You know Timothy Geitner. He is the Treasury Secretary that we needed so badly that it did not matter that he committed multiple tax no-nos--not just one. He ignored instructions from the IMF about how to report his taxes. He ingored ntoieces from the IRS (over which he is now the boss) about his tax deficiencies dating back five years or more, until he was nominated to be Treasury Secretary (at which time he paid the past due taxes). He deducted his clhild's stummer camlp (or whatever). He ailed to pay taxes for a nanny or some such. He hired an illegal, or some such. To call all of these things "honest mistakes" is absurd. In 1993, Clinton appointees were forced to withdraw for this sort of stuff. Obama's HEW appointee (yes, that political hack, former Senate Democratic leader) had the honor to withdraw. But we had to have Geitner, because he was the only one who understood the present situation well enough to "save" us.
Yes, Geitner was head of the New lYork Fed at the time Goldman Sachs was the only private compnay allowed to sit in on a meeting to determine what to do with AIG. You will ntoe that Geitner hired a Goldman Sachs lobblyist as one of his deputies. Henry Paulson (that worst failure in the history of world finance, before Geitner) was teh former CEO of Goldman Sachs, and most of the government panic that precipated a complet crisis in confidence seemingly arises out of Paulson's panic about Gold man Sachs--as we were assured only Paulson knew enough to "save" us (lol). Geitner is no good. However, you can say he is the only worthy successor to Paulson, and potentially the new "worst failure in the history of the world".
Well, this is the same Geinter who President Obama hyped in his news conference as the expert who would report yesterday on a definitive plan to "save" the economy. Obama refused to "step on" Geinter's big moment.
This has to be one of the biggest farce of a build-up in the history of man. Geitner yesterday basically said he did not know what to do, except to promise to spend as much as two trillon dollars. Yes, in essence he pullted another Paulson, only worse. He just wants a blank check, but refuses to give "details" until he is sure of the right stpes to take. This is the man hyped as the only man who understood what to do, which made it necessary to ignore his little tax problems--supposedly the "smartest" econmic/financial mind in the world. Geitner's news conference revealed only that he has no clue, except that he wants that blank check (for 2 trillioin this time, instead of Paulson's paltry 700 billion, as Paulson proved he had no idea what to do).
Where did the two trillion number come from? Glad you asked, since I told you ahead of time. Larry Kudlow--as reported in this blog a week or more ago--had one of those CNBC programs about how Wall Street people were suggesting that 2 trillion dollars were needed to buy up "toxic" assets, and "save" our financial system. Again, as I have repeatedly told you, Wall Street is now running this country. And Larry Kudlow, CNBC, and most of Wall Street reamin fascists/Communists (using the economic definitions I have given in prvious entries).
Just who is it that decided that the very financial people that got us into this mess know how to get us out? Timothy Geitner was one of those people.
We are in real trouble. If only I thought we did not deserve it. We (the public as a whole) voted these people into power on the theory that a central planning Federal Government can "solve" all of our problems. We have ended up with Wall Street/financial hacks like Paulson and Geitner leading us into the brand new world of the Wall Street fascists/Communists.