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Tim Geithner: "It Was A F$&king Disaster In Europe"

Tyler Durden's picture




 

The name Tim Geithner has mercifully disappeared from the front pages, and instead has receded into the far more lucrative and circumspect confines of private equity behemoth Warburg Pincus. That doesn't mean that he is forgotten, and as the FT's Brussels Blog reveals, having "gotten its hands on... raw transcripts of discussions with Timothy Geithner, who was US treasury secretary at the time, about the eurozone crisis", Geithner was intimately involved in both the collapse and subsequent impromtpu "bailout" of Europe, which hinged on the biggest bluff of all time: Draghi's "whatever it takes."

Here is what the former Treasury Secretary had to say about that:

Geithner: [T]hings deteriorated again dramatically in the summer which ultimately led to him saying in August, these things I would never write, but he off-the-cuff – he was in London at a meeting with a bunch of hedge funds and bankers. He was troubled by how direct they were in Europe, because at that point all the hedge fund community thought that Europe was coming to an end. I remember him telling me [about] this afterwards, he was just, he was alarmed by that and decided to add to his remarks, and off-the-cuff basically made a bunch of statements like ‘we’ll do whatever it takes’. Ridiculous.

 

Interviewer: This was just impromptu?

 

Geithner: Totally impromptu…. I went to see Draghi and Draghi at that point, he had no plan. He had made this sort of naked statement of this stuff. But they stumbled into it.

Which of course explains why almost three years later, the OMT which was conceived as part of Draghi's consummate bluff, still doesn't exist and never will. It also explains why the central banks can never take their foot off the gas pedal ever again, as it would mean the ECB would finally have to make good on three years of promises, which as we all now know, were nothing but bluffs. In fact, the next time the ECB is taken to task and is forced to follow through with action, may be the last days of the Eurozone because by now it should be clear to everyone that Draghi is the paperst tiger in existence.

Then there is the US intervening in European politics and determining the fate of Berlusconi:

In his book, Geithner recounts that he told Obama: “We can’t have blood on our hands,” and pushed him to reject the Italian plan – something he did during a tense late-night meeting with eurozone leaders the FT recounted in a recent series on the crisis. Those events appear to have been blackened out in the transcript we have (the words “potential privilege” are stamped over the black-outs), but Geithner still provides some colour that was not in his book:

 

Geithner: [T]o be sympathetic to them, the Germans’ experience has been every time they buy a little bit of calm [on the] markets and the Italian spreads start to come down, Berlusconi reneges on anything he committed to do. So they were just paranoid that every act of generosity was met by sort of a “fuck you” from the establishment of the weaker countries in Europe, political establishment of those weaker countries in Europe, and so the Germans were just apoplectic. Sarkozy, who is trying to navigate between the Germans’ view of the crisis and the fact that France was suffering a fair amount of collateral damage, too, because Europe’s getting somewhat weak, he’s in election [campaigning]. He’s trying to figure out how to bridge this difference….

 

There’s a G20 meeting in France that Sarkozy hosts which was really incredibly interesting, fascinating thing for us and for the president and I’ll tell you just a few quick things in passing so we can come back to those things. The Europeans actually approach us softly, indirectly before the thing saying: “We basically want you to join us in forcing Berlusconi out.” They wanted us to basically say that we wouldn’t support IMF money or any further escalation for Italy if they needed it if Berlusconi was prime minister. It was cool, interesting. I said no….

 

But I really actually felt, I thought what Sarkozy and Merkel were doing was basically right which is: this wasn’t going to work. Germany, the German public were not going to support, like, a bigger financial firewall, more money for Europe, if Berlusconi was presiding over that country.

And finally, Geithner's candid take on Europe:

Geithner: I remember coming to the dinner and I’m looking at my Blackberry. It was a fucking disaster in Europe. French bank stocks were down 7 or 8 per cent. That was a big deal. For me it was like, you know, you were having a classic complete carnage because of people [who] were saying: crisis in Greece, who’s exposed to Greece?….

