Now I'm in a quandary. Geithner is a total moron. But then again, so is Krugman. So who's right?

Hmmm. Maybe it's like two buffoons who can't decide whether two plus two equals seven, or v.

I think one of the biggest mistakes Bush made throughout his terms was he stayed loyal to people he should have thrown out the door. It would look bad for the Obama Administration to fire their treasury sec this early in their first term, but this guy just seems like a train wreck and it may be better to take the hit now then to have him make things worse and worse.

The Geithner plan: "WASHINGTON The Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks."

What a coincidence. A trillion dollars is the same amount Bernanke says he is going to create to buy treasury and agency debt. Now we know where treasury is getting the money from.

What we have here is a shadow government spending taxpayer's money unauthorized by Congress. Don't be fool enough to think it will stop at a $Trillion. This is deposit money.

"Obama's got some real problems at this point. Fish or cut bait? I think he'll keep him."

I think so too, but I hope there's a meeting at some point where Obama tells him to get his act together because he's making the whole administration look really bad.

WHO is going to be stupid enough to buy any of those troubled assets? The way this administration works, they would probably be branded as 'greedy bankers' and blasted publicly like the tarp 'bandits' if they make a profit.

The o sure is fucking this 'relief' up. He should go back to health care, higher ed, and alt energy pandering....were he feels he has a mandate!

Geithner's plan?, it's obama's plan, he's the prez

the problem with this whole mess is that the Gov. is trying to run the businesses more and more. that's a recipe for disaster.

Geithner's plan?, it's obama's plan, he's the prez

Exactly right. The game is to deflect the heat away from Obama.

Numbskull Paul Krugman must be the last person on the planet to realize that Flops and Geithner are complete frauds.

I guess I didn't even know the tax cheat had a plan. Whatever he does, you can bet he and his buds will make millions.

because he's making the whole administration look really bad.

Only because you're looking in that direction.

The ObamaMamas have a whole bench of fuck ups, and they'll all get their 15 minutes of fame.

" Flops and Geithner are complete frauds.

#10 | Posted by fwthom

The o promised his best and brightest. Are you saying he hasn't done that???? On our biggest problem????

Maybe rahm's upto the job, after being a board of director on fnm when they cooked their books!!!!

So let's get together and bid $1.00 for the whole crapola.

And then the bank won't give the toxic assets for a $1.00.

Back to square one.

Well at least it is a plan.

They should turn over all the crap to Fannie and Freddie for 25 cents on the dollar and let them work it out--modify loans, file foreclosures, re-sell the homes.

F&F already have the infrastructure to work this stuff.

F&F--meaning the taxpayer gets the profits.

Toxic off the books--losses taken--banks move forward.

this is a guy who couldn't manage his own finances(taxes) why is he in charge of the treasury
jasman

this is a guy who couldn't manage his own finances(taxes) why is he in charge of the treasury
jasman

#15 | Posted by newjasman

He's in charge of the treasury because he's on the inside. Did you know he was also President of the New York Fed? This guy's on the INSIDE. You and I are on the OUTSIDE.

Lesson over.

This guy's on the INSIDE. You and I are on the OUTSIDE.
Lesson over.

so your done, huh? too bad. some else will have to explain why you are on the outside and why you want inside.

afaic, ppl pissing can stay outside.

This whole financial mess makes one want to use unclean language. That's no good because people tend to consider one as a language offender. Let me see if I can clean some words up a little bit while I let out some steam. For the purpose of cleanliness, I will place the cleaned words in quotation marks. So let me start again, I hope the cleaned words are understood. I may have to make up some words here: This whole financial mess is like a "intercourse" game of Monopoly. "Intercourse" corporate crooks pay themselves "intercourse" million, billions, in bonuses for taking their corporations into the "intercourse" abyss. Then not so smart "baby dirty pamper by #2" politicians come up with a "fecal feckless" unconstitutional law to take back from the crooks, what they gave them in the first place. It is like they want to buy the blue space named, Park Place, but they wind up stopping in the space from which they pick up that green ticket which displays an old white haired man with a funny looking mustach and the words, Go To Jail in it. I don't know why, but the name Dodd pops into one's mind. Specially since the player owns a house and a hotel which are already in the space, Park Place. Sort of like a Country Wide housing deal. If I remember correctly, there are some red spaces in Monopoly which are, sort of cheap. I don't recall the actual names but let's just temporarily name them Pelosi, and Barney. One of them wants one of the spaces to be a Safe Space For Illegals, and the other one wants the other red space to be named Lover's Lane. The green spaces in this "intercourse" Monopoly game are "Safe From Global Warming spots. Guess which Nobel Price winner provided the loaded dice? The yellow spaces are for some of the few Republicans that like to play in this sad Monopoly game.

