Skip to comments.Geithner Takes Victory Lap, Claims Financial System "Much Stronger" vs. Before Crisis
Posted on 02/24/2011 3:03:02 PM PST by NormsRevenge
Treasury Secretary Timothy Geithner is doing a great job, according to none other than himself. Geithner essentially patting himself on the back at a Bloomberg Breakfast event in Washington on Wednesday, saying: "The core of the American financial system is in a much stronger position than it was before the crisis."
Geithner has a point: U.S. banks made $87.5 billion in last year, the highest since 2007, according to the Federal Deposit Insurance Corp., Bloomberg reports.
Of course, as Henry points out in the clip, if the system is indeed safer, it's solely because Geithner, his predecessor Hank Paulson and Fed chair Ben Bernanke have done a heck of a job bailing out the banks.
If you couple zero percent interest rates with the backdoor bailout of Fannie Mae and Freddie Mac that allows banks to off-load all their crummy mortgages, it's pretty hard for banks to run into trouble. Plus, all the stimulus has helped drive stocks 60% higher since March 2009.
(Excerpt) Read more at finance.yahoo.com ...
They are truly insane. The government at all levels is what is screwing everything up. They have got to be stopped.
I want what he is smoking.
I wonder if we’ll ever see an audit of Fannie.
Tick tock, tick tock, it’s happening now but the sheep have no clue.
“I want what he is smoking.”
Not if it makes you that stupid.
There is a story about A. Lincoln, which goes something like this:
Lincoln: "How many legs does a dog have, if you say the tail is a leg?"
Lincoln: "Four. Saying a tail is a leg doesn't make it a leg."
This little freak must have rolled himself a magnum and is passing it all around the White House. Must be some real good Mexican dirt weed.
In the immortal words of the Honorable Bugs Bunny: http://www.youtube.com/watch?v=C_Kh7nLplWo
Seriously, we have trillions more in actual debt, tens of trillions in new potential debt (A.K.A. guarantees), a far higher (and more stubborn) unemployment rate (and that’s if you believe the government figures, which are absurdly low because they don’t count discouraged workers, involuntary part-timers and those who run out of benefits) and a report from Goldman Sachs that even reducing spending by the $61 billion proposed by the Republican House would cut into GDP growth by about 1.5%. HOW ARE WE STRONGER?
Wait, gas prices are headed for $4.00 or more before long. That is what tipped our LESS-leveraged 2008 economy into a near financial Armageddon; what will it do now that many more people are unemployed, we have far higher debts and the amount of defaults on commercial and residential real estate will skyrocket?
Its a hell of a dope ring they got going there in the WH-All standing in a circle holding hands.
If we make it two years I will be amazed.
Much of the private debt was made public debt. What is changed? Nothing. We are still in deep financial trouble. Geithner is just one of those many paid con-men who is assigned the job of convincing the sheeple that all is well, so they can be sheared by the pig men yet again.
Are you people as fed up as I am with this constant stream of lies these communists keep spewing?
I hear ya, what next? Bernanke singing Blue Sky?
Speaking of his personal finances I wonder if he has learned how to use Turbo Tax.
But, I see no clothes on the emperor, Mr.Geithner