 

I said at that dinner, that meeting, you know, because the Europeans came into that meeting basically saying: “We’re going to teach the Greeks a lesson. They are really terrible. They lied to us. They suck and they were profligate and took advantage of the whole basic thing and we’re going to crush them,” was their basic attitude, all of them….

 

But the main thing is I remember saying to these guys: “You can put your foot on the neck of those guys if that’s what you want to do. But you’ve got to make sure that you send a countervailing signal of reassurance to Europe and the world that you’re going to hold the thing together and not let it go. [You’re] going to protect the rest of the place.” I just made very clear to them right then. You hear this blood-curdling moral hazard-y stuff from them, and I said: “Well, that’s fine. If you want to be tough on them, that’s fine, but you have to make sure you counteract that with a bit more credible reassurance that you’re going to not allow the crisis to spread beyond Greece and that’s going to require, you’ve got to make sure you’re putting enough care and effort into building that capacity to make that commitment credible as you are to teaching the Greeks a lesson….”

 

Interviewer: I mean was that, did you have this kind of foreboding like: oh my god, these guys are just going to…?

 

Geithner: Yeah. I had like a definite, and of course I, as I think I’ve said separately, I completely underweighted the possibility they would flail around for three years. I thought it was just inconceivable to me they would let it get as bad as they ultimately did. But the early premonitions of that were in that initial debate. They were lied to by the Greeks. It was embarrassing to them because the Greeks had ended up like borrowing all this money and they were mad and angry and hey were like: “Definitely get out the bats.” They just wanted to take a bat to them. But in taking a bat to them, they were feeding a fare that was in its early stages. There were a lot of dry tinders.

Which explains why Greece now has all the leverage to do nothing and to demand infinite bailouts from Europe.

And incidentally, where Geithner says "It was a fucking disaster in Europe", he was right. What's worse is that nothing at all has changed in the doomed Europe with an excess of "political capital" which it turns out is a synonmic for "improvisation."

 

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Tue, 11/11/2014 - 17:40 | 5437966 Spungo
Spungo's picture

His hookers should be paid an absolute minimum of $1000 just to shake his cold, sweaty hand.

Tue, 11/11/2014 - 17:41 | 5437977 economics9698
economics9698's picture

Fucking asshole.

Tue, 11/11/2014 - 17:49 | 5438003 Haus-Targaryen
Haus-Targaryen's picture

Yeup.  Too bad he didn't have the balls 2 years ago to go on CNN and tell the world Draghi doesn't have a plan.  But he, like every other blearly-eyed Euro fanatic ass clown was too busy getting London Bridged by Draghi and HvR -- and decided to throw millions of people under the bus for the status quo.  

 

Coward. 

Tue, 11/11/2014 - 17:59 | 5438031 IANAE
IANAE's picture

speaking of which...GM announcing layoffs in order to "ensure it doesn't oversupply dealers with too many cars, which would eventually trigger heavy discounting."

Tue, 11/11/2014 - 18:08 | 5438055 ParkAveFlasher
ParkAveFlasher's picture

I think the right approach would be to infinitely supply the absence of demand.  /s

Tue, 11/11/2014 - 18:13 | 5438075 Manthong
Manthong's picture

“crisis in Greece, who’s exposed to Greece?”

 

.. the squid,.  Go back to hiding behind your turbo tax.

 

Tue, 11/11/2014 - 18:29 | 5438154 eatthebanksters
eatthebanksters's picture

Moral Hazard...hmmm, ordinary folk who asked for workouts on their loans were turned down becasue of moral hazard, yet the big banks and their executives that started all the shit and who continue down the path of criminal behavior, they have yet to understand what moral hazard really means as it has never been applied to their sorry asses. 

Tue, 11/11/2014 - 21:57 | 5438896 armageddon addahere
armageddon addahere's picture

If you owe the bank a hundred thousand and can't pay, you have a problem. If you owe the bank a hundred billion and can't pay, the bank has a problem.

Wed, 11/12/2014 - 06:12 | 5439509 Arius
Arius's picture

Greece has all the leverage ... people do not have to it over there, what leverage are you talking about?

