Geithner Vents as Overhaul Stumbles(expletive-laced blast over federal regulators)

wsj ^

[maccaca]

Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique last Friday as frustration grows over the Obama administration's faltering plan to overhaul U.S. financial regulation, according to people familiar with the meeting. The proposed regulatory revamp is one of President Barack Obama's top domestic priorities. But since it was unveiled in June, the plan has been criticized by the financial-services industry, as well as by financial regulators wary of encroachment on their turf. Mr. Geithner told the regulators Friday that "enough is enough," said one person familiar with the meeting. Mr. Geithner said regulators had been given a chance to air their concerns, but that it was time to stop, this person said. Among those gathered in the Treasury conference room were Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Sheila Bair. Friday's roughly hourlong meeting was described as unusual, not only because of Mr. Geithner's repeated use of obscenities, but because of the aggressive posture he took with officials from federal agencies generally considered independent of the White House.

[SoldierDad]

Where’s the Youtube video?????

[spyone]

He’s cracking up. Ben will win this battle, but Summers will win the war went he’s appointed Fed chair.

[brushcop]

Turn yourself in Giethner, you owe us prison time for non-payment of taxes.

[Leisler]

[rightey1]

if it’s on YouTube, it’s probably a hoot

[Leisler]

.....Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.

His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.

The Beijing-based Global Times greeted Geithner by publishing a survey of Chinese economists who called big holdings of U.S. debt “risky.”

Geithner renewed pledges that the Obama administration would cut its huge fiscal deficits and promised “very disciplined” future spending, possibly including reintroduction of pay-as-you-go budget rules instead of nonstop borrowing.

“We have the deepest and most liquid markets for risk-free assets in the world. We’re committed to bring our fiscal deficits down over time to a sustainable level.

“We believe in a strong dollar ... and we’re going to make sure that we repair and reform the financial system so that we sustain confidence,” he said.

[givemELL]

“We believe in a strong dollar ... and we’re going to make sure that we repair and reform the financial system so that we sustain confidence,” he said.

The dollar is headed for .62 from .78...:

http://www.marketoracle.co.uk/Article12442.html

All accurate graphs...scroll down to the sixth one...

No repair or reform is possible by this administration which is continunig and deepening in a more calamatous fashion the policies of the last one.

[Leisler]

I really think the must have health care now debate isn’t about health care, it is about the ‘now’.

That is they need a fast, large steady stream of cash to service these notes the Chinese have. So, they’ll say anything.

Like the J.G. Wentwroth adds, they need money NOW!
Any reason will do, but it needs to be big.

Bush/Paulson/Obama/Congress/Chinese everyone but the sheeple.

I think the young Chinese students laughing was telling. They know BS when they see it. They just can’t say it to THEIR ‘leaders’, but a white foreign devil? No problem.

[mo]

The solutions to the American economy are really very simple....The Fair Tax....Zero Capital Gains Taxes....and an elimination of all mortgage debt....(if they can indemnify Goldman Sachs etc...they can indemnify the taxpayer.)...After 9 months you will double digit GDP growth.

However....for this to happen will require the 20th century socialists in side the beltway ....to “Let Go”......

[clintonh8r]

I expect Baier to resign before the end of the year.

[NotJustAnotherPrettyFace]

Let’s see here. Rahm Emanuel is known for his swearing when the pressure is on.
Now Geithner.
What a real class act - this administration.

[khnyny]

Geithner loses his cool at regulators meeting: report

http://news.yahoo.com/s/nm/20090804/bs_nm/us_usa_treasury_geithner_meeting_2

[bondjamesbond]

Another Story: Throw Down: Geithner Blasts Government Regulators for Criticizing Administration's Financial Reform Measures

It makes me nervous when the Secretary of the Treasury starts telling the various regulatory agencies they have to back the Hell off. What is he trying to hide? What is upsetting him so much?

I have zero confidence that the explanation is innocent.