and do it by paying a yield curve sibsidy of between 3-5% per annum for 7 years and counting by lending banks free money via the fed.

the issue is not that borrowers could have taken principal reductions, but that the banking sector got free money for 7 years, rather than individuals and that "capture" means the right for banks (and now fund managers) to gouge low and middle class income earners of their right to a higher standard of living by diverting income from those classes to high income earners who, quite frankly, provide negative value creation on a systemic basis.

the iranians have a backward sytem that is centrally controlled and i dont know if they execute civil servants who engage in racketeering with their banking industry, but check this out for an attitude:

http://news.yahoo.com/iran-billionaire-executed-over-2-6b-bank-fraud-104...

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

Sat, 05/24/2014 - 20:39 | 4792229 I Write Code
I Write Code's picture

Did someone shut down the SEC about twenty years ago?

The failure of the US government to go after the banksters irresponsible for all of this will go down in the history books as nearly as big a scandal as it happening in the first place.

If anyone writes an honest history.

If anyone reads an honest history.

And if anyone cares.

It goes on today WORSE than in 2006/7/8.

Sat, 05/24/2014 - 22:07 | 4792371 MontgomeryScott
MontgomeryScott's picture

SEC head, to investigator:

'So, did you get all the info gathered up about Enron, like I told you to?'

'Of COURSE I DID!'

'Where is it?'

'Well I have the complete case, and all the paperwork involved, stored in the Trade Center offices.'

'WHICH Trade Center building, exactly?'

'Seven, I think.'

'GOOD. I'll talk to you again on the 12th. Good job.'

'Thanks.'

(Phone call now disconnects)

http://www.youtube.com/watch?v=Zv7BImVvEyk

FEMA head Tom Ridge, to public:

'Do you believe what we are telling you? If you DON'T, we will fuck your life UP to protect you, and in the name of 'homeland security'. Janet will NOW speak to you, and hecklers will be dealt with SEVERELY! Please welcome: Former governor of Arizona, and supporter of Homeland Security, Ms. Napolitano! (signs go up, calling for applause, and Chevron advertisements are apparent in the background of the repeating words 'are ours', 'children are', and 'your children', on the 'official' blue-screen of the network 'live' televising)

 

 

Sat, 05/24/2014 - 21:57 | 4792362 The Old Man
The Old Man's picture

They have no power to use. The power they do have is conveniently shut down by the manipulated administrators, to make everything look good. It's a criminal conspiracy controlled by Wall Street elite. The same thing the banks did to Geithner and crew. "Shut the fuck up or we'll pull your plug." There is no care for the citizen on the street. Only for the survival of the "big" money. Because they think that the "Big" money runs this country. And it does. But for how long is anybodies guess. I have a feeling that people in the banking industry discover things and meet nail guns or decide to stop their car and save a cat on a bridge and whoops, fall to their deah, or jump from tall buildings in London and Asia. That's the way big money works. Silence is golden for them. By any means possible.

Sat, 05/24/2014 - 23:40 | 4792572 I Write Code
I Write Code's picture

I'd say that capitalism is failing a big test here in the 21st century, only I'm not sure it's capitalism that's failing, it's more like a captured neo-fascist government that's failing.  Capitalism in the USA?  Not recently.  The SEC is a big dog that did not bark.  Every day it does not bark.  You have to be totally deaf to not hear it not barking.  When the apes dig up our ruins ten million years from now they'll read the ZH archives and laugh, "OMG, they did it to themselves!"

Sat, 05/24/2014 - 10:07 | 4791071 BeetleBailey
BeetleBailey's picture

Fuck this Georgie

Stewarts's cheap Kabuki theater for the dumbed down.

Liberal big government cunt. Period.

Down fuckin arrow me all you want.....Stewarts' a fuckin cunt for the left and elite.

ALL distraction and "self-shame"...if Johnny was so fucking concerned..and his show was relevant...he'd have stomped on Timmah and Fuckabama years ago...

too late.....fuck you

Sun, 05/25/2014 - 16:09 | 4793789 hot sauce technician
hot sauce technician's picture

Stewart's good when he's making fun of what people wear or doing impressions. Core issues are beyond him. And the pols are too slick for his bleeding heart. Geithner gives him the run around - for the ten minutes I watched/listened. I would've asked instead:

1) What is fiat?

2) Why are we using fiat?

3) Who profits from using fiat?

4) Does the government have a monopoly on the use of violence? Why?

5) What do taxes get spent on? Why?

Sat, 05/24/2014 - 22:17 | 4792441 MontgomeryScott
MontgomeryScott's picture

The SEEKERS:

http://www.youtube.com/watch?v=c-GApOqzgWM

 

Looking at the video, I see that she had a 'handler' in the end.

Sat, 05/24/2014 - 09:17 | 4791040 messystateofaffairs
messystateofaffairs's picture

Controlled opposition "debate" intended to placate and confuse the sheeple. A little game between fellow Jews. Missed all the real salient points explaining how shadow govt systems transferred middle class wealth.

Sun, 05/25/2014 - 16:21 | 4793818 hot sauce technician
hot sauce technician's picture

You went full retard there - I actually liked the first part of your comment. But get a grip, Geithner is not a Jew. Put down the Der Sturmer for a second, yeah?

http://www.jewornotjew.com/profile.jsp?ID=473

http://tzvee.blogspot.co.il/2008/11/is-either-timothy-geithner-lawrence....

Sat, 05/24/2014 - 12:18 | 4791293 prymythirdeye
prymythirdeye's picture

Yes! Yes! Yes!  So on point Messy

Sat, 05/24/2014 - 08:39 | 4791009 pherron2
pherron2's picture

Lewis & Martin redux

 

Sat, 05/24/2014 - 07:44 | 4790977 Berspankme
Berspankme's picture

I am not a violent person by nature but I would gladly execute Geithner, Paulson, Bernanke, Dimon, Blankfein et al. I hope I live long enough to piss on their graves one day. Fuck you Timmy, you are lying and you know it. You are nothing but a dirt bag elf. Fuck you

Sat, 05/24/2014 - 15:49 | 4791673 headhunt
headhunt's picture

start with Barney Frank - that piece of shit is the core of the entire meltdown.

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