 

The money being "lend" to Greece doesnt even touches in the ground, is being transferred to some other banks in France, Germany etc.

 

I wonder why ZH keeps plugging Greece, even mainstream already knows what the real story is since George Soros started visiting there at the start of the crisis ... yeah well

Tue, 11/11/2014 - 17:50 | 5438004 pods
pods's picture

I would watch him DIAF.

Over and over again.

pods

Tue, 11/11/2014 - 19:44 | 5438432 BuddyEffed
BuddyEffed's picture

I found this link on this very same page, as one of the 3 header articles.

http://www.zerohedge.com/news/2014-11-11/ask-expert-interview-chris-mart...

The way it talks about how the real economy is really a derivative of real things makes total sense to me.  I've heard that concept bandied about here from some very insightful people at times, going wayback machine even.

And that helps explains the disconnect the people like Geithner finally are being forced to catch up to and reckon with.

"I reckon so" -- J. Wales

 

Tue, 11/11/2014 - 17:54 | 5438018 max2205
max2205's picture

Fucking bullshit spin...that's all

 

Fuck you Tim

Tue, 11/11/2014 - 17:58 | 5438024 JLee2027
JLee2027's picture

Is turbo on the Guillotine list? Somebody should add him.

Tue, 11/11/2014 - 17:42 | 5437982 Haus-Targaryen
Haus-Targaryen's picture

Fuck the EU. 

 

Come at me Ghordo. 

Tue, 11/11/2014 - 20:29 | 5438605 jarana
jarana's picture

LOL!!!

I usually find Ghordo's comments interesting, but that was funny.

Wed, 11/12/2014 - 05:01 | 5439472 Ghordius
Ghordius's picture

me too

Wed, 11/12/2014 - 06:42 | 5439505 falak pema
falak pema's picture

well done, you say the same thing as I did, but with much more meaty evidence to it.

What people forget is that PRIOR to this 2011 onwards greek debacle, Geithner as chief shareholder of IMF was INSTRUMENTAL in 2010 at shooting down DSK's proposal as IMF chief to FIRST impose massively the banksta "haircuts" on Ireland's and Greece's collective state balance sheets, PRIOR to imposing (via Trichet's ECB) the forced bail out of their state economies as a second step.

DSK clearly stated that after his ouster. He was stymied by Geithner when he proposed that to Merkel/Trichet. 

Geithner's NIET preceded the Merkel NEIN on Greece, once the HFs had added their CDS fleecy sauce and increased the ante on Greek debt from 150 billion to over 400 billion, as the IMF was literally made impotent to act on an early "haircut" solution, which would have shot a hole in the banksta world, but saved both Ireland and Greece (and Portugal/Spain), from irreparable banksta rape. 

Wed, 11/12/2014 - 10:36 | 5439979 Ghordius
Ghordius's picture

falak, I completely forgot about that wrinkle. thank you very much. yes, DSK, for all his faults and they are many, wanted the responsible banks in Ireland to take most of the hit. and at the IMF Geithner was very much against it. your resume is so concise it would take pages for me to expose the same. I have to bookmark this comment of yours for future reference. thanks again

Wed, 11/12/2014 - 05:41 | 5439462 Ghordius
Ghordius's picture

I get it, I get it, Fuck the EU. Of course you don't care really that it was not the EU org, it was the EU countries. Traduced, it was all about the banks, and all about a crisis - started in the US, mind you - which would have been similar with or without the EU

only that the crisis provisional resolution would have been far different without the ECB. And so this article is about the ECB, which is a different club

but the politics and diplomacy involved is still about european countries

Don't you find interesting that Timmy Geithner, then US Secretary of Treasury has such loving words for European politics? Or that he was advising Obama on pressuring the northern european countries not to pressure Italy's parliament in changing it's executive? Imagine a French President having a similar involvement in the US, let's say about a governor of Texas or a Czar in Obama's circle or a US Secretary of State

Fact is Geithner's words have to be taken with a grain of salt. Of the size of Texas. He's trying to shift blame, lots of it

Take this part from Timmah The Hero:

"I said at that dinner, that meeting, you know, because the Europeans came into that meeting basically saying: “We’re going to teach the Greeks a lesson. They are really terrible. They lied to us. They suck and they were profligate and took advantage of the whole basic thing and we’re going to crush them,” was their basic attitude, all of them….

