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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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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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To: Beave Meister
Tim Geithner couldn’t count his balls and get the same number twice.

I don't care who you are, that's funny...

51 posted on 07/10/2011 8:47:45 PM PDT by Principled
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To: Nachum
Quotation marks are for directly attributing a persons words, not your interpretation of what they said. Sec'y Geithner did not say "Keynesian economics has failed" - you did.

It's not my goal in life to be a punctuation Nazi, but your title is terribly misleading.

52 posted on 07/10/2011 8:48:50 PM PDT by TexasNative2000 (Uncertainty: it's the new normal)
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To: Navy Patriot
Excellent statement...Kenyan Economics...wow that is the best yet! Right up there with Marx Economics, both are oxymoron!
53 posted on 07/10/2011 8:54:13 PM PDT by Turborules (`I am Proud to vote for Palin, anytime anywhere!)
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To: TexasNative2000

Not my title. The title of the piece posted.


54 posted on 07/10/2011 8:56:07 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

First point is that he never said that.

Second point is that Keynes major theories were concocted to try and answer the similar situation facing nations in the early 30s. Classical and neo-classical theory seemed to have failed and the same kind of policies were not bringing down the unemployment rate.

I know he is everybody’s favorite whipping boy but few have actually read his works.


55 posted on 07/10/2011 9:11:54 PM PDT by arrogantsob (Why do They hate her so much?)
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To: Nachum

Is there any evidence that Urkel ever took an economics course? Anywhere?


56 posted on 07/10/2011 9:13:39 PM PDT by arrogantsob (Why do They hate her so much?)
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To: arrogantsob

Are you defending Keynes?


57 posted on 07/10/2011 9:14:49 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

Fair enough. I stand retracted.


58 posted on 07/10/2011 9:14:56 PM PDT by TexasNative2000 (Uncertainty: it's the new normal)
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To: TexasNative2000

Not a big deal.

FYI, if I did change the title, the mods would take me to task for it. I never change a word of the title. If the title is too long, I post as many words as the FR programming will allow and then put the entire title below in the comments section.

I have got in trouble before changing the title before and am careful not to do so now.


59 posted on 07/10/2011 9:19:11 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum
Congress must begin to talk plainly and clearly to the American people about the difference between freedom and slavery, about how "progressives" in both Parties, particularly Democrats, have spent our own and future generations into slavery to big government.

Perhaps they could utilize a few quotes from Thomas Jefferson:

To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39

"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322

"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23

"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40

Most Americans, seeing the joblessness, the hopelessness, and the frustration of their unemployed family and community members, would understand such plainspoken honesty, coming from principled men in either political party who will not fold in the face of challenges by the "One" who has championed this redistributionist borrowing spree, along with his fellow hucksters, Pelosi and Reid.

60 posted on 07/10/2011 9:20:07 PM PDT by loveliberty2
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