Skip to comments.Geithner Says New Financial Crisis Coming
Posted on 05/19/2011 11:47:12 AM PDT by blam
Geithner Says New Financial Crisis Coming
Lloyd Grove, The Daily Beast
May 19, 2011, 2:12 PM
At a New York screening of the new HBO adaptation of Andrew Ross Sorkins Too Big to Fail, Treasury Secretary Timothy Geithner said that not only is our financial system not too large to go bustbut were headed for another crisis.
The Wall Street meltdown of late 2008 was, in real life, a harrowing event, triggering a terrible recession from which were still recovering. In the HBO movie Too Big to Fail, its also a surprisingly gripping melodramaa clash of greedheads and egomaniacs desperate to escape the consequences of their own bad behavior.
At various moments of high tension, Treasury Secretary Hank Paulson (played by a bedraggled, unshaven William Hurt) flees an important meeting to stress-vomit in his private bathroom, and New York Federal Reserve President Timothy Geithner (a perfectly turned-out Billy Crudup) continually curses into his cell phone.
It's an alarming entertainment (premiering May 23 at 9 p.m.), and an even more disturbing memory. So having the real Geithner predict the coming of another big crisis was the last thing the well-heeled screening crowd at the Time Warner Center wanted to hear Tuesday night.
It will come again. There will be another storm, warned Geithner, who in early 2009 succeeded Paulson as treasury secretary. But its not going to come for a while.
(Excerpt) Read more at businessinsider.com ...
The way it’s going with Obama’s speech today on the middle east he, Geithner, and Bernanke are going to have America so crippled and broken down financially, we won’t be able to come to Israel’s aid even though we want to when the next fight begins. Curse them all.
IOW the government gets off scott free of any blame and will probably be portrayed as the good guy coming to the peoples rescue.
He should know-it belongs to him and Obama.
Now, now you both know its BUSH’s fualt!
We’ve been in a constant state of crisis since September 2008, if not before. It finally caught up with us at that point, but it was obvious to objective observers who understand basic math what was happening. Every action they have taken to FIX the crisis merely masked crisis’ existence. In fact, what has been done since 2008 has made it much much worse.
Here’s the problem with a 1/3 victory last November. No matter how STUPID it is... Timmy and ZER0 have someone else to blame when things really start to go bad. And, they will... go bad and blame House republicans. Only question is how many millions of people buy into ... The sky is falling became of the debit so we need to spend more!
When does this guy and his whack-job boss take responsibility for their administration? These jerks are getting the longest honeymoon period in history from their useful stooges.
Geitner IS the financial crisis. He needs to go!
Until stockholders succeed in bringing down the highly inflated compensation that major CEO’s and their other executives receive they will always have the incentive to send work overseas to much cheaper labor. At Google see Forbes CEO Compensation to get an idea of just how overpaid these guys are.
Right or wrong, the President always owns the economy. He gets praised or blamed right or wrong.
This is Obama’s economy. He will be a one term wonder as a result and it doesn’t even matter who the GOP run. After 4 years of economic depression, the voters are going to want change again.
but Bush played the patsy role very well....
Goolsbee isnt the only one saying more than 2 million private sector jobs added in the last 14 months;
May. 6, 2011
That means over the last 14 months, Obama said, weve added more than 2 million jobs in the private sector.
White House Press Secretary Jay Carney pointed out to reporters that April was the 14th consecutive month of growth in private sector employment, for a total of 2.1 million jobs
Will it be a greater crisis than the Geithner appointment?
“Hedge Farm! The Doomsday Food Price Scenario Turning Hedgies into Survivalists”
Yeh we are all shocked Timmy. What did you think was going to happen? We are all getting prepared. I hope you are in the first die off you little Commie punk.
Do you want to learn some shocking things about Geithner? Read the following.