But the main thing is I remember saying to these guys: “You can put your foot on the neck of those guys if that’s what you want to do. But you’ve got to make sure that you send a countervailing signal of reassurance to Europe and the world that you’re going to hold the thing together and not let it go. [You’re] going to protect the rest of the place.”"

So there you have the Germans, the Finns, etc. being really, really mad at Greece AND THE VAMPIRE SQUID FIRMLY WRAPPED AROUND THE FACE OF HUMANITY that helped corrupt Greek politicians to LIE TO THE EUROPEAN PEERS and PARTNERS (by cooking their books thanks to derivatives and shenigans)... and Timmah of course mentions Greece... only

then goes on with "you can put your foot on the neck of those guys if that's what you want to do..." really disgusting words, but of course he then paints himself as the ethical superman that talks sense to them and gently leads them to signals of reassurance and protection

DID TIMMAH OR OBAMA SAVE BERLUSCONI FROM A VOTE OF NON-APPROVAL IN THE ITALIAN PARLIAMENT? Of course not. But his concern for Mr. B sounds so... grand. Like a concerned shepherd for his little sheep. If you look back in ZH's archives you'll note that I was defending Berlusconi here, at a time when ZH was making fun out of him. What was Berlusconi really doing? Playing hardball, and denying that the crisis needed tackling... while the darling concerned "... hedge fund community thought Europe was coming to an end...". Traduced, a bunch of American Masters Of The Universe living in London and NY and steering huge hedge funds with nearly no knowlegde of Europe - remember this is the same bunch of guys that for a decade considered Greek debt as firm as Finn debt - where totally out of their depth

and then he, in a characteristically American way, projects a very American "poker bluff" attitude on the ECB and Draghi: "he had no plan". Come on, Europeans don't even go to have a shit without a plan. He is just whining that he had probably no clue which plan was going to be used, then this is the typical European weakness: having several plans but still conflicting about which one to use. And what did Draghi really do? A "covered bluff", taking OMT as something Americans would understand while arming and backing it it with an understanding for markets and a CB tradition Europeans would understand, the "whack the markets into shape" strategy that Russia's CB is at this very moment using, albeit with far less firepower. A strategy that of course hedge funds... hate

evidence is that Timmah lobbied hard in European Affairs... on behalf of the "hedge fund and bankers community"

evidence is that he was not welcome to do so. perhaps he was approached to join the "convince the Italian Parliament to oust Berlusconi" move, but I sincerely doubt it, and I'm inclined to think he was only informed about

evidence is that he was appalled about the tone used against the Squid & Greece Affair. but I sincerely doubt his focus was on Greeece. lots of evidence that he was covering... The Squid

I see Timmah's role in this mess as advocate of the banks and hedge funds and... of course... The Squid. perhaps I'm mistaken, but I don't think so

Wed, 11/12/2014 - 05:08 | 5439480 Ghordius
Ghordius's picture

in the linked FT blog I've found this little gem, as corroboration:

"There are some other, less consequential revelations in the transcript, such as the fact Angela Merkel, the German chancellor, never wanted to meet Geithner. The two would exchange words when Geithner accompanied Obama in meetings with Merkel, but unlike Sarkozy – who would summon Geithner to the Elysée whenever he arrived in Paris – Merkel was not interested..." this as FT redactional part, with then this transcript quote:

"Interviewer: And at this point were you talking to Merkel at all?

Geithner: No. Merkel would never speak to me. I never called Merkel directly. I would always be with meetings with her and the president, but she would never – and I went to Germany a couple of times. She would never see me. She was, I think she was quite respectful of me and she listened and engaged with me directly in those meetings, but when I went to Germany, [I] didn’t do it that often, a couple of times. I never like to ask to see a head of state. I find it, like, offensive. My general view is: they know I’m coming, if the finance minister wants me to see the head of state, and they decide to ask me to do it, I’ll do it, but I never wanted to ask. But usually Lael, who was a different approach to these kind of things, Lael would generally get somebody to ask on my behalf, and [Merkel] never wanted to see me. I would see Sarkozy or, you know, normally in those countries they would all want to see me."

