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Tim Geithner Glitch In The Matrix Special: Will America Become Greece In Two Years - "No Risk Of That"

Tyler Durden's picture





 

Geithner April 2011:  “Is there a risk that the United States could lose its AAA credit rating? Yes or no?” - Tim Geithner: “No risk of that.”

....

Geithner April 2012:  “If we don't deal with these debt problems we are going to be Greece in two years” - Tim Geithner: “No risk of that.”

On Friday we learned that in 2011, the president paid a less than "fair" 20.5% in taxes on his joint income, substantially less than pretty much most Americans who listen to the now virtually daily sermons on the fairness of class warfare. It prompted us to wonder if the president has not been taking tax advice from the likes of the Treasury secretary, best known not for destroying the US economy, but for having some tax "underpayment" issues of his own, which however TurboTax was delighted to take the blame for. Which explains why now that the president may appear just somewhat disingenuous when discussing tax "fairness", it is up to the lackey who made tax evasion cool all over again, to defend the "fairness" of the Buffett Rule (shown graphically here) in today's episode of 60 Minutes. Oddly enough we were expecting Timmy to tell everyone to just use TurboTax... and some creative imagination when it comes to reporting income: he did not, instead he said "If we don’t push for things that make sense, then we’re not governing". No comment there.

But wait there's more: in a disastrous attempt to prevent the repeat of last August, when a 3 month showdown over the US debt limit ended up crashing the stock market, and culminated with the downgrade of America's AAA rating, Geithner, who previously said there is no risk of the US ever being downgraded (4 months before it was), urged Congress against repeating last year’s "very damaging" debate over the debt limit, adding that the economy is stronger than at any time in the past several years. We wonder though - very damaging to whom exactly: the liars who claim that 'America's economy is stronger than ever', courtesy of well over $2 trillion in debt in the past two years? Or that the debt ceiling will be breached all over again before the presidential election, confirming that the Treasury secretary can't even budget the worst case scenario one year in advance? Finally, since there will be a protracted debt ceiling fight, certainly during the tail end of the presidential campaign, is Geithner's plea really just to prevent Congress from making him into a running gag punchline for the second year in a row (all the while blaming the Bush presidency as usual)?

But the absolute kicker, and here we flashback to April 2011 when Timmy said there was "No risk" of a US downgrade, was Geithner using his favorite catchphrase, this time in response to whether the US may become Greece in two years: "No risk."

And scene.

From Bloomberg:

"It would be good for the country, if this time, they did it with less drama and less politics and less damage to the country than they did last summer,” Geithner said on NBC’s “Meet the Press” program today, referring to lawmakers’ reluctance to raise the debt ceiling until an 11th-hour agreement with the Obama administration in August.

Actually it would be far gooder for the country if the debt ceiling debate did not have to arise ever 6 months or so. But since the US economy is now terminally broken, and the Treasury generates more cash from debt issuance than from tax refunds, only idiots could possibly fall for the outgoing Treasury secretary's sad platitudes at this point.

Geithner has said the U.S. won’t hit its debt limit again until late in the year.

Which means the debt limit will be breached in a few short months as calculated here.

Americans generally should feel much more confident about the basic strength of the economy than they would have felt any time in the last four or five, six years,” Geithner said. Still, “it’s a very tough economy.”

Well if they were drinking nothing but the same hopium and KoolAid dispersed by the administration over the past 3 years, they would. Alas, they no longer do. And the reality is diametrically opposite.

When all else fails, blame it on Europe and evil, evil speculators who drive oil prices higher, but never on saintly stock speculators who do the same with equities:

“Obviously, we’ve got a lot of challenges ahead and some risks and uncertainty ahead,” Geithner said on ABC. Those risks include the European debt crisis and oil prices, he said.

Finally, for those who wonder why Geithner gets paid the big bucks:

Geithner, asked what the U.S. jobless rate will be on election day, told CBS that “if the economy continues to gradually strengthen like it’s been doing, then the unemployment rate will be lower.”

Actually, it is not the economy strengthening, it is the labor pool imploding. So yes, if civilian labor force ratio drops to 58% or less (a divergence that can be seen perfectly here), the unemployment rate will not only be lower, it will be negative - something which every treasury secretary is all too aware of in an election year.

