Geithner Comes Clean: "I Don't Understand It"

Tyler Durden's picture

Tim Geithner outdoes himself this evening with three hypocritical, self-defecating-deceiving, and typically ignominious clips courtesy of his interview with Jeffrey Brown of PBS NewsHour. While we knew TurboTax was beyond him, the Treasury debacle-in-chief admits he doesn't understand how the debt limit has bubbled back up (seeing it as part of a partisan political agenda); admits that perhaps the NY Fed has a 'perception problem' with Jamie Dimon on the board; and his piece-de-resistance his cognitive dissonance erupts as he touts Obama's economic and jobs record: "look how well we are doing relative to any other major country". It seems the election cycle is well and truly upon us and revisionism and populism will once again trump sensibility and forthrightness.

First, the renewed debate over the federal debt limit:

 

 

JEFFREY BROWN: Here we are again this week where the debt limit question has bubbled up. Do you see --

TIMOTHY GEITHNER: Can you believe it?

JEFFREY BROWN: Can you believe it?

TIMOTHY GEITHNER: I can't. I can't. I don't understand it. I don't understand it.

JEFFREY BROWN: You can't because, you can't understand because --

TIMOTHY GEITHNER: Because look at how much damage it caused the country last August. I mean, it was terribly damaging for the country. And the idea you can govern effectively at this time in American history -- you know, we're fighting wars. We've got a major financial crisis in Europe. We have all of these challenges for the rest of the country with political politicians threatening to default if we don't adopt a partisan political agenda. It's deeply irresponsible. There's no basis for it.

The secretary also discussed a "perception problem" with CEOs of major banks serving on the board of the New York Federal Reserve:

 

 

JEFFREY BROWN: Elizabeth Warren, who helped set up the Consumer Protection Agency for the administration, now running for the Senate in Massachusetts - she said that Jamie Dimon, head of JPMorgan, should not be sitting on the board of the New York Fed, that that just - it isn't right, because they help regulate those banks.]

TIMOTHY GEITHNER: That's not a new observation, not a new concern. It's been made by many people over the last several years.

JEFFREY BROWN: Do you think it's right?

TIMOTHY GEITHNER: I think it is true. And I think it's a problem that that - the structure of the Fed, established 90 years ago, and it's true for Federal Reserve banks across the country, creates that basic perception. And I think that's something worth trying to change. But the American people should understand that although the Fed was set up that way, those banks and the members of the board play no role in supervision. They have no role in the writing of the rules, and they play no role in decisions the Fed makes about how to respond to a financial crisis. Their role is a much more limited role, and the role is to help provide a perspective on what's happening in the economy as a whole. But I agree with you that the, that perception is a problem. And it's worth trying to figure out how to fix that.

JEFFREY BROWN: Do you think Jamie Dimon should be off the board?

TIMOTHY GEITHNER: Well, that's a question he'll have to make and the Fed will have to make. But again, on the basic point, which is it is very important, particularly given the damage caused by the crisis, that our system of oversight and safeguards and the enforcement authorities have not just the resources they need, but they are perceived to be above any political influence and have the independence and the ability to make sure these reforms are tough and effective so we protect the American people, again, from a crisis like this. And we're going to, we're going to do that.

The two also discussed how President Obama's economic record will play out on the campaign trail this year:

 


 

JEFFREY BROWN: So you think he's got a record on jobs and the economy that he can proudly run on?

TIMOTHY GEITHNER: Absolutely. And again, if you look at -- look at how we're doing relative to any other major country in the world today. Look at how we managed our crisis relative to what, not just how the U.S. managed in the past or how Japan did, but look at Europe today, and if you look at any measure that we can point to of economic strength, they provide overwhelming support for the choices he made early on. And remember, those were tough - very tough choices, put out the financial fires, get growth started. He did it with almost no help from his opponents, deep political costs, and those things made us -- make us stronger today.

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carbonmutant's picture

"non compos mentis"

FEDbuster's picture

"But really Jeff, Jamie Dimon is my real boss.  I can't tell him what to do.  All I can say is America is sooooo fucked."

Ahmeexnal's picture

what a moron.  hope he is fond of lamp posts.

Failbook IPO already falling apart.  Asian markets on full blown collapse.  Over 2% decline and growing by the second.

Take this Facebook IPO....and shove it:

http://www.marketwatch.com/story/take-this-facebook-ipo-and-shove-it-201...

Michael's picture

Timmay is just such a putz.