Interesting, isn't it? So France's Sarkozy was keen on meeting Geithner, Germany's Merkel... less so. And Timmah finds it, like, offensive

Wed, 11/12/2014 - 05:33 | 5439485 Ghordius
Ghordius's picture

and here it's another one, around the meeting of the european finance ministers in Poland, September 2011:

"They invited me to go to a meeting of their Ecofin, which is their group of finance ministers, and central bankers in Poland in September. And they, the Austrian finance minister and a couple others – I think I’m very polite in the meeting. They asked me to come to the fucking meeting. I call them in advance and say: “You really sure you want me to come? It’s kind of a sensitive thing for me to come to your meeting.”

They turn to me in their meeting, they ask me for my views, my normal views which you’ll find boringly familiar at this point, and a bunch of their ministers go walk out afterwards and say: “Who’s Geithner to tell us what to do?” Very disparaging, like quite disrespectful from their peripheral ministers. And the fucking New York Times writes a story – I can’t remember who wrote the story – somebody at the Times wrote a story that I came home to see at that point, or maybe it was after that, just like a really brutal story: end of American influence, [garbled] lack of influence of American officials, using anecdotes of that meeting for that. That wasn’t so great."

note how Timmah talks in interviews. "fucking meeting", "I think I'm very polite at that meeting", "fucking New York Times".

Does this sound like Timmah was "Saving Europe"? Or does this sound like everybody knew which interests he was defending? Note his "peripherals ministers", like "who are those second rate national representatives to sneer at me?"

if you follow the link to the NYT article, you'll find further gems:

"Such criticism was echoed by other attendees of the meeting, including the finance minister of Belgium, Didier Reynders, who said Mr. Geithner should listen rather than talk.

Jean-Claude Juncker, president of the finance minister group, said European officials did not care to have detailed discussions about expanding their bailout fund “with a nonmember of the euro area.”

American officials are aware that they need to tread carefully when advising others, especially now, and they have avoided offering specific plans or proposals."

Avoided giving plans or... had no plans and no clue? Remember that hedge fund and bankers in both London and NY were screaming and running in circles. To me, Geithner accusing his european collegues to have no plan gives me the impression that he wants to hide the fact that his department and his bankster collegues had no clue what to do. Perhaps it's me, and I'm wrong... but I don't think so

Wed, 11/12/2014 - 06:34 | 5439527 Lady Jessica
Lady Jessica's picture

Logged in just to thank you.

Thu, 11/13/2014 - 12:33 | 5444419 anita22
anita22's picture

I also had to login to thank you ;)

Tue, 11/11/2014 - 17:44 | 5437990 emersonreturn
emersonreturn's picture

i used to be sure max (i've forgotten his last name) was timmy.  sitting at his big desk, way too big for wee timmy, scoping ZH.

Tue, 11/11/2014 - 17:55 | 5438019 OW My Balls
OW My Balls's picture

Civic Mundi Max?

Tue, 11/11/2014 - 18:21 | 5438133 emersonreturn
emersonreturn's picture

his avatar was preppy.  he was a troll, but interesting.

Tue, 11/11/2014 - 18:30 | 5438160 OW My Balls
OW My Balls's picture

Max Fischer ~ Civis Mundi

 

He was a douche. So many more interesting posters on ZH back in that day. TRAV, Slewie, francis

Take a walk down memory lane.

 

http://www.zerohedge.com/news/how-us-will-become-3rd-world-country-part-...

Tue, 11/11/2014 - 20:00 | 5438490 emersonreturn
emersonreturn's picture

thank you OMB...it is indeed a walk through fantastic opinions and viewpoints.  thanks!

Wed, 11/12/2014 - 05:14 | 5439482 The_Prisoner
The_Prisoner's picture

Max Fischer is still around. Now he calls himself Cognac and Mencken.

