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 - 19:03 | 2347333 Problem Is
Problem Is's picture

"(furrowed brow)"

That just means Wanker Timmay is constipated today... Fiber Timmay... Eat some fiat... It's 100% cotton rag...

Sun, 04/15/2012 - 18:39 | 2347292 Pure Evil
Pure Evil's picture

I thought the dollar-drachma exchange rate was already 1:1.

Toliet paper in, stinky brown toliet paper out.

What better 1:1 ratio could there be?

Sun, 04/15/2012 - 18:40 | 2347293 UGrev
UGrev's picture

Dibs on kicking the support from under his feet..

Sun, 04/15/2012 - 20:10 | 2347465 IToldYouSo
IToldYouSo's picture

i'll fight you for the right

Mon, 04/16/2012 - 00:26 | 2347818 UGrev
UGrev's picture

hmm.. I suppose I should share..  how about on the count of three.. :)

Mon, 04/16/2012 - 05:52 | 2348024 IToldYouSo
IToldYouSo's picture

cheers UG, community spirit is alive

Sun, 04/15/2012 - 18:44 | 2347300 The Alarmist
The Alarmist's picture

So when does South Park do the send-up on this?

Sun, 04/15/2012 - 20:08 | 2347462 akak
akak's picture

In this case, fiction could not be more surreal than reality.

Sun, 04/15/2012 - 18:46 | 2347306 newengland
newengland's picture

All this whining about impotent Timmy.

Man up. Walk off the floor like the CME traders did in protest against bare-faced illegal manipulation. See jsmineset for more of the story as it is clearly embarrassing for the political internet and media to report it.

Sun, 04/15/2012 - 18:46 | 2347307 q99x2
q99x2's picture

    I was worried but from CNBC:

Sun, 04/15/2012 - 18:54 | 2347316 newengland
newengland's picture

q,

You aren't worried. You just hope someone else's job, money and blood will pay for your whining.

You pretty pets of mainstream politics aid Timmy and the status quo. You want change, only if someone else pays for it.

Sun, 04/15/2012 - 19:18 | 2347360 UGrev
UGrev's picture

Uh.. yeah.. We want the people who are responsible for fucking us in the ass to pay up.. blood is accepted. Sorry, no visa, mastercard, amex.. blah blah..

Sun, 04/15/2012 - 18:47 | 2347308 nmewn
nmewn's picture

Timmy, making his final rounds as court jester.

Sun, 04/15/2012 - 18:51 | 2347312 newengland
newengland's picture

All aided by the cowardly political manipulators on the internet and mainstream media.

You don't like Timmy? Man up. If you are a trader, walk off the floor like the CME traders did in protest at bare-faced lying manipulation.

If you are a whiner, shut the fuck up, and snuggle up to your political abuser, pet.

Sun, 04/15/2012 - 19:03 | 2347329 nmewn
nmewn's picture

I also detest most other people from the NE...just so we're clear.

Sun, 04/15/2012 - 19:09 | 2347338 xela2200
xela2200's picture

New Yorker drive like aholes when they make it down to Florida.

Sun, 04/15/2012 - 19:15 | 2347352 newengland
newengland's picture

New immigrant talk s$it, run away from homeland long time, and want money big time from ignorant Amerikan.

Sun, 04/15/2012 - 19:33 | 2347393 nmewn
nmewn's picture

lol...New Yorkers drive like assholes everywhere!

Sun, 04/15/2012 - 19:11 | 2347341 newengland
newengland's picture

I don't dislike your region. I dislike your personal cowardice: all mouth and trousers, no blood on the line or cash to defend your neighbour.  Just so we are clear.

Sun, 04/15/2012 - 19:23 | 2347372 nmewn
nmewn's picture

You don't know jack shit about me pilgrim, what I do now or have done.

And here, we drop the U from neighbor so as not to extend the pinky too far...just so we're clear.

Sun, 04/15/2012 - 19:27 | 2347382 newengland
newengland's picture

nmewn,

I know you talk a lot, and do little. Your comments on ZH show it, pet of politics. 

Sun, 04/15/2012 - 20:07 | 2347387 nmewn
nmewn's picture

Where you from home boy?

//////////////////////////////

Shane?...come back Shane...ROTFL!!!

/////////////////////////////

Drunken limey must have fell off his bar stool and did a face plant...lol...ahhh well, carry on ole bean!

Sun, 04/15/2012 - 22:52 | 2347644 The Big Ching-aso
The Big Ching-aso's picture

 

 

I kinda know where nmewn's coming from regarding the NE thang.    Here in Kalifornia, (used to be California before commie libtardo shitheads from NYC and the like infiltrated our once glorious Golden State with their phucked up social policies - much less our shit doesn't stink attitude), there's an acronym I continuously use these days to describe most of them when they show up on her shores to escape that 'nasty weather' and such.    

ECAHS.    East Coast Ass Holes.     Pretty funny when I turn to a particularly obnoxious example and innocuously ask them....."How do you ECAHS like it here so far?"

Then comes The Dumbfounded WTF does that mean look.   Priceless.

 

Sun, 04/15/2012 - 23:04 | 2347692 nmewn
nmewn's picture

That was my point exactly...the obnoxious, loud, arrogant assholes who have come to bear "our faces" abroad. And so well brought to the forefront by our newest fraud from across the pond I might add. Posing as something else entirely.

Our new friend...newengland ;-)

Sun, 04/15/2012 - 18:53 | 2347315 trampstamp
trampstamp's picture

Oh shit... we are screwed!!!

Sun, 04/15/2012 - 18:53 | 2347317 The Alarmist
The Alarmist's picture

Any fool can run the UST ... all you need is Turbo-Treasury Pro 2.0

Sun, 04/15/2012 - 19:01 | 2347328 Problem Is
Problem Is's picture

+1... Good one...

