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Geithner on TV – “Keynesian economics has failed”
zero hedge ^ | 7/10/11 | Bruce Krasting

Posted on 07/10/2011 7:00:02 PM PDT by Nachum

Some refreshing words from the Treasury Secretary, Tim Geithner this morning on Meet the Press. He had this to say: (15:20 into this clip) Note: An 8 second clip of Tim's words: Link

We don’t have the ability (because of the overhang in housing and the problems in the financial sector) to engineer artificially a stronger recovery.

Imagine that! Geithner acknowledges what I (and many others) have felt all along. The structural issues in the economy trump the government’s ability to engineer a recovery.

The Fed has taken extraordinary measures on the monetary front. Since 2009 we have had $1.2 trillion of fiscal stimulus measures as well. We have had TARP and the bailouts of Fannie and Freddie. But the evidence is clear that it has not worked. Unemployment is today near a record and the more important measure, U6, is at 16.2% (about where it was a year ago) Nothing that has been done has moved the needle.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: bipartisan; default; economics; geithner; globalism; keynesian; liberals; libtards; manufacturing; marxist; socialist; tv; u6
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After blowing trillions and ruining us all, he fesses up. Thanks Sherlock.

Idjit

1 posted on 07/10/2011 7:00:11 PM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 07/10/2011 7:01:32 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum
Paul Krugman had a heart attack.
3 posted on 07/10/2011 7:02:03 PM PDT by mojito
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To: Nachum

Sounds like he’s saying it failed, not that they intend to stop.


4 posted on 07/10/2011 7:02:28 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: Nachum

This revelation surpasses the Einsteinian quote that the “definition of insanity is trying the same thing over and over, and expecting different results.”

He’s gone one better by admitting that he knows the results will be the same, but he does it anyway.


5 posted on 07/10/2011 7:02:28 PM PDT by Brilliant
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To: Nachum

Arrest him and his. He can not get away with that after all this.


6 posted on 07/10/2011 7:02:52 PM PDT by screaminsunshine (Socialism...Easier said than done.)
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To: Nachum

If he was kicking at the end of a rope, it might
encourage the others...


7 posted on 07/10/2011 7:03:47 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: Nachum
Geithner on TV – “Keynesian economics has failed”

Yeah, and Kenyan economics failed also.

8 posted on 07/10/2011 7:04:13 PM PDT by Navy Patriot (Holy flippin' crap, Sarah rocks the world!)
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To: Nachum

Reagomics and Supplyside economics 1 Socialistic Keynesian economics 0

Keynesian supporting Liberals keep on slamming the successful Reaganomics because it’s too conservative for them, and they don’t want too admit the success of Reagan.


9 posted on 07/10/2011 7:04:54 PM PDT by Wiz
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To: mojito

Krugman has been functioning without a brain. Bad heart won’t trip him up.


10 posted on 07/10/2011 7:06:14 PM PDT by REDWOOD99
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To: Wiz

uh, the gov’t *never* had the ability to engineer anything except for what it has (again):

a depression.


11 posted on 07/10/2011 7:07:55 PM PDT by dadfly
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To: Nachum
BRAINJAR
12 posted on 07/10/2011 7:08:34 PM PDT by FrankR ("If you can't make them see the light, let them feel the heat." - R. Reagan)
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To: cripplecreek

Sounds like he’s saying it failed, not that they intend to stop

i.e. Thats the way it’s always been done, which is why only a complete new group of REPS can address todays issues. These hacks are not capable to the task needed.


13 posted on 07/10/2011 7:11:40 PM PDT by tennmountainman
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To: Nachum

Obama failed. That is the message. O will go down in history as the one who F’ed up America. That’s his legacy. Geithner is being PC, bottom line, he’s saying this administration failed the US.


14 posted on 07/10/2011 7:14:52 PM PDT by Indy Pendance
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To: Nachum

Tim Geithner couldn’t count his balls and get the same number twice.


15 posted on 07/10/2011 7:16:24 PM PDT by Beave Meister (Die Hard Cubs Fan.....if it takes forever.)
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To: Nachum
Ludwig von Mises said, and I paraphrase: Let the market work because when govt. intervenes, the pain lasts a lot longer and recovery takes a lot longer. If anyone knows where and when Keynes' model worked, let me know. Like most of the ideology floated in DC today, Keynes had an ivory tower theory, which all the "brightest" professors in DC latched onto.

With some smart people in charge (and there are none in sight) the stimulus could have been avoided, some laws and regulations not been passed and we could be on our way out instead of digging in.

Instead of agonizing over raising the debt limit, just say no and get onto reining in EPA and strangling regulations.

vaudine

16 posted on 07/10/2011 7:19:31 PM PDT by vaudine
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To: Nachum

If these limo liberals did not revise history in service to the “progress” of Marxism and beleive one another’s propganda, they would already know centralized economies do not work.


17 posted on 07/10/2011 7:20:15 PM PDT by SaraJohnson
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To: Beave Meister

Tim Geithner couldn’t count his balls and get the same number twice.

POST OF THE WEEK, FOLKS, POST OF THE WEEK!!!