Timmy "TurboTax" Geithner on tax fairness:

And the same soon to be employee of the Goldman-Morgan banker complex on the debt issue:

 

But the absolute punchline: Tim Geithner on whether there is a risk America could become Greece in two years: "No Risk"

And from April 2011, when asked if the US will be downgraded: just watch the first 15 seconds...

The only thing inquiring minds want to know is whether the dollar-drachma exchange rate be 1:1?

 


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Sun, 04/15/2012 - 20:18 | Link to Comment orangegeek
orangegeek's picture

There was a book written a few years ago called "The Roots of Obama's Rage" - it's primarily about wealth redistribution for the planet - well written.  Obama and his communists are all about impaling the US economy.

 

One problem.  It's hard to get re-elected on a failing economy - expect a middle east war very soon.

 

With Geitner saying "no risk" that's not a sign of strength.  Geitner would never lie....watch his nose grow longer as he speaks.

 

And all you elliott wavers are expecting primary wave 3 down too.

 

Have a look and see what may lie ahead.

 

http://bullandbearmash.com/index/sp-500/weekly/

Sun, 04/15/2012 - 20:24 | Link to Comment ISEEIT
ISEEIT's picture

Tim Geithner?

Who dat?

Sun, 04/15/2012 - 20:26 | Link to Comment ziggy59
ziggy59's picture

We are sooooo friggin doomed.

Sun, 04/15/2012 - 20:30 | Link to Comment ziggy59
ziggy59's picture

Double post.

Sun, 04/15/2012 - 20:33 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

... at this point the only defense for this guy is a prison cell, filled with his likeness, on fire. It is unfortunate to know that the cell defines the world as we now know it.

Sun, 04/15/2012 - 20:40 | Link to Comment alfred b.
alfred b.'s picture

 

   Funny how these self-proclaimed, in-denial oracles are always seemingly right...right up to the point where they're dead wrong!!!

 

 

Sun, 04/15/2012 - 20:42 | Link to Comment skepticCarl
skepticCarl's picture

I haven't been able to come up with anything insightful, humorous, or original about Tim Geithner. 

Neither has any other commenter.

Sun, 04/15/2012 - 20:43 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

If Tim Geitner is on the Sunday Talk Shows you know that there is a great deal of unrest in the Country.  Why else would he be on National Television telling everyone all is Ok.

I think that the Majority of People are starting to distrust the FED, the Government and the Money system. They are trying to nip the growing concern in the bud.  But, I think it is too late.

The Government is losing control of the People.  The People are starting to think that the Government is out to get them.  Over reaction or not it is starting to affect the way the People think and act.  They are saving, paying down debt, taking money out of banks, buying supplys, guns, creating bunkers.  Many are in panic mode from all of the Government Borrowing.  They are sure the Government of the US will implode and it will be everyone for themselves.

Yet, with Geitner going on Sunday TV how will that stop the rough and ready crowd from continuing to do what they are doing.  It won't.  Until the US starts a program of fiscal responsibilty more and more people could become alarmed and do the same.

Sun, 04/15/2012 - 21:48 | Link to Comment theTribster
theTribster's picture

Just wait for the 100th Monkey, then we'll see how the people really feel. No question there is a lot of pent up emotions towards the situation, the gubmint and the corporatocracy - just a matter of time before the egg cracks and crazy things start to emerge like marshall law, real militias, commodity shortages, FEMA camps, the list goes on and on.

Its fair to say that the gubmint is preparing for an event or series of events that create massive civil unrest, they've been buying 100s millions of bullets, 100s of checkpoint stations, the Fema camps and all this not to mention the Patriot Act, the NDAA, various executive orders, and a completely dysfunctional and dishonest, corrupt congress.

Timmy "the Tool" Geitner (what is he, 12?) is out on the road to spread the propoganda, I wouldn't read anything more into it than that. As is presented here everyday, we are close to financial system meltdown in Europe, here and Japan. By default, the rest of the world is pretty exposed as well. I don't think they have very much control left, maybe one more round of QE (massive it will have to be) and they are out of bullets. I think we can gauge, too some extent, our situation based on how we react to Europe on a go forward basis. Will we print more moeny and send it over (again)? or will we just scold them for being so incompetent?