You can tell by the pompousness and general douchebaggery of his posts.

Tue, 11/11/2014 - 18:50 | 5438231 Berspankme
Berspankme's picture

Fuck You Geithner you mealy mouth cocksucking motherfucker. DIAF you elf headed little prick. Just Fuck You

Tue, 11/11/2014 - 18:54 | 5438241 OW My Balls
OW My Balls's picture

That's LONG SOUP LINE apprenticeship material there :-)

 

Echoes from the MASTER

http://www.zerohedge.com/news/2013-02-07/economy-built-illusion#comment-...

Wed, 11/12/2014 - 10:35 | 5439983 Which is worse ...
Which is worse - bankers or terrorists's picture

I'm thinking of making a Timmy Geitner pinata. Except when you break it, there's no candy inside, it's just an empty shell. 

Tue, 11/11/2014 - 19:45 | 5438433 More_sellers_th...
More_sellers_than_buyers's picture

Anyone!!!! and I mean anyone!! who is smart and works hard for their money should be legally allowed to kick this cunt in his tiny balls!!!! fuck you timmy and i mean that from the bottom of my white priveleged 24 hur a day working ass

 

Tue, 11/11/2014 - 21:07 | 5438720 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Timmy needs a nice shiv in his belly filleting him stem to stern like the bottom feeding carp that he is.

Wed, 11/12/2014 - 00:08 | 5439209 Aeternus
Tue, 11/11/2014 - 17:40 | 5437971 LawsofPhysics
LawsofPhysics's picture

Rest assured, Tim's name is on the list.  That aside, remind me, how many of those "arsonists" are in prison?

 

Tue, 11/11/2014 - 19:44 | 5438434 Monty Burns
Monty Burns's picture

Dunno. Maybe Jon Corzine could tell you.

Tue, 11/11/2014 - 17:41 | 5437976 ebworthen
ebworthen's picture

Success for Timmy is cheating on your taxes and selling out the taxpayer to save Wall Street.

A "disaster" for little Geithner would be the rule-of-law and jail for the malfeasant scum he runs with.

Tue, 11/11/2014 - 17:41 | 5437979 Irishcyclist
Irishcyclist's picture

Is Geithner a jew?

Tue, 11/11/2014 - 17:50 | 5438008 Divided States ...
Divided States of America's picture

He looks like one, acts like one, lies like one, but unfortunately, no.

Tue, 11/11/2014 - 21:59 | 5438894 FeralSerf
FeralSerf's picture

His grandfather immigrated just five years before 1913. The Rothschilds and their ilk were preparing for their Big Score and needed loyal troops to work the New York banks.

It is ridiculously absurd to think someone in Geithner's position would come from the goyim proletariat. He had CONNECTIONS.

"Geithner was born in a Jewish neighborhood in Brooklyn, New York. His Jewish family originally came from Germany, in 1908, and his grandfather reportedly worked for the corrupt Warburg bankers.

Geithner’s father, Peter, was a "secular Jew" and was known to periodically attend an Episcopal Church, perhaps to further his or his son’s career. The senior Geithner served as director of the Ford Foundation’s Asia program in the 1980s and was Ann Dunham’s (Barack Obama’s mother) boss and financier of her microfinance development projects in Indonesia.

Tim Geithner is married to a Jewish woman, Carole Sonnenfeld, and they have two children, named Benjamin and Elise. Geithner’s Jewish bloodline and family loyalty to Zionist causes earned him fast advancement. He is a member of the globalist Council on Foreign Relations (CFR), was a director of the International Monetary Fund and held the post of president of the Federal Reserve Bank of New York. He worked at Kissinger and Associates in Washington for three years and was mentored by Larry Summers, the Clinton White House’s Treasury Secretary. Geithner was also Undersecretary of Treasury when Robert Rubin was Treasury Secretary. Kissinger, Summers, and Rubin are all Jews, and the CFR is a Jewish organization—seventy-five percent of its members are Jews."

http://www.texemarrs.com/122009/god_of_greed.htm

Tue, 11/11/2014 - 18:20 | 5438123 Comte d'herblay
Comte d'herblay's picture

Is Ellen Degenerate a queer?