VULGAR, YES, CRUDE, YES! BUT TRRRUUUUUUUE!

THANK YOU BEAVE MEISTER!!!


18 posted on 07/10/2011 7:20:55 PM PDT by Chickensoup (The right to bear arms is proved to prevent totalitarian genocide.)
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To: Nachum

Kenyanesian Economics have failed too.


19 posted on 07/10/2011 7:21:49 PM PDT by Paladin2
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To: Nachum
Liberals are always wrong and always so damned proud of it.
20 posted on 07/10/2011 7:23:48 PM PDT by txroadkill ( "The system worked" - J. Napolitano / "We're screwed!" -TxRoadkill)
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To: Nachum
Amazing! At first I wasn't sure whether to read his quote as an admission of the failure of Keynesianism; but it is.

We don’t have the ability (because of the overhang in housing and the problems in the financial sector) to engineer artificially a stronger recovery.

There it is in one word: "artificial"

But he stops short of saying "we should have known we couldn't play God". Because he still doesn't think they can't, or shouldn't, "play God". I think he's bewildered by the failure of Keynesianism. He just can't figure it out.

One more bit of proof that Liberalism is not merely the philosophy of the evil or the insane ... it IS the philosophy of the STUPID.

21 posted on 07/10/2011 7:24:16 PM PDT by PENANCE
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To: Brilliant
This revelation surpasses the Einsteinian quote that the “definition of insanity is trying the same thing over and over, and expecting different results.”

He’s gone one better by admitting that he knows the results will be the same, but he does it anyway.

That's called "being crazy AND stupid."

22 posted on 07/10/2011 7:25:07 PM PDT by EternalVigilance (The tea party was and is about the right to govern ourselves, according to natural right.)
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To: Nachum

wow, this from the genius


23 posted on 07/10/2011 7:26:24 PM PDT by yldstrk (My heroes have always been cowboys)
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To: Beave Meister
Tim Geithner couldn’t count his balls and get the same number twice.

Sad, isn't it... He can't count to... *ZERO*!!

the infowarrior

24 posted on 07/10/2011 7:29:08 PM PDT by infowarrior
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To: Beave Meister

He has balls?


25 posted on 07/10/2011 7:29:32 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: PENANCE

It just means that he still thinks if they had enough
money they could still pull it off.


26 posted on 07/10/2011 7:32:12 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: All

Your MONTHLY Donations To FR
Help "Light The Fuse"
To Speed Up The Pace
Of These FReepathons!!
"Click Here To Donate!!"

27 posted on 07/10/2011 7:32:42 PM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: Chickensoup
I tried, but that's as artictulate as I could be towards this guy.
28 posted on 07/10/2011 7:37:48 PM PDT by Beave Meister (Die Hard Cubs Fan.....if it takes forever.)
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To: Chickensoup
He knows he bamboozled millions... and gave us the old 'okee doke.'

CLUELESS-224sm
Wreckovery Summer - Zer0 thinks ATMs ate American jobs.

29 posted on 07/10/2011 7:39:42 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: Nachum

Has he gotten around to telling the boss?


30 posted on 07/10/2011 7:41:54 PM PDT by EDINVA
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To: Nachum
"We don’t have the ability (because of the overhang in housing and the problems in the financial sector) to engineer artificially a stronger recovery."

A country's economy and government cannot be support by "housing" and a "financial sector" alone, as proven by downfall of those businesses recently. A contemporary country can survive, though, with enough manufacturing.


31 posted on 07/10/2011 7:43:41 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: Nachum

Over the past 40 years or so, for the first time in history and at an ever-doubling pace, Americans have run up credit cards, high LTV mortgages and home equity loans, new car loans, personal loans (for big-screen TVs and a zillion other toys), school loans, loans for vacations, loans for this, loans for that... all for the purpose of living high on the hog today with the idea that everything will be paid for sometime in the distant future. Always, in the distant future.

The common mindset has been, “Get complete gratification today, pay for it tomorrow!”. But then the cars depreciate, the TVs and toys break, the vacations and casino trips leave only memories, and the parties come to an end. But paying for it all, well, that continues for the next 15 to 30 years. But it’s okay - - just borrow some more and do it again, and push an even bigger day of reckoning out another 10, 15, or 30 years.

Naturally, the banks and the government have worked hard to be accomodating enablers. At least, they were until recently...

Of course, the government itself has operated in exactly the same way, and perhaps even more recklessly than the selfish, ignorant chattering class.

Gee, who saw this depression coming?
/sarc

The day of reckoning has come a little earlier than many expected. The time to pay the piper is here. It was inevitable.


32 posted on 07/10/2011 7:47:30 PM PDT by Lancey Howard
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To: GreatMan

Ping


33 posted on 07/10/2011 7:55:29 PM PDT by GreatMan
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To: Nachum
“Keynesian economics has failed”

I watched the entire clip. Geithner didn't say that and he didn't imply it either. I was surprised that Gregory was giving him a hard time, though.

34 posted on 07/10/2011 7:58:43 PM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Lancey Howard

“...time to pay the piper...”

Does he take Discover?