Doesn't much matter, the best they can do is change things by a few months - maybe. I think that if it becomes clear that both Spain and Italy will need sbstantially more bailout (this week?) the Euro and the Union is done. We'll start to see the true colors of our gubmint's plans soon after this happens becuase it won't take long before our ATMs stop working....

Tim is one of the guys that needs to hide because a lot of Americans will be looking for him with a rope in hand.

Sun, 04/15/2012 - 20:52 | Link to Comment engineertheeconomy
engineertheeconomy's picture

Timmy boy, you single handedly stole more money from just about everyone than any other person in the history of the world, good going buddy you're criminal number one!

Sun, 04/15/2012 - 21:00 | Link to Comment theTribster
theTribster's picture

I cannot watch the videos, I cannot look at that guy or listen to him. I always have to read the transcripts otherwise I miss out on all of Timmy's wonderful insight into the markets. Without a doubt this guy is an evil pinhead that should get the Musselini treatment along with the rest of them, traitors everyone.

I wonder everyday if and when Americans will wake up to what is happening. Everyday is more and more bullshit piled on, destroying the country in such a way that it will be difficult or impossible to reverse the damage they've done. The greed is something I can't understand, it really must be like a drug because they are clearly willing to do anything to keep the game in play - literally anything.

This is the best site on the internet for me, its like I get power (knowledge) and confidence from consuming the content here - it has turned my investing point of view upside down and led me to a much better place (and much more profitable). Some of the brightest financial folks in the country/world hang out here and its no wonder. Great Job!

Oh yeah, Fuck You Timmy "Tool" Geitner...

Sun, 04/15/2012 - 21:15 | Link to Comment Clay Hill
Clay Hill's picture

What a timid little liar.

I would love an opportunity to sit across a table, cards in hand, and fleece this fool. His tells are atrocious, and so is whatever he tells you.

Then again, his money is no good... better not.

Sun, 04/15/2012 - 21:31 | Link to Comment hangman
hangman's picture

Easy to critisize but hard to be at the helm of the government, government that's spelled SOS!

We have right to critize our country, governement or anything else or anyone else, that is pretty much written into  our contitution. But like it or not, it is our country!  Instead of just critizing, lets hear some creative solutions.  Think of it as a family.  You being the head of the household, would you rather pay more taxes and get further behind your mortgage and pull your kids out of private schools, etc., or would you rather  take away your disabled brother and grandmother's medical insurance.  We could down size our military while our competitors are increasing theirs or would you rather cut veterans benefits who risked their lives for our families, so that our family can sleep peacefully at night, etc.  Maybe we should take away veterans legs who lost their legs in a battle or guide dogs for veterans who came home blind, etc. 

Economy is a mess, it didn't happened overnight and it won't be fixed overnight.  No one is perfect, so is no system or economic theory, ours or theirs.  That should be pretty clear by now.  Knowing that we should critize less of others too.

I know this is a different kind of place, and if I had the time, I could spent whole day (sometimes I do) just reading what is written here and resist the temptation to write responses to every article or response that I read, etc.

In my opinion, to get our country back on track, as a starter, we should make military service, a mandatory for everyone.  It will help to increase our collective awareness and appreciation for who we are and of our country.

 

 

 

 

 

Sun, 04/15/2012 - 22:28 | Link to Comment Seize Mars
Seize Mars's picture

Where do I start?

Easy to criticise, but hard to be at the helm in government? Are you fuckin' kidding? At the helm? As if the government is comprised of wise overlords who navigate us through difficult conditions, husbanding us along so that we stay on track. What a joke. All they do is take our stuff and get us to fight their wars.

Military service mandatory? So they could have an even larger standing army at their disposal? To do what, start even more wars? Are you clear that wars are consumption? Are you aware that we (the US) spend more on our military than the rest of the world's nations combined?

No soup for you.

Sun, 04/15/2012 - 22:51 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

Military service mandatory? So they could have an even larger standing army at their disposal? To do what, start even more wars? Are you clear that wars are consumption? Are you aware that we (the US) spend more on our military than the rest of the world's nations combined?