But, but, BUT... Isn't Geithner that only own who understands TARP and the only one who can save the economy [according to the 'O' man; he could never be wrong! After all, ALL his experience and abilities (i.e., community organizing and teleprompter reading) are giving you the change you wanted. Continue to follow him, support him and very much apologize for him.

"Change" is no more Paulson. Good start.

Obama's mantra "Frankly my dear we won and we don't give a damn"

Are some of you people already growing disolusioned concerning
"teleprompter man"? Everyone knows a superhero like teleprompter man only has one weakness and thats the dreaded power outage. Yes, power outage means he loses his ability to read precanned speeches to the hypnotized masses of douchetards on the left. Without this they might actually wake up and smell what the Obama is cookin and it ain't crack rock although he did that back in the hood with Rezko.

I think its about time we send ole flop ears back to the hood where he can shoot hoops with the homies and pick his ncaa brackets all he wants. Its time we had someone with a clue in the white house running things.

Not to worry dr left, AS USUAL rcade will shitcan this retort. He hates it when the left have nothing to say

When Bernanke announced he would start monetizing treasury and agency debt, he got the attention of foreign debt and dollar holders. There is NO chance Bernanke can inflate the American economy out of this collapse. This is the desperate last act since the dollar became the world's reserve currency. It means your assets will continue to fall in price while everyday expenses will continue to rise.

March 21 (Bloomberg) -- The dollar dropped the most against the currencies of six major U.S. trading partners since the Plaza Accord almost a quarter-century ago as the Federal Reserve's plan to purchase Treasuries spurred speculation that it's debasing the greenback.

"What it introduces is the problem of the currency to the extent that the Fed is buying what isn't desired by foreign holders," said Bill Gross, co-chief investment officer of Pacific Investment Management Co., in an interview on Bloomberg Television on March 19. "The Fed can keep interest rates where they want to keep them, at least for a 6- to 12- to 18-month period of time, but it will have consequences down the road."

The U.S. currency tumbled 3.4 percent versus the euro on March 18, the biggest drop since the 16-nation currency's 1999 debut, when the Fed unexpectedly announced at the end of its two-day policy meeting that it will buy up to $300 billion of Treasuries and increase its purchase of agency mortgage-backed securities, a policy known as quantitative easing.

President Pelosi needs to get this train wreck back on the tracks!

Playing with other peoples money and if it is lost no big deal, we got our cut before you lost.

Let's steal some property at a cheap price and even get the government to pay for it............Obama at least got the elite rich back into the game and they can't lose.

After all, this mess is just artificial.

Best article I have seen describing the root of all this financial mess:

That article is a bunch of horseshit, from an agenda driven rag. Yes it does a good job looking at cds, it looks at nothing else. The core problems we have are dropping residential RE values, and rising unemployment.

Article doesn't talk about these problems, instead wants to vilify 'greedy bankers'.

well dudes who does the gov want to buy those toxic assets from the tarp program? The same people they are roasting/toasting on a daily basis??/

Krugman must not have gotten the memo. What--does he want BHO to fail? Quit talking so negative! Hope over fear! Buy stocks!

Come on libbies! Love your country!

The core problems we have are dropping residential RE values, and rising unemployment.

Well not exactly. Those are the symptoms of a corrupt monetary system designed by the political elites and their bankers. Like all Ponzi Schemes, this one will burn to the ground.

well dudes who does the gov want to buy those toxic assets from the tarp program? The same people they are roasting/toasting on a daily basis??/

It' known as deflection, Dave. Deflection away from the criminal insanity of the bailouts themselves. Without the banks and their ability to create money out of nothing, Washington would go into default immediately. Instead, they will go into default later with much more damage to the private economy.

Ray, that is more accurate.

Too many confuse the symptoms for the disease.

The disease is unregulated greed.

5 billion in lobbying by the Financial industry to deregulate CDS/CDOs, speculation, break down Glass-Steagall, etc. worked.

We are where we are, no matter how we wish we weren't.

The question is, which would be worse? Bailouts or letting the financial industry collapse and then rise from the ashes?

Not a tough choice when you consider people's lives verses their inconvenience.

Everyone was fine with riding the bubble and making money. Now no one wants to pay. Unfortunately the bailouts are serving as "insurance" and spreading the cost to everyone.

We can't afford either option and we can't take the ball and go home.

We place our bets, we take our chances.

Ray always has something important to say. He understands the dirty important details better than most people.

Geithner is looking out for Bondholders and Corporate cronys. Both should be given a serious financial whacking. Geithner was in on the Bernanke/Paulson scheme to make the worlds largest greefuckers whole at, surprize surprize, taxpayer expense. For this plan to be successful opacity is key. Thus the paper trail and criminal behavior is obfuscated in barrages on media bullshit. Madoff and AIG are very useful in this respect, as they deflect attention away from central crimes in the derivatives market.