35 posted on 07/10/2011 8:02:42 PM PDT by BuddhaBrown (Path to enlightenment: Four right turns, then go straight until you see the Light!)
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To: Moonman62
I watched the entire clip. Geithner didn't say that and he didn't imply it either.

Thanks for pointing that out. I didn't watch the clip, but I figured the article's title was wrong. Liberals, especially those in the Obama administration, never admit when they're wrong. Their failures are always somebody else's fault.

36 posted on 07/10/2011 8:05:19 PM PDT by death2tyrants
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To: Nachum

New Deal

In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of ill-health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt’s New Deal. Although he was a Roosevelt loyalist and retained his office until 1945, in “New Deal or Raw Deal?” Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May of 1939, the FDR ally did not sugarcoat it:

“We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot.”

http://en.wikipedia.org/wiki/Henry_Morgenthau,_Jr

____________________________________________________________

Inflation, Banking, Debt and John Maynard Keynes

John Maynard Keynes (pronounced “Kanes”) was a self-avowed socialist who served as economic advisor to presidents, prime ministers, and even dictators. Keynes explained the negative effects of inflation in his book, “Economic Consequences of the Peace.” On page 235, Keynes wrote:

“By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some. The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose.”

John Maynard Keynes was called “the father of deficit spending.” He advocated the absurd notion that governments could spend themselves into prosperity by going into debt. Keynes’ tragic economic theory actually helped conceal the inadequacies in the intentionally fatally-flawed Federal Reserve Banking System.

The Federal Reserve Banking System is directly responsible for the national debt of the United States and all other capitalist societies following Keynesian theory. Our national debt can never be “paid off” with current monetary debt instruments (Federal Reserve notes and bankers’ created ledger, or checkbook, money).


37 posted on 07/10/2011 8:07:41 PM PDT by phockthis
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To: Nachum

38 posted on 07/10/2011 8:08:43 PM PDT by garjog
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To: BuddhaBrown

I think turbo tax Tim was rumored to be leaving soon. Today’s commentary may mean the bus will have to make a side trip on its way to DOJ for Holder.

Now, who might want to be the next Treasury Secretary? Probably in order of potential: Monte Hall of Let’s Make A Deal Fame; Bernie Madoff on work release; or maybe Warren Buffet famous for you need to pay higher tax rates commentary.


39 posted on 07/10/2011 8:10:42 PM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: BuddhaBrown

LOL!
Sure, and you can collect “points”.


40 posted on 07/10/2011 8:14:27 PM PDT by Lancey Howard
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To: Nachum

I thought the Kenyan Multiplier was 1.8 or so. Seems it was more like 0.3.


41 posted on 07/10/2011 8:19:05 PM PDT by ProtectOurFreedom
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To: Nachum

"It's DEAD Jim!"


42 posted on 07/10/2011 8:30:38 PM PDT by The Duke
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To: Nachum

aka ... “The Mother of all Ooooops’es”


43 posted on 07/10/2011 8:31:40 PM PDT by The Duke
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To: Nachum

44 posted on 07/10/2011 8:33:54 PM PDT by FreeAtlanta (Obama and the left are making a mockery of our country.)
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To: Nachum

Yeah, he borrowed those too.


45 posted on 07/10/2011 8:34:54 PM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: Nachum
To me this means we are going gold as Steve Forbes noted.

What does this mean to an average person?

46 posted on 07/10/2011 8:35:28 PM PDT by Porterville (Methink'st thou art a general offence and every man should beat thee.)
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To: Lancey Howard

I haven’t lived that way but unfortunately I will pay for all those who lived with instant gratification. And I ain’t too happy about it.


47 posted on 07/10/2011 8:36:52 PM PDT by crusty old prospector
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To: Nachum

Well, TIMMY ... If you and RANGEL and the rest of your Liberal BUDDIES ... PAID YOUR TAXES when you were Supposed to, like the Rest of us...

we might not even Be in this Position!!!!!

Moron!!!


48 posted on 07/10/2011 8:40:28 PM PDT by gwilhelm56 (islam ... Cult of the DAMNED!!!)
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To: crusty old prospector

That makes two of us.

I just think back to Santelli’s first tyrade about the bail outs: Do you want to pay your neighbor’s mortgage? A resounding NO.

Now looking back at the mortgage scandal, the one Tiny Tim now says will keep the economy from coming back forever, consider NO ONE went to jail. Fraud up the ying yang and NO ONE went to jail. I wish someone would employ the Henry Fonda approach on NYC from the movie Fail Safe. They did it to the economy and the nation so payback is tough.


49 posted on 07/10/2011 8:42:23 PM PDT by Mouton (Voting is an opiate of the electorate. Nothing changes no matter who wins..)
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To: screaminsunshine

“Arrest him and his. He can not get away with that after all this.”

That is exactly what he is trying to deflect. This is the kind of thing that gets kleptocrats hanged or torn in pieces. This is the most colossal act of fraud and malfeasance in history. Well, maybe the PRC and the USSR take the prize. Maybe.


50 posted on 07/10/2011 8:43:54 PM PDT by Psalm 144 (We are not governed. We are occupied.)
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