Be Afraid Europe, Be Very Afraid - Tim Geithner Is Now "Helping" You

Tyler Durden's picture

If there was one piece of news that could force an all out panic in a market already on the edge, it is that outgoing (as in finally departing) US Treasury Secretary, Tim Geithner, was getting involved in the European Crisis. Sadly, this is precisely what happened.

  • SPAIN DEPUTY PM: US TREASURY'S GEITHNER AGREES TO WORK WITH SPAIN TO RESOLVE BANK CRISIS - DJ
  • SAENZ DE SANTAMARIA SAYS GEITHNER URGES SPAIN BANK SOLUTION
  • SPAIN'S SAENZ DE SANTAMARIA TOLD GEITHNER OF REFORM EFFORTS
  • GEITHNER DISCUSSED SPAIN'S PLANS TO STRENGTHEN FINANCE SECTOR
  • SPAIN'S SAENZ DE SANTAMARIA TOLD GEITHNER OF REFORM EFFORTS

 

More from Bloomberg:

U.S. Treasury Secretary Timothy F. Geithner, Spain’s deputy prime minister, Soraya Saenz de Santamaria, met to discuss Spain’s plans to bolster banking system. The Pair discussed progress Spain made on fiscal, structural reforms, Spanish govt’s plans to strengthen financial sector and support recovery and job creation, and broader challenges facing Europe, global economy, Treasury says in e-mail. The meeting was held at Treasury Dept.

Sorry, Europe, you are now doomed.

Then again, Geithner's involvement may have a silver lining. Recall that the last time Geithner appeared on the European scene in September 2011, everyone's utmost hatred of the American was channeled into a reconciliation of differences, and led Europe to set off on a path that led to the LTRO and at least fooling some of the C-grade commentariat that Europe was fixed.

From September 15:

Europe Tells Geithner To Take His Advice And Shove It

 

Just because it is not enough for Tim Geithner to be mocked, ridiculed and generally despised on one continent, the former New York Fed "Hudsucker Proxy-style" plant has just managed to become the most despised individual on at least one more continent. Bloomberg reports that European Central Bank Executive Board member Juergen Stark said countries offering advice on how Europe should solve its debt crisis should put their own fiscal situation in order first. "Finger-pointing in the direction of Europe shouldn’t prevent others from putting their budgets in order and doing their homework before handing out advice to Europeans," Stark said at an event in Vienna. This probably means it is safe to assume that the ECB, after listening to the human caricature of Beavis twice in a row on implementing totally failed stress tests, will not take up Timmy on his latest proposal of how Europe should fix itself. It is also safe to say that Europe just have a perfect example of how one should shut up a corrupt, incompetent, cheating, printer of virtually infinite one-ply US debt.

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ElvisDog's picture

Wait, did I miss something? Geithner is leaving? What's the over/under on how many days before he accepts a job at GS or JPM?

Banksters's picture

Geetner's first job was for Satan Kissinger.   He defines the term  ass nugget.

UBIGDummy's picture

I think the title is all wrong.... 

Maybe

TIMMAY to screw the day!

or 

Timmay, done screwing USA, now moving on to Spain!

or

Turbo Tax Timmay to bury billions of Fed/treasury money in Spain!

Whatcha think?

bdc63's picture

"I'm from the US Treasury and I'm here to help you" ...

Seriously, Europe, RUN AWAY-- AS FAST AS YOUR EUROCHIC GIRLY SHOES WILL TAKE YOU ....

Popo's picture

Interesting that Greece apparently does not get Turbotax Timmy's help, but Spain does?

Is that because the Greeks have already mastered the art of dodging taxes, but the Spaniards haven't yet?

Canadian Dirtlump's picture

I can't wait for his OP ed piece in spanish newspapers "welcome to the recovery."

 

wisefool's picture

It think he is going to use his senate confirmation hearing language.

"It (the spanish economy) was a mistake, I'll fix it! Timmmaaaaah!!!!!!!!!!"

Michael's picture

See something say something.

Call Fairfax County Virgina Sherriff's office and report criminal activity at the Builderberg meeting.

Multiple violations of federal law are taking place there, specifically of the Logan Act.

Sedition and treason are being perpetrated by elected government officials, one namely John Kerry at attendence plotting criminal activity against the USA.

http://www.fairfaxcounty.gov/sheriff/

Call Sheriff Stan Barry, demand he do his duty and arrest those Federal government officials for violating US Law! 

http://www.fairfaxcounty.gov/sheriff/contactus.htm 

 

BlueCollaredOne's picture

I'll be there on Saturday. Anyone else coming out?

Popo's picture

Please exercise your second amendment rights.

financial apocalyptic contagion's picture

Timmy is a cunt. By the end of this year, most of what he said wud never happen, will have occured and he should be burnt on the streets for conspiracy and high treason

Soul Train's picture

Will he replace and take Jaime's position, after his buddy croney bankster jettisons out of his CDS derivitives cockpit with his JPM golden parachute?

Imagine that.

Winston Churchill's picture

Whatya mean ?

He's been working for them all along.

Pairadimes's picture

He would be wise to head for a nation with which we do not have an extradition agreement.

palmereldritch's picture

I think the Bushes are building condos in Paraguay...so little space, so little time.

