Skip to comments.The Failed Stimulus Plan by Treasury Sec. Geithner
Posted on 02/11/2009 9:19:23 PM PST by Crimson Politics
Tim Geithner the secretary of treasury who was so strongly defended by the Obama administration because he was the only candidate for the job, came up with a plan--except that it wasn't really a plan it was more of a disorganized movement toward action.
(Excerpt) Read more at crimsonpolitics.com ...
There is no change. Geithner got the job because of oligarchic birthright and his personal connection to the Soetoro family. Tim Geithner is literally the only top tier Democrat in the country who was along term acquaintance with Obama’s mother and stepfather. Expect Obama to sure Chicago machien politics level of loyalty to his long known and faithful finance capo.
December 03, 2008
Ford Foundation Links Parents of Obama and Treasury Secretary Nominee
In an unusual twist of fate, the parents of Barack Obama and his pick for secretary of Treasury, Timothy Geithner, share a nonprofit connection: they worked at the Ford Foundation at the same time.
Indeed, Mr. Geithners father was head of the philanthropys Asia grant making for a period in the early 1980s and oversaw the work of Mr. Obamas mother, who developed the organizations microfinance programs in Indonesia.
According to the foundation, they met at least once in Jakarta.
No word on whether the two parents speculated on the future careers of their sons.
Wednesday December 3, 2008 | Permalink
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That's far too complimentary to the tax cheat. His press conference was a hodgepodge of socialist economic platitudes, shopworn bromides, and fuzzy obfuscation that basically attempted to disguise that the "brilliant and indispensable" Treasury Sec'ty and his "anointed leader" have no idea what they are going to do.
Today was spent with Congress excoriating Bank presidents that had far less to do with the meltdown than Congress itself.
We need, one - just one - leader to stand up and cry Bull-Szit at the top of his lungs. We don't have one!
The wheels on the bus go round (bump) around, (bump) around, (bump) around...
Wrong...the fed plan did not take all the bad assets of their hand...hence the temper tantrum the day before yesterday...stocks down 400-they wanted the American taxpayer to pay for their recklessness-bad bank.
In fact, they did crash the economy...oh they would like to pretend that the sub-prime caused it (pesky poor people), but it’s not true. The economy was brought down by derivatives...which insured mortgages and other types of dangerous investment allowing Wall Street to move risk from Wall Street to Main street. They leverage 60-1 in some case because they couldn’t lose-or so they thought. This was made possible by the repeal of the Bucket Shop laws in 2000 (Dem President and GOP Congress) However, AIG, Lehmans and others did not have sufficient reserves to back these derivatives (insurance policies). When this became obvious...the market panicked as they always do and crashed the economy. You could pay off every bad mortgage in its entirety and not have spent 1/10 of the tarp and fed money already spent saving these jokers...more taxpayer money to come. The truly scary thing is that some economist believe that the total amount of the toxic assets (derivatives) is great than the entire world economy...greater than all the GDP added together.
On Milton Friedman's ninetieth birthday, November 8, 2002, [Bernanke] stated: "Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve System. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
Sorry, Ben. The Fed has done it... again. Thanks to Alan Greenspan, worst central planning banker of all time.
Very interesting post thanks!
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