Tue, 11/11/2014 - 17:42 | 5437980 Oxygen
Oxygen's picture

He added : 'But everything is fine now, that's why
Stock market is up everyday.'

Tue, 11/11/2014 - 17:43 | 5437987 Cacete de Ouro
Cacete de Ouro's picture

When it becomes serious, you have to lie.

Tue, 11/11/2014 - 17:54 | 5437989 Rainman
Rainman's picture

Cue Mr. Panos !! ...... jeezus, the Greeks lied !! .... LOL

And btw ,  a big fuckyou to Timmay ! ... nice to see that turd float in again ,,,

Tue, 11/11/2014 - 17:46 | 5437994 Inexcye Solm
Inexcye Solm's picture

When has anything ever really changed in Europe? It wouldnt be Europe.

Tue, 11/11/2014 - 17:48 | 5437999 aliki
aliki's picture

Japan PM Abe will dissolve parliament as early as this week

things are going just swimmingly in abenomics-land

Tue, 11/11/2014 - 17:47 | 5438000 Seasmoke
Seasmoke's picture

Kindle. Tinder. Fire. 

Tue, 11/11/2014 - 17:50 | 5438006 devo
devo's picture

7% is a disaster? Gold is down like 7% every day.

Tue, 11/11/2014 - 17:51 | 5438009 Catullus
Catullus's picture

It's like moral hazard-y.

I only believe like half of anything he says at this point.

I do believe they're making this up as they go. And that this one crisis after another playing out on their blackberries.

Tue, 11/11/2014 - 17:56 | 5438021 wmbz
wmbz's picture

Turbo Tax Timmy is just another on a long list of cocksuckers that needs to be hung by the neck until dead!

Tue, 11/11/2014 - 18:15 | 5438091 kchrisc
kchrisc's picture

He's on my CAAPL--The Crimes Against the American People List, aka the guillotine list.

An American, not US subject.

 

All Americans should be keeping a list of criminals in government, and within the elites that control government, that they are aware of. Gather and list each criminal's name, background, position(s), crime(s),  details of their crime(s). They can keep their lists on us, and we 330 million can keep lists on them.

Tue, 11/11/2014 - 21:04 | 5438713 BernankeHasHemo...
BernankeHasHemorrhoids's picture

And then what? No one in the US has the balls to do what is necessary.

Tue, 11/11/2014 - 17:58 | 5438025 THE DORK OF CORK
THE DORK OF CORK's picture

Jew Boy Geithner to Paddy finance minister (tax collector)

"let the Micks eat the losses - the bank bondholders can offload & buy some German or US debt.

"if you issue a letter of comfort to the banks (treason) then you may keep your job , pension or possibly your head.

Now fuck off you dumb miserable Paddy and do Gods work"

Tue, 11/11/2014 - 18:08 | 5438057 WTFUD
WTFUD's picture

It really is one giant GAMESHOW and you've been FUCKED, er FRAMED.

Tue, 11/11/2014 - 18:19 | 5438062 falak pema
falak pema's picture

Pot calling the kettle black given his track record in 2008 and subsequent US-FED hype.

The guy pretends that he didn't realize that if the banks in Europe go flop, and the State side drowning in debt can't bail them out-- and we know they couldn't in 2012, a SECOND TIME, for sums of debt having gone five times more ballistic-- what this meant to counter party US and Trilateral banksta risks around the world.

So now that he is not front line he can reminisce and pretend it was "the other guy's fault for going after the Greeks with his bat". 

Awesome, how shallow, phony and baloney-crony these guys at the top are. 

Just read the Nomi Prins post here on ZH as proof since inception of FED TARP/ZIRP/QE.

Tue, 11/11/2014 - 19:42 | 5438418 Monty Burns
Monty Burns's picture

how shallow, phony and baloney-crony these guys at the top are

And that is why they got there.

Tue, 11/11/2014 - 18:22 | 5438136 Bernoulli
Bernoulli's picture

"The leaked Geithner files"??? WTF???