It's Wanker TImmay approved...

Sun, 04/15/2012 - 19:19 | 2347362 UGrev
UGrev's picture

Apple has a new version out and it only has one button in the UI..

Sun, 04/15/2012 - 18:54 | 2347318 l1b3rty
l1b3rty's picture

Oh yeah, no risk of that! It will just be quite similar.

silvervigilante.com

Sun, 04/15/2012 - 19:00 | 2347323 newengland
newengland's picture

;-) That's right. Do 'em, as we say in old England and New England. No surrender.

Sun, 04/15/2012 - 18:56 | 2347322 Tsar Pointless
Tsar Pointless's picture

Bah! I live in Pittsburgh. Should I not be more concerned that the Penguins are down 3-0 in their Stanley Cup playoff series with the Philadelphia Flyers?

Sun, 04/15/2012 - 19:48 | 2347421 Fred Hayek
Fred Hayek's picture

Well, that and the fact that Crosby whines endlessly to the refs if anyone comes near him yet feels free to dole out a cheap shot whenever he feels like it. Karma's a bitch. Oh, and the team owner's another whiny bitch.

Sun, 04/15/2012 - 18:58 | 2347324 Problem Is
Problem Is's picture

Wanker Timmay...

What terms come to mind...

Useful Idiot...

     Useless Cheese Dick...

        Incompetent Moron....

             Always Failing Upward...

Sun, 04/15/2012 - 19:00 | 2347326 Caviar Emptor
Caviar Emptor's picture

The US will never become Greece....they've got a sunny country with a simple life that they wil shortly return to now that banks are gonna move out. All the "investments" will go bust and they'll be left with what they always had: grapes for wine, olives, cheese, a sunny climate and plenty of time to enjoy it

 

Sun, 04/15/2012 - 19:08 | 2347336 newengland
newengland's picture

Caviar, wise. But there's a long way twixt the gate and the wide open farmland. Stay with us, for better or worse. 

This is our land, our people, our way. Long may we defend each other.

Sun, 04/15/2012 - 19:17 | 2347358 Earl of Chiswick
Earl of Chiswick's picture

grapes for wine, olives, cheese,

 

you left out sheep, they have lots of sheep (the wooly kind)

Sun, 04/15/2012 - 22:18 | 2347638 Freebird
Freebird's picture

Yup & some of those sheep are real pretty, if you know what I mean

Sun, 04/15/2012 - 19:01 | 2347327 SilverDoctors
SilverDoctors's picture

Ive always said the US is Greece times 100Geither just confirmed that.
Meanwhile the banksters are doing everything possible to prevent the public from protecting themselves with gold and silver: the Reserve Bank of South Africa has admitted that it produced underweight Krugerrands in 2011.

http://www.silverdoctors.com/s-a-reserve-bank-admits-underweight-krugerrands-were-produced-in-2011/

First reports of Tungsten salted gold, and now underweight Krugerrands!?!

Sun, 04/15/2012 - 19:08 | 2347335 xela2200
xela2200's picture

He also stated that the Economy can handle higher oil prices. Again, I am the only that feels like all of these is ground work for what is coming. Even Liesman is singing a different tune lately.

 

http://www.cnbc.com/id/47054287

Sun, 04/15/2012 - 19:09 | 2347337 solgundy
solgundy's picture

will Tiny Tim the Tax Cheat...TTTTC...take the Japanese honor route when he is proved wrong???????

Sun, 04/15/2012 - 19:14 | 2347351 Earl of Chiswick
Earl of Chiswick's picture

Tim is teeing up for his post treas sec job

 

Goldman or Pimpco

Morgan or Morgan

World Bankster?

 

Sun, 04/15/2012 - 19:17 | 2347357 newengland
newengland's picture

Bingo! We have a winner comment ;-)

Sun, 04/15/2012 - 19:35 | 2347388 Element
Element's picture

He looks soooo sincere! ... I wonder if he gets professional coaching?

 

What's that saying; "If you can fake sincerity you've got it made."

 

Nothing but the best from da tribe!

Sun, 04/15/2012 - 19:33 | 2347392 Village Idiot
Village Idiot's picture

This guy is clearly midly retarded, right?  No disrespect to our village idiots...

Sun, 04/15/2012 - 19:51 | 2347430 GMadScientist
GMadScientist's picture

TIMMY IS 100% CORRECT!

...we won't last two years.

Sun, 04/15/2012 - 19:54 | 2347443 Missiondweller
Missiondweller's picture

To anyone who grew up in the 80's, Geithner sounds a lot like this guy (from the Princess Bride):

 

http://www.youtube.com/watch?v=D58LpHBnvsI

Sun, 04/15/2012 - 20:03 | 2347452 jeff314
Sun, 04/15/2012 - 20:20 | 2347456 TWSceptic
TWSceptic's picture

Isn't that a lie about Obama not being responsible for the bulk of the new debt since he took office?

 

This guy seems to live in a different world...

Sun, 04/15/2012 - 20:25 | 2347490 nmewn
nmewn's picture

One of his first...a classic that I laughed at until I cried while viewing it...a deep fiscal hole and our (governments) obligation to "clean it up"...well, yeah...they caused it but the remedy is always the same.

A very powerful "Recovery Act" (save the bureacracy at all costs!!!)..."lay out a budget that makes some very powerful investments" (lol, meaning unicorns & popcorn farts)..."improving education" (do I really need to comment?)...and of course, alluding to the Solyndra to come.

Crony capitalism and printing...for the Borg collectives viewing pleasure...

http://www.charlierose.com/view/interview/10137

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