Tuesday, March 31, 2009

Geithner Says Globalists Know Best

The arrogance just flows from the guy.

Also see: Boston Globe Censors Geithner's CFR Appearance

"Geithner said Washington alone was equipped to salvage an economy that has seen jobs lost and credit shrink

Ummm, info alert, asshole: YOU and THEY are the ones who PURPOSELY CREATED THIS MESS, so SHADDUP!!!!

"Geithner says market won't solve woes" by Associated Press | March 30, 2009

WASHINGTON - Treasury Secretary Timothy Geithner defended his approach to fixing the country's economic mess yesterday, saying "the market will not solve this" while disclosing a bailout fund for battered banks has $135 billion left and might need more.

Geithner used his first Sunday talk show appearances to promote President Obama's massive government spending plan to ease credit, help borrowers, and inject billions of dollars into the financial sector.

Ummm, yeah, whatever, lying MSM:

U.S. Banks Driving Credit Crunch ON PURPOSE!!

Bush Administration Created Credit Crunch Crisis

Banks Cut Off Credit

Long kept behind the scenes, the treasury secretary has emerged as the administration's champion of a plan that fueled an uptick in Wall Street markets.

"We came through a period where people borrowed too much and we let our financial system take on much too much risk," Geithner said. "And the consequences of those choices, made over years, were a huge boom. And that boom, the air is now coming out of that and that's causing enormous damage."

Whose WE, shitbag?!!!!!!!!

Obama and his administration last week announced a program to help banks free themselves of so-called "toxic assets."

Toxic Assets Toxic For Taxpayers Only

The plan calls for the administration to partner with private investors, the Federal Reserve, and the Federal Deposit Insurance Corp. to buy as much as $1 trillion in toxic assets from banks. Geithner cautioned against immediate expectations.

"It's very important for people to understand that, you know, it took us a long time to get into this mess. It's going to take us a while to get out of this," he said. "Progress is not going to be even. It's not going to be steady."

I'm so sick of being massaged by liars.

Geithner said Washington alone was equipped to salvage an economy that has seen jobs lost and credit shrink....


So Geit gets more help:

"Obama taps 3 for posts in Treasury

WASHINGTON - President Obama announced three senior Treasury Department nominees Saturday.

Helen Garrett, an economist and lawyer who is vice president of academic planning and budget at the University of Southern California, is Obama's choice for assistant secretary for tax policy.

Obama has tapped Michael Barr, an adviser to Clinton administration Treasury Secretary Robert Rubin, as assistant secretary for financial institutions.

George Madison is Obama's pick for general counsel at the Treasury Department. Madison is a former executive vice president and general counsel at TIAA-CREF.



And now, across the sea where they are all meeting:

"Tougher financial rules to be a focus of summit; But banks oppose global regulation" by Bloomberg News | March 30, 2009

PARIS - Leaders of advanced and emerging economies are closing ranks behind plans for tougher rules on financial markets to prevent another collapse like the one that wiped out much of Wall Street.

A global approach to regulation has been gaining momentum ahead of the Group of 20 summit Thursday in London. President Obama, UK Prime Minister Gordon Brown, and their G-20 counterparts aim to merge their national blueprints for strengthened regulation into a united front to rein in hedge funds, derivatives trading, executive pay, and excessive risk-taking by financial firms.

I'm tired of talking and arguing about it, readers. It is WHY this "crisis" was manufactured in the first place and why AIG was leading the news, and why you are being sold reregulation now.

"There is reason for optimism that progress toward stronger global regulation has begun," says Daniel Price, who was President George W. Bush's G-20 negotiator.

Nothing has changed except the color of the president's skin.

Agreement would provide the summit with a measure of success even as leaders remain at odds over trade policy, fiscal stimulus, and the dollar's status. A joint regulatory approach is crucial to prevent investors from seeking out markets with the most permissive rules, setting off a race to the bottom as countries vie to attract capital.

Only for WAGES, it seems!!!!

The call for greater regulation unites China, possessor of the most vibrant economy in the developing world, and the United States, which has the world's largest economy. China's central bank governor, Zhou Xiaochuan, challenged the West to fix flaws in financial supervision on March 26, the same day US Treasury Secretary Timothy Geithner outlined a broad initiative designed to do just that.

"Having the US and Chinese on board makes it a whole lot more likely" that an international framework will eventually emerge, said Harvard University's Kenneth Rogoff, former chief economist of the International Monetary Fund.

Rogoff said "it seems virtually certain that four to five years from now, the world will have either a global financial regulator or, more likely, a treaty on global financial regulation with a secretariat, akin to the World Trade Organization." Yet "nothing is going to happen quickly."

So we are told by the globalsists. I prefer another source:

Why the End of America is Closer than You Think

John Taylor, a former US Treasury official now at Stanford University, said the process is "going to be drawn out." That will give financial firms the opportunity to seek changes that dilute new restrictions, said Richard Portes, of the London Business School. "Banks are lobbying ferociously against anything that will undermine their businesses and pay," he said.

Like that is something that is ahppening?


Had enough foooleys yet?