Your comment reminds me of the saying, "When all you have is a hammer everything starts to look like a nail."

Sun, 04/15/2012 - 23:26 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

I wouldn't want my son or daughter involved in a military tasked with fighting wars for this government because somehow I think, like most Americans, that it is a stretch that Iran is a threat to our naional security.  The exact same thought I had about Iraq...

Mon, 04/16/2012 - 00:01 | Link to Comment theTribster
theTribster's picture

Wow.

Sun, 04/15/2012 - 21:34 | Link to Comment swanpoint
swanpoint's picture

Turbo Tim, you're back, we almost forgot about you..

Sun, 04/15/2012 - 21:36 | Link to Comment Cabreado
Cabreado's picture

Geithner is proof positive that the collective we are in a state of denial-driven inertia (that's all), and much too forgiving on our way down.

In the meantime... get him off my screen, and out of my house.

ps. I filed my taxes today, and I didn't even cheat

Sun, 04/15/2012 - 21:36 | Link to Comment CvlDobd
CvlDobd's picture

Gooder?

Sun, 04/15/2012 - 21:43 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

Waddda Putz!!!

Sun, 04/15/2012 - 22:23 | Link to Comment Seize Mars
Seize Mars's picture

Geithner. What a bloody wanker.

Sun, 04/15/2012 - 22:47 | Link to Comment JW n FL
JW n FL's picture

 

 

The SHEER! Volume of Stupidity.. above is firghtening..

The fact that no one cares enough to discuss the facts..

and only want to jump on a Band Wagon as provided by Tyler.. is fucking MIND BOOGLING!

We need Tax Cuts for the Rich!!

We need LESS Regulation for Wall Street!

Money is FREE Speech!

Corporations are People!

Obama ran up the Debt, all by himself!

I hate Obama! but being stupid and a liar to yourself and others doesnt help anything.

It is a waste of my time to even type this shit!

YOU CANT FIX STUPID! and the BULK of you stupid fuckers dont want to be fixed! even if someone could educate YOU!

 

Sun, 04/15/2012 - 22:48 | Link to Comment CryingBear
CryingBear's picture

blame eric cantor that deuce bag. S&P told everyone exactly what not to do to avoid a downgrade and he went out of his way to make sure that we got a downgrade.

Sun, 04/15/2012 - 22:59 | Link to Comment Oh-Globits
Oh-Globits's picture

hey everybody....look at the FUCKING IDIOT timmy the tax cheat!

 

Mon, 04/16/2012 - 00:08 | Link to Comment yogibear
yogibear's picture

Timmy, Americans have guns!  After Timmy and Bernanke devalue the US dollar enough Americans won't tolerate paying $18.00 for a loaf of bread when wages have stagnated.  

Mon, 04/16/2012 - 02:16 | Link to Comment connda
connda's picture

“If we don't deal with these debt problems we are going to be Greece in two years” - Tim Geithner: “No risk of that.”

So we have about two more years before the wheels fall of the buggy.  Thanks for the "heads-up" Timmy.

Getting pretty good a deciphering "Goldman-speak".

Mon, 04/16/2012 - 02:21 | Link to Comment connda
connda's picture

Americans generally should feel much more confident about the basic strength of the economy than they would have felt any time in the last four or five, six years,” Geithner said. Still, “it’s a very tough economy."

Translated:

"The Vampire Squid is still feeding.  There is still residual money left to suck out of the economy before it implodes.  Until that time, it's imperitive to keep the suckers, err,  general public optimistic about the economy."

Mon, 04/16/2012 - 03:21 | Link to Comment AnAnonymous
AnAnonymous's picture

Has the US of A lost its AAA ratings? Yes.

Has it mattered? Nope.

Greece alone is not enough to explain Greece's situation. It took some US citizen big boys to inflict the situation on Greece.

And who is the biggest boy in the US world order?

And who is going to inflict Greece's situation on the US?

US citizen representative Geitner can say nothing like that in his interview, being a US citizen.

Cant state that credit ratings do not matter for US of A because US of A is the center of the US world order empire.