One example, most people have stopped borrowing. This is a prudent thing to do under current circumstances. But the "official story" is that Banks have stopped lending. A major bullshit story is organizatons like Citicorp and AIG must be preserved at any cost. They have destabilized our economy and we would all be better off without them. We may need their functions, but we can have them by forcing them into bankruptcy and selling off the pieces or just nationalize them for a lower cost to the public. This has already happened on several fronts.

Since 2007 Investment Banks and Hedge Funds have been shorting stocks, bonds and securities while purchasing Swaps (unregulated insurance lacking capital reserves) far in excess of the value of those assets, even while holding no other ionterest in those assets. This is the moral equivalent of buying a life insurance policy for someone you plan to murder. These insiders have stolen from everyone, yet little is being said. Only 1 in a hundred columists or commentators are touching these ugly truths.

A very elite group of operators in Government and the private financial sector need to be investigated and locked up. The damage they have done is measured in the quadrillions of dollars. Yet all we hear about is the millions in bonuses and billions in bailouts and "ponzi schemes".

That is a deflection, towards discussing possible solutions. Even conservatively leveraged banks can have a heap of trouble if 30 yr prime conventionals have problems. I blast the article because it acts like the crisis is all and only about cds. Leverage and investor envy resulting in chasing returns...especially seeking out hedge fund like models, was a main component of this crisis.

Your long known predictions have had great validity of late. Yet the dollar is still strong, why? Cause where else is one going to invest their capital? All in hard assets, euro's, yen, rupples, peso's?

I believe the economy must fix itself, and gov attempts to do so, are probably doomed to failure. BUT I do think we can recover, and your banana republic prediction is inaccurate.

AND BTW I believe AIG insured the cds, and that was their main undoing...ie they guaranteed them against lose. Someting I doubt hank greenberg would have done!!! THANK YOU ELIOT SHITZER

That is a deflection, towards discussing possible solutions.

There is only ONE solution to unmanageable debts. And that is to let the foreclosures and bankruptcies run their course. No argument it would be painful. To attempt to borrow and spend your way of this is criminal and reckless. It only promises more pain in the future. Possibly food riots, tent cities and martial law. This stuff goes on all the time in South America.

Yet the dollar is still strong, why?

When Bernanke announced the first round of monetizing treasuries and agency debt, our creditors started heading towards the exits; the dollar dropped and gold spiked. This is the beginning of the next wave of dollar depreciation. Higher interest rates and prices of daily staples ahead. It won't stop asset deflation.

I believe the economy must fix itself, and gov attempts to do so, are probably doomed to failure. BUT I do think we can recover, and your banana republic prediction is inaccurate.

You're just hoping against the facts. It is impossible for the feds to spend their way out of a problem that was caused by excessive spending. Every government that attempted it destroyed their currency. That is essentially the course Washington is on.

The disease is unregulated greed.
#32 | Posted by YAV

It stretches from voters who thought they were getting something for nothing to politicians who made promises beyond reasonable means.

I think one of the biggest mistakes Bush made throughout his terms was he stayed loyal to people he should have thrown out the door. It would look bad for the Obama Administration to fire their treasury sec this early in their first term, but this guy just seems like a train wreck and it may be better to take the hit now then to have him make things worse and worse.

#2 | Posted by GreenDad at 2009-03

I disagree with your chrarcterizaton but thats beside the point here.

it IS a good question or refernce or whatever you call it.
will he keep him? remember that when someone gives you that dreaded vote of confidence...is the door THAT far behind

BUT WHO WILL take his place???? I dont think we need a "GITMO" announcement on this do we???

will he keep him? remember that when someone gives you that dreaded vote of confidence...is the door THAT far behind

BUT WHO WILL take his place???? I dont think we need a "GITMO" announcement on this do we???

#38 | Posted by afkabl2

Schwarzenegger, Bloomberg express support for embattled Geithner:

It may be hard to believe these days, but Treasury Secretary Timothy Geithner still has friends beyond the White House.

Despite mounting calls for Geithner's resignation over his handling of the economic crisis and AIG executive bonuses, both New York City Mayor Michael Bloomberg and California Gov. Arnold Schwarzenegger said Sunday that they stand by the embattled cabinet official.

Bloomberg told NBC's David Gregory on Meet the Press that Geithner, a former head of the Federal Reserve Bank of New York, is "absolutely" the right person to head the Treasury.

"Tim Geithner is the guy I would want there. He's smart. He is a work-a-holic. He's been there," said Bloomberg, who left the Republican Party to become an independent in 2007. "He's been part of the financial system for a long time. He understands how things work, markets work, how people react."

