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View Full Version : They are laughing in Geitner's Face.....and it is gonna cost us


JustRalph
02-10-2009, 09:30 PM
This guy has no credibility. He can't pay his taxes, yet he is in charge of the IRS.......... :bang: Even the Dems are starting to snicker

From Huffpo

http://www.huffingtonpost.com/2009/02/10/administration-officials_n_165551.html

Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner's new financial-sector bailout project, according to people who were in the room.

The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets -- which they referred to as "legacy assets" -- but wouldn't be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn't provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.

Congress may be able to do little more than laugh. The Federal Reserve, in extreme situations, is allowed to intervene in the financial markets in dramatic ways. The Fed jumped into the markets long before the $700 billion bailout passed through Congress by guaranteeing toxic assets held by CitiGroup and Bank of America.

more at the link

ezrabrooks
02-10-2009, 11:10 PM
"legacy assets"? Is that kinda like "legacy terrorists"?

Ez

riskman
02-10-2009, 11:53 PM
No, the problem with Geithner is, well, Geithner himself.

The Real Bailout Czar
In an age of bailouts, Geithner is the original Bailout Czar. It was Geithner, after all, who was the instrumental figure in arranging JP Morgan’s takeover of Bear Stearns, a deal in which $29 billion of taxpayer money was pledged as a backstop against illiquid and toxic assets.

It wasn’t Hank Paulson, but rather Tim Geithner who put together the plan to have the government rescue AIG, to the tune of $85 billion and growing.

It has been widely noted Geithner was in favor of stepping in with taxpayer dollars to save Lehman Brothers. I guess it’s pretty easy to spend taxpayer dollars when you aren’t even paying your own taxes.

If you are unfamiliar with Geithner, simply go the Federal Reserve’s web site to see a line-item balance sheet of his work: billions of tax dollars for AIG, Bear Stearns (look for “Maiden Lane LLC”; it’s the corporation created for Bear Stearns’s liquidation), commercial money markets and loans to primary dealers.

What Happened on His Watch
Of course, the financial deterioration at most of the large banks now begging for bailouts occurred under Geithner's watch as president of the Federal Reserve Bank of New York. One could argue he missed the credit storm despite being in the catbird seat for more than five years.

He has, according to The Wall Street Journal, been looking for “as much firepower as possible” as Treasury secretary. Take note: That “firepower” is your tax dollars.

There is uniform agreement that the TARP -- along with all the trillions in bailouts and backstops that have gone along with it -- has been a complete disaster, as we predicted it would be from the start. Now Obama seems poised to rely on the guy who was responsible for getting this bailout train underway.

Wealth is not created because of a bailout, backstop or government stimulus plan. Geithner’s history suggests he believes government intervention is key to growing the economy.

It hasn’t worked since Bear Stearns. Eight trillion dollars later…why would it work now?

Jonathan Hoenig is managing member at Capitalistpig Hedge Fund LLC

http://www.smartmoney.com/investing/stocks/Heres-Real-Problem-With-Geithner-for-Treasury/

JustRalph
02-11-2009, 12:23 AM
I love Hoenig. Tells it like it is..........always...........

Tom
02-11-2009, 07:49 AM
Nice reaction by the market yesterday.....400 point plunge, thanks to the dope who can't figure out Turbo Tax!

ddog
02-11-2009, 10:47 AM
market is a perfect example of the overall country, when the welfare wasn't given to them NOW they went into a hissy fit.

typical americans.

boxcar
02-11-2009, 10:48 AM
Nice reaction by the market yesterday.....400 point plunge, thanks to the dope who can't figure out Turbo Tax!

Market plunged. Gold rose.

Boxcar