Cant state that Greece situation does not matter for US because the same.

On US citizen economics papers and in reality, two different things.

Geitner is a person of power and by then compelled to deal in reality.

Geitner answered both times to the question: could the US of A be punished?
Because they lost the AAA ratings? No way.

Like Greece is? No way.

Both times correctly.

Mon, 04/16/2012 - 03:38 | Link to Comment akak
akak's picture

Tell me, is it very difficult to type your bigoted and trollish drivel on your iPad while squatting and taking a dump on the side of a Chinese road? 

Mon, 04/16/2012 - 04:11 | Link to Comment AnAnonymous
AnAnonymous's picture

Who knows?

For this kind of questions, it is better to ask to the person asking.

People's fantasies are personal or something like that.

As to drivel, well, the efficiency of US citizens to tackle drivel has indeed improved over the last year.

Mon, 04/16/2012 - 04:49 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

Geitner is a person of power and by then compelled to deal in reality.

Wooooaaaoooga!

Made me laugh.

You do are improving comedic routine. Much funny ensues.

 

Mon, 04/16/2012 - 03:24 | Link to Comment nothing can go wrogn
nothing can go wrogn's picture

There's never, ever, anything wrong with a bank.

Right up to that very last second when the doors are padlocked, the lights turned out, and you can't get your money out.

Mon, 04/16/2012 - 05:32 | Link to Comment Sandmann
Sandmann's picture

How do people take Geithner seriously ? i mean he studied in China and is probably a Manchurian Candidate. Ever since Clinton sold out to China Americans have been living on a giant feedlot worthy of beef processors in Iowa. Can't anyone see that a Global Elite has sold out to Money and just like this guy -Bo Guagua - he knows they will fawn and get him into Harrow, then Oxford at Balliol College where the Chancellor of Oxford University, Chris Patten was a student and since he was the last Governor of Hong Kong he knows how to kow-tow to new masters. Then Kennedy School opens its posterior for a reaming as the China Boy with Bucks comes to Boston.

 

http://www.dailymail.co.uk/news/article-2129039/Champagne-shisha-parties...

 

and the British have their MI6 man on the spot sucking up to the Party Boss in Chongqing and screwing his wife for which he was poisoned and cremated in that order.

 

Yes the West is truly a whorehouse

Mon, 04/16/2012 - 08:15 | Link to Comment my puppy for prez
my puppy for prez's picture

I was reading out of my son's textbook about the demise of the Roman Empire last night.  Check this out:

"One of the most noticeable changes came in the form of increasing disparity between rich and poor.  Many of the upper classes had grown very rich indeed.  Governers of provinces had the opportunity to make fortunes undreamed of in the Republic's earlier years.  Other enterprising Romans made fortunes in shipbuilding contracts, banking, slave trading, and many other high-profit occupations.  Rome had become a Hellenistic state like the successor states of Alexander the Great, with a growing distance between the rich and the poor....

Meanwhile, as soldiers stayed longer in the army, their family fields remained unplowed.  Numerous farmers went bankrupt, and soldiers returned to their homes to find them sold and their wives and children turned out of the family farm.  Newly rich men and women eagerly purchased these neglected lands, and small landholders were replaced byl arge plantations worked by gangs of new slaves....Spurred by economic hardship, the displaced citizens flocked to the city.  The population swelled with a new class of people--propertyless day laborers who were unconnected to the structures of patronage and land that had defined the early Republic.

These mobs created more and more problems for the nobility because they always represented a potentialy revolutionary force in the Forum.  Aristocrats tried to keep them happy and harmless by subsidizing food.  But this short-term solution could not solve the deeper problem of ost jobs taken by newly captured slaves and land seized by the newly rich.  The situation had become volatile indeed."

And so it seems that history is repeating itself in the American Empire, always at war, ever expanding.  I told my son that I felt as though I was reading about America!


 

Mon, 04/16/2012 - 08:47 | Link to Comment icanhasbailout
icanhasbailout's picture

Can we get a comprehensive list of things that Geithner thinks there is no risk of happening? Surely there's some sucker who believes him who will take the other side of my trades...

Do NOT follow this link or you will be banned from the site!