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RAHN: Geithnerís willful negligence
Washington Times ^ | 4-30-12 | Richard Rahn

Posted on 05/01/2012 6:01:39 AM PDT by afraidfortherepublic

What would you think of a secretary of the Treasury who failed to do serious cost-benefit analysis about regulations that could cost millions of Americans their jobs and cause innocent people to be subject to political abuse or worse and yet have almost no benefit to the United States?

Over the past several years, Treasury Secretary Timothy F. Geithner was warned by many private economists and members of Congress of the adverse consequences of a proposed rule that would force U.S. banks to be uncompensated tax collectors for foreign governments. On April 17, Mr. Geithner issued the rule anyway.

Rep. Bill Posey, Florida Republican, responded by saying: “The administration’s decision overturns a hundred-year-old policy that has welcomed tens of billions of dollars from foreigners, putting their money to work in America. In doing so, the administration has thumbed its nose at the entire Florida delegation [both Democrats and Republicans] who wrote the president on March 2, 2011, asking him to withdraw the ill-advised proposal, which would ‘cause irreparable harm to the U.S. economy’ and ‘negatively affect the solvency of financial institutions’ in the state of Florida. They are basically telling foreigners that their money is no longer welcome in the United States.”

Mr. Posey added, “Deeply troubling is the administration’s refusal to conduct a simple economic impact study....”

~snip~

Geithner, in particular, seems to have no shame or sense of responsibility. Last week, the trustees’ report on Social Security and Medicare was issued, showing that not only are both programs unsustainable but they are approaching insolvency ... So does Mr. Geithner come up with a plan to salvage the situation? No, he blasts House Budget Committee Chairman Paul Ryan for having the courage - unlike himself - to put forth a plan to deal with an arithmetic reality.

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


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: banking; irs; keating; ryan

1 posted on 05/01/2012 6:01:40 AM PDT by afraidfortherepublic
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To: afraidfortherepublic; Hunton Peck; Diana in Wisconsin; P from Sheb; Shady; DonkeyBonker; ...

Wisconsin: Geithner slams Paul Ryan ping

FReep Mail me if you want on, or off, this Wisconsin interest ping list.


2 posted on 05/01/2012 6:04:42 AM PDT by afraidfortherepublic
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To: afraidfortherepublic
Negligence? Negligence? The goddam audacity! There is no negligence here. It is ideological criminality. Incompentence maybe, but negligence? Hell no. Putting the word 'negligence' to his actions is about as wrong as you can get. He did what he did purposefully because of a bent ideological disease that infests fully 1/2 of this country.

It is a disease that makes some in this REPUBLIC think they can control the lives of others. A disease that which causes them to pervert words and actions into, in their own words, corrective actions for the 'betterment of their vision of society'...

These people are evil and they should be defeated, violently if needed, and they should be imprisoned for the rest of their unnatural lives.

3 posted on 05/01/2012 6:26:14 AM PDT by Gaffer
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