We're screwed. It seems the only two options are: 1. crippling depression now that'll take God-knows-how long and force us to pull our heads out our asses (it's Fantasy Land up there!) or 2. Increase crazy amounts of spending to be paid off probably more than 20 years in the future, in that meantime working on getting us to pull our heads out of our asses and start making smart decisions and magically create new, self-sustainable systems that'll pay off the debt.

Plan number 2 is kind of pie-in-the-sky as our "leaders" are just a bunch of corrupt, thieving hacks in it for themselves.

Goddammit.

SA...yeah I heard that interview and you are talking about two RINO's and a obamamanic who wouldnt dare question obama

I thought the 4 people at the beginning of george's show was much more informative and it was much more even weighted on the two sides..

mike pence kicked thier ass but then I assume you would have guessed that would be my assesment, now wouldnt you>???

no SCRUMP...we arent screwed yet
NOt if the voters in this country start to see through the MEDIA MADE president and get away from slobbering over him and his TELEPROMPTER speeches and going ga ga over him and his family no matter how beautifull of a family there are...and they are that, anyone would have to admit

we have heard this a lot lately but never more so than this one
the election of 2010 may be the most important off year election in our history

#42

Hah, you think the people have power? Ooops, didn't mean to laugh at your thoughts so rudely, but that's how I feel. I'm not going to just lalala on everything just because the guy I wanted to win, won, though. Hell, I guess if I can get critical of the guy, others can as well. I won't hold my breath, though.

hey I understand that feeling these days

but remember what happened when they tried to get that immigration shit by us..the people spoke and they listened and I DOnt know how long you have been on here but EVEN HERE....talk about strange bedfellows...
even DANNI was on board.........and the result was a good one as amnesty and all that stuff was stopped...........but you see..the difference there was that we conservatives were anti bush on that issue and leftists here were happy to join us and the possibilities of that happening on this issue of being a country being bankrupted by a democrat wont get that same bi partisan 'fuzzy' feeeling we had then

Lesson over.

#16 | Posted by Apocalypto

Thanks for pointing out how bad politics realy is.

Carefully targeted spending should help. But the big bailout dollars were all pointed in the wrong direction by Bernanke, Paulson & now Geithner. It hasn't and will never do a fucking thing to help this country or its people. That's because it was designed to help our lenders and bondholders. To make them whole after being taken by Wall Street Fraudsters. Make me whole or else....so they are doing this hoping the American people will never be able to follow the money and understand what is really going on. The reason the Fraudsters are not being targeted by Federal Authorities is doing so would expose the scam in its entirety. Then public outrage would prevent further bailouts. Then foriegn lenders would really be pissed. They would have to sue the Fraudsters, which would actually be a very good thing for this country and its people.

A little reality check. As a fairly political moderate, I voted for and thought that Obama was the best choice for president in a landslide since the primary season. I related with his mental clarity if not necessarily all of his policy ambitions. I don't think he is a "messiah" "savior" "hero/superman," just the best candidate for the job. I don't necessarily agree with all of his appointments, especially in the treasury department.

That being said, you guys are idiots that say he is all talk and a fraud, or ad naseum complain about his color or his ears. Simply put, he is smarter than you and you hate it. You guys look stupid, act stupid, and post like idiots (FW). Especially when you act like Obama caused all of this mess.

That being said, you guys are idiots that say he is all talk and a fraud, or ad naseum complain about his color or his ears. Simply put, he is smarter than you and you hate it. You guys look stupid, act stupid, and post like idiots (FW). Especially when you act like Obama caused all of this mess.

#47 | Posted by bocaink

Unless you can quote the sources on this thread, you're making up bullshit.

Have you been smoking your gold again Ray?

FW can't call Obama anything but "Flops," Aflac hasn't had a post in the past 3 months that hasn't fit my criteria, and if you want a Hannity kick, just check out Eddie's post history. When you add Chickenshit and JeffJ, do I really need to do anymore anymore research than that?

Seriously, you old fuck!

#49 | Posted by bocaink

So in other words, you're flailing about against anything in memory critical of your Messiah.

BTW Loser. Gold has been outperforming real estate, stocks and bonds since 2001. Better be more careful about who you call stupid.

Problem #1--If Thimmy were fired--no one would take his job.

Problem#2--If this is the Plan--I don't see banks and hedge fund people going for the gusto when they won't be able to give bonuses or have their bonuses taxed at 90%.

Pass...

I never said gold wasn't a solid investment, I said it has made drunk with idiotic hubris. But keep smoking it. Too bad by the time you want to spend your money, father time will catch up to you, a classic miser.

A little good news:

CNN BREAKING NEWS: Existing-home sales rise 5.1 percent in February to rate of 4.72 million units