All happens with a reason, also this seemingly new "information" being published by the FT today.

The end is near and there needs to be a scapegoat. It's going to be Draghi and the ECB (and the Germans?).

"FED, BOJ and Bank of England acted correctly, ECB fucked it up - by not doing the right thing".

This will be the meme in the aftermath.

Anybody else noticed the massive increase in ECB and EU bashing on mass media over the last weeks? Especially CNBC?

Tue, 11/11/2014 - 19:40 | 5438406 Monty Burns
Monty Burns's picture

I was thinking exactly the same thing. Not sure what's coming down the tracks but for sure this is Timmy getting his retaliation in first.

Tue, 11/11/2014 - 18:24 | 5438141 Comte d'herblay
Comte d'herblay's picture

His main qualification for the New York Fed and Treasurer's positions is that he is first and foremost a Jew.   As is Lew. And J yell. And Gary Gensler. 

 

Tue, 11/11/2014 - 19:38 | 5438401 Monty Burns
Monty Burns's picture

Timmy ticks every one of the boxes but amazingly he's an Episcopalian. You're right about the rest of them tho...

Wed, 11/12/2014 - 00:53 | 5439285 paddyirishman
paddyirishman's picture

funny how quick the hasbara trolls downvote you

Tue, 11/11/2014 - 18:26 | 5438146 jose.six.pack
jose.six.pack's picture

"I used TurboTax"

Tue, 11/11/2014 - 18:31 | 5438163 Stained Class
Stained Class's picture

I can't believe the language he uses. I'd like to read about "The Early Years: FRBNY" and how he told Fuld and Cayne what the fuck to do....

Tue, 11/11/2014 - 18:45 | 5438218 robnume
robnume's picture

I'd say that the entire EMU has turned out to be a disaster. The main reasons I'm a Eurosceptic is because of the lack of national sovereignty and the lack of transparency by the bureaucrats in Bruxelles. I'd just like to add: Fuck you, Turbo Timmah!

Tue, 11/11/2014 - 18:49 | 5438234 mantrid
mantrid's picture

geee, one day you see a mountiny on ECBounty against Draghi
and the other MSM get theese years-old transcripts that essentially set up stage for forcing Draghi out

and where did they get it from anyway, NSA???

Wed, 11/12/2014 - 01:36 | 5439331 WTFUD
WTFUD's picture

Don't worry yourself, Dracula will do just fine on an 8/9/10 figure annual pension. He's Goldman and they need to get a new puppet in who can kick off the ' whatever it takes rounds again '

snake bastards

Tue, 11/11/2014 - 18:51 | 5438239 css1971
css1971's picture

Moral Hazard?

 

Well we're waaaaay beyond that now.

Tue, 11/11/2014 - 19:43 | 5438430 anyways
anyways's picture

will this comedy never end?

Tue, 11/11/2014 - 20:03 | 5438503 nakki
nakki's picture

"And I was like". So this is what the smartest guys in the room sound like!! 

Tue, 11/11/2014 - 20:09 | 5438527 Ban KKiller
Ban KKiller's picture

Bong hits all around!

Tue, 11/11/2014 - 20:25 | 5438587 fibonacci's claus
fibonacci's claus's picture

what does jimmy do?

jimmy orchestrates the biggest financial fraud in history while in govt, and then runs home to "mommy", back to warburg.  back to the 500 year old jewish banking family, whose name really isn't warburg. 

jimmy jimmy jimmy, what is g-d to do with you?  hmmmmmmmmmm?

Tue, 11/11/2014 - 21:03 | 5438708 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Why hasn't this fucking asshole had an unfortunate "accident"?

Tue, 11/11/2014 - 21:55 | 5438888 Notsobadwlad
Notsobadwlad's picture

He's not important enough.

Tue, 11/11/2014 - 21:54 | 5438887 Notsobadwlad
Notsobadwlad's picture

F'n lightweight.

Wed, 11/12/2014 - 02:32 | 5439387 All is chosen
All is chosen's picture

Has dear Timmy had a right ear job? 

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