Iconoclast's picture

he'll advise them to do an America, make everyone think you're pulling down the debt when you just pile up more debt on the national debt..sorted..

Soul Train's picture

Maybe Timmy has his CV out for a lofty position at the European Stability Mechanism (ESM). Or the Fund for Orderly Bank Restructuring (FOBR) ???

Funny, everyday in the financial world is more and more like an episode from Monty Python and the Holy Grail. Tim would do real well at the Ministry of Funny Walks....

From ABF today,

"Hardest hit lender Bankia has asked the government for 19 billion euros in capital in addition to 4.465 billion euros invested by the state earlier this month to salvage its books.

But no-one seems to be clear about where the money will come from, especially when debt markets are charging exorbitant sums to lend to Spain.

"Some sort of attempt to rescue Spain is likely and it is likely to come in July," said Barcelona-based economist Edward Hugh.

Spain would attempt to cling on until Greek elections were over and the European Stability Mechanism, a permanent rescue fund, was operational, he predicted.

The cost of recapitalising the banks would be 150-200 billion euros, he estimated, assuming that lenders were obliged to make additional provisions for home mortgages.

Economy Minister Luis De Guindos said the state-backed Fund for Orderly Bank Restructuring (FROB) would issue bonds to raise capital, which it could then inject into Bankia.

He denied a Financial Times report that the European Central Bank had rejected a tentative Spanish plan to inject government bonds into Bankia, which could then use them as collateral to borrow from the ECB.

The ECB also issued a statement denying it had taken a position or been consulted on the scheme.

But the government failed to quash the concerns over Spain's financial sector.

Centre-right daily El Mundo this week said three other banks, CatalunyaCaixa, NovacaixaGalicia and Banco de Valencia, could need another 30 billion euros in public funds to meet new regulations.

Yet another lender, Banco Popular, whose bonds have been downgraded to junk bond-status, said this week it was in talks to sell its Internet banking business in a scramble for cash."

Buck Johnson's picture

He's only helping them to help his banking buddies in the US.  And I don't think it will work anyway.

RobotTrader's picture

"Emergency Measures" will be taken immediately after the NFP tomorrow if the market tanks.

With the 10-yr. at 1.55%, and gasoline prices imploding, the Fed has a huge cushion.

ForWhomTheTollBuilds's picture

Not sure why he's getting negs for this.  Unless MillionDollarBonus is reading.

 

You leave RT alone you cunning bastard!!!!

EscapeKey's picture

Geithner will teach everyone how the cheat on their taxes?

HelluvaEngineer's picture

Ahem.  Why did you come back?

Bay of Pigs's picture

I notice you cant track Robot's comments.

Is he really a Tyler?

Spastica Rex's picture

He's really a boring douchebag, and a stuck record.

Matt's picture

RobotTrader (two Ts in a row) not RoboTrader. Search works fine for me.

ElvisDog's picture

Retail gas prices in WA have been rising lately. They're up to $4.30 or so for 87 unleaded.

Muppet Pimp's picture

The man who cannot figure out how to run TurboTax is now being asked to resolve Spains debt crisis.  Hilarity ensues.

Zero Govt's picture

Tims answer in the US: "throw money at it"

Tims answer in Japan: "throw even more money at it"

Tims answer in the EU: "throw money at it"

i'm taking a wild stab in the dark here but Tims problem-solving for Spain, probably "throw more money at it"

Zero Govt's picture

i think Tim's strictly a one-trick pony (or a broken record!)

he only knows one answer to every economic problem, same as every politician, "throw more money at it"

Wakanda's picture

Dollas and Spidee towels!

EscapeKey's picture

You skipped a beat;

the solution this time around will be "throw MUCH more money at it".

vast-dom's picture

HAHAHAHAAAAA SHORT THE PLANET!

Matt's picture

Whats the ticker for that?

vast-dom's picture

ticker: vast-dom ---------- MEAT SHACK IPO coming soon!

midgetrannyporn's picture

Turbo Timmy is a poster child for something I just don't know what it is.

Zero Govt's picture

Tim's a poster child for Christine Lagarde, she hates tax cheats

the batty (tax exempt) bitch probably throws darts at his tax cheating ediface every day in her plush IMF office

lemonobrien's picture

GEITHNER, "You know I don't speak no es-span-yol, but if you needs some dollars, i can prints dem up for ya."

DogOfSinope's picture

"can I have that Spiderman towel now?"

wisefool's picture

Michelle Bachman appointed as bi-partisan Attaché

 

Ned Zeppelin's picture

Just as soon as she pulls that 9 inch corn dog out of her mouth.

StychoKiller's picture

That pic crackz me up EVERY time I see it! :>D

wisefool's picture

Whats with the junk? My deal with Timmay is that a person at his level, both before and after appointment to SEC-TRES, should have had somebody review his taxes. even if it was some parttime 20 something kid at H&R block who could have used the $30 fee. If he did this, and there was still a mistake, the senate would have never brought it up in his hearing.

put another way. I dont care if a guy is the best surgeon in the world, he aint cutting on me if he has visible crud under his fingernails.

EDIT: to bort (above) bachman is a republican and she is a tax expert.

yabyum's picture

That was MY junk!! Jesus Fucking Christ!!! Bacchman is an expert on shit.

Ned Zeppelin's picture

Well she likes big, long corn dogs.  Kind of like her husband.