Elizabeth Warren Makes Timmy Geithner Squirm Over AIG and Goldman Sachs Bailouts

http://www.youtube.com/watch?v=pz7ruJw6byQ&list=FLdSnTNA6aMtwMSA6x2vyTYw&index=0&feature=plcp

SilverTree's picture

I hate how Tim always interrupts.

iDealMeat's picture

TIMOTHY GEITHNER: I think it is true. And I think it's a problem that that - the structure of the Fed, established 90 years ago, and it's true for Federal Reserve banks across the country, creates that basic perception.

 

90 years ago?  Awesome Timmah,  just Awesome.. 

Federal Reserve System

carry on..

NewThor's picture

Timmy's ego might be the biggest bubble of all.

GetZeeGold's picture

 

 

Apparently Timmy disagrees with you.

 

Timmy.....get off ZH and go take out the trash!

 

bernorange's picture

 And the idea you can govern effectively at this time in American history --

I didn't think anyone talked like this in real life.  It's what made that line in Monty Python and the Holy Grail so funny.

Even those who arrange and design shrubberies are under considerable economic stress at this period in history.

I think Timmah is mocking us.

Pure Evil's picture

Sung to the tune used by the PullUp diapers commercial -

 

Timmah: "I'm a big kid now!"

Frankie Carbone's picture

Well since this is basic math, and this is Turbo Timmy, what'd you expect? 90 years, 99 years? Just a rounding error bro. 

catacl1sm's picture

I caught that too. It's been 100 yrs. putz doesn't even know his history.

Bizaro World's picture

Silvertree, Timmay interrupts because he is visibly uncomfortable with the direction of the questioning, therefor he blurts out a question to the interviewer to redirect, albeit an idiotic mi-step "can you believe it?", but it works for a second and places the interviewer off guard for a moment and changes the interviewers line of questioning to suit one that Timmay should have a "canned preprepared answer," except idiotic Timmay doesn't know what to say when the interviewer simply repeats Timmay's question back to him "No, can you believe it?"....and then a glimpse of truth....Timmay says, "no I can't", then lunches into his prerecorded partisan bullshit response.

We are truly in trouble....the puppet masters are losing control and the US will be sacrificed (perhaps intended all along) to enact the new global currency.

Prepare well

Zero Govt's picture

what a tool

turbo tims' CV is Govt crone bending over for 'another' from his Masters

you'd find more backbone in a banana

macholatte's picture

 

TIMOTHY GEITHNER:   ……But the American people should understand that although the Fed was set up that way, those banks and the members of the board play no role in supervision. They have no role in the writing of the rules, and they play no role in decisions the Fed makes about how to respond to a financial crisis. Their role is a much more limited role, and the role is to help provide a perspective on what's happening in the economy as a whole.

JEFFREY BROWN:   So what are they there for? What dod they do? What’s their function?

TIMOTHY GEITHNER:  To gather inside information and make themselves and thier handlers filthy rich at the expense of the American people.

 

Motorhead's picture

Man, you said it!

But Elizabeth Warren is a piece of work herself, you know, that Cherokee squaw.  And you should see her entry in the Pow Wow Chow cook book for Mexican Oatmeal Soup.  Scrumptous!

piceridu's picture

Just another great reminder of what corrupt lying sack of shit this guy is...

DeadFred's picture

Faceplant IPO? It has a certain ring to it.

Element's picture

"There is no chance of that." - Timah

 

It's a great day for it though!

Global Hunter's picture

that is one of the funniest things I've seen, had me choking and then a coughing fit after that.

BeetleBailey's picture

LMAO WB! Brillant catch.

Geithner....douchebag....but I repeat myself.

Catullus's picture

Both selling fashism. Excellent.

catacl1sm's picture

Oh, God! I'm glad I already swallowed my coffee before scrolling down to that.

Freewheelin Franklin's picture

"hope he is fond of lamp posts."

Yes, I believe he is.

He uses statistics the way a drunkard uses a lamppost; for support, rather than illumination.

Oh regional Indian's picture

In all fairness, he is saying he does not get the political dead-lock, not that he does not get how it was crossed.

But anyways, it's a farce if humungous proportions... even this man's selection to where he sits, knows the IRS is illegal, never paid taxes... truly the theater of the absurd.

 

Just like here in India we have had this IMF stooge prime-minister who never got elected in a popular election.

Imagine that. Largest democracy in the world has had an un-elected runt he country. Twice. 

Very angry making. Bustards. Fluckers. 

ori

whither-india

ParkAveFlasher's picture

on the topic of stooges, Tim is looking more and more like Larry as time goes on.

barliman's picture

 

As someone  once observed, "We have all of these challenges for the rest of the country with political politicians ..."

"You might think that establishes non compos mentis ... but I think it just establishes guilt by incompetence ... and as such, I ask the jury to return a verdict of Guilty and a sentence to be executed at the first tall tree with a sturdy limb apprximately 12' off the ground. Further, given the aggravated nature of the offense, I would appreciate the jury direct that the convicted felon not be allowed a coup de grace but left till God in his infinite mercy decides to collect him for judgement."

"Oh, and if the jury can see its way clear to finish this indelicate task before sundown, I am buying the first round of drinks."

barliman

emersonreturn's picture

Max is timmy's way of having fun.

ba dum tiss's picture

I'm sooooo jealous of his Beavis-like head structure. So jealous...

prains's picture

once upon a time you used to have to build your own gallows before you were hung we need to revisit that idea

The Big Ching-aso's picture

 

 

I used to think a high forehead was a sign of high intelligence.

James-Morrison's picture

I can't remember a Treasury Secretary  without one.

They are all rubber-stamping, status-quo, moondogs.

 

knukles's picture

Offspring were maggots.... LOL

prains's picture

or lots of room to write 'fuckwad' while he's passed out on your sofa

hedgehog9999's picture

It is all self service statements which he even has trouble with his body language, everytime he makes a point his face looks like he sitting on the toilet after a big meal.

How come the US is headed into a recession after all the great work they have done with 2 QE's and a pseudo QE and still the 90+% is poorer and the new jobs "created" are underpaid low level subsistance jobs, pensions headed for the toilet, foodstamp country, etc, etc I could go on......

What a bunch of crooked spin makers....

eaglefalcon's picture

Nope, it's a sign of jewishness

cbxer55's picture

Tell that to The Forehead (Paul Begala). ;-)

InvalidID's picture

He's smart enough to bullshit his way into a pretty sweet gig isn't he?

DeadFred's picture

Anybody got a good slow-mo for the video? I'm pretty sure he had two quick smirks during the last comment "and the enforcement authorities" [smirk] (the bozos!) and "so we protect the American people, [smirk] (fools, you're dog-meat again just like last time) again, just like last time". The interpretation of the smirks are of course mine. People can't fully suppress those micro expressions and they make wonderful truth detectors. He's lying and he knows he's lying, grab your wallet.

lizzy36's picture

Nobody fucked up more than Geithner leading into 2008....NOBODY. He was the head of the FRBNY. Under his watch the greatest financial crisis in the world happened....and for that he got a PROMOTION.

For him to take about the credibility of anybody else (including jamie dimon) is the HEIGHT of hypocrisy.

As for the record of the US....when in doubt go to bell curve grading.Love to know the benchmark he is using. Because apparently it isn't Canada. Remember 2 years ago when Biden said Yanks would be growing jobs at a clip of 250k-500K a month. These guys are such clowns.

Btw, i must have missed the part where growth started. Apparently it must have been around the same time geithner welcomed us to the recovery.....in the summer of 2010.

Questan1913's picture

Lizzy36,

 

Not to nitpick, but a transfer from the FRBNY to Treasury is not a promotion; it's more of a lateral move.  He carried out the order like all good soldiers do and is doing an exemplary job in his new post; doubletalking.

slewie the pi-rat's picture

i think we've learned enuf aboutTreasury to understand why you are getting a few junks

yes, in a sense, timmah is "just" a cog in a machine, but it is an enormous machine and timmah or any sec'yT is a critical decision-making cog (as is theNYFedHead, as you correctly say) but lizzy, even tho a deludedCanuckHosiere, seems correct in her bold assertion, here, imo

i've been trying to tell people since last august that precisely this was gonna be the campaign:  prez0 is gonna run on a strong dollar and a wonderfully strong ponzied-out paper "economy" of unicorn farts AND timmah is clearly prez0's man;  do not believe tyler;  he doesn't have slewie's intel  L0L!!!  and this shit with jamie is just playful, imo

that said, you aren't "wrong" either, _stan;  but let's consider that the FED reports to theCongo, via the chairsatan ["CE0" and the NYFedHead is "C00", perhaps?] by law;  and theTimmah is theUSExecutive function involved, again, by law, but this time it is theConsitution rather than some bullshit legalVaselineAssLube which has now become hereditary b/c we have "evolved"

MsCreant's picture

Cancer is a growth. So is the metastasizing process.

Clashfan's picture

While we're tossing around names of people who need to be fired (or worse), how about this rat-faced t......? http://www.infowars.com/panetta-authority-of-un-trumps-congress-in-getti...