Tag Archives: Tim Geithner

Our ObamaCare Future: Having a Friend in Geithner Means Never Getting Sick

The combination of the year-long ObamaCare debate, combined with the H1N1 (Pig Flu) epidemic, may form a “Katrina moment” for Obama. The President’s lack of action in the face of a health disaster, combined with his Administration’s preference for yes-men over competence, may help demonstrate to people how awful the current administration is.

A great example is how high-powered friends of Tim Geithner, including the two socialized banks (CitiBank and Bank of America), a quasi-governmental agency (The Federal Reserve Bank of New York), and Goldman Sachs have received H1N1 shots before doctors, surgeons, high-risk individuals, and others who weren’t smart enough to know that who you know impacts if your kid lives.

Barack Obama and Tim Geithner of course are unwilling to risk the health of the Oligarchs. To allow your friends to become sick, or their kids to die, is foolish. Obama and Geithner may be unable to separate the best interests of the United States and Goldman Sachs, but they are certainly smart enough to know what it takes to obtain positions of power!

Soldiers, whoever, are not particularly powerful and not part of their winning coalition, so their lives can be thrown away for a sound bite. The White House intervened in the Defense Department’s distribution of H1N1 vaccine to prevent it from being sent to Guantanamo Bay. As guards are in close, physical proximity to the terrorists being held, any outbreak among inmates will rapidly become an outbreak among guards. But the Administration cares more about a sound bite, so to try to appear to be tough they prevented H1N1 vaccine from going to Gitmo.

Under ObamaCare, whether you live or die will depend in part on if you have a friend in the Administration.

Update: Zenpundit discusses this in the context of oligarchy and aristocracy.

Jon Corzine (D-Goldman Sachs) Loses Re-election

goofy_tim_geithner

Of their three most successful agents, two are now out of office

Henry Paulson

Jon Corzine

Tim Geithner

This is only a partial, limited victory. The whole point of “money-power transfers” is to give up some power in exchange for a lot of cash. Goldman Sachs is very effective at doing that. Worse, Tim Geithner is still Treasury Secretary, and there’s no gossip of Obama dismissing him. Still, I’m glad that the people of New Jersey ousted corrupt Wall Street banker (and TARP billionaire) Jon Corzine.

Our Suez Crisis

The Suez Crisis was the end of Britain’s pretentions to be an independent power.

Our Suez Crisis is slower, and entirely self-inflicted.

paul_bernake_geithner

Don’t celebrate Dow 10,000. It is really only Dow 3,333.

The number 10,000, of course, refers to 10,000 U.S. Dollars, a currency whose entire value depends on the credibility of Treasury Secretaries. In the last few years are Treasury Secretaries have been men like Henry Paulson (who made millions from his friends on Wall Street) on Tim Geithner (whose unaccountable aides, or “czars,” made millions on Wall Street).

Another way of thinking about the past ten years, not as a recovery but as a collapse, is to count in terms of ounces of gold, instead of U.S. dollars. Unlike U.S. Dollars. the value of an ounce can be silently inflated by men like Paulson and Geithner, who are more concerned with Wall Street profits than American power.

In 1999, Dow $10,000 = Dow 30 ounces of gold.
In 2009, Dow $10,000 = Dow 10 ounces of gold.

In other words, in constant points, our “Dow 10,000” is just “Dow 3,333.”

No foreign country did this to us.

Only men like Henry Paulson, and Tim Geithner.

And their friends on Wall Street.

Update: Thanks to Robert Patterson for the link!

Geithner Loses It

Between losing control of the Strategic & Economic Dialog to SecState Clinton, not being able to sell his house, and being publicly humiliated by his boss, Tim Geithner may be under a lot of pressure:

This article in the New York Times reads like a satire in The Onion:

Treasury Secretary Timothy Geithner blasted top regulators in an expletive-laden tirade amid frustration over President Barack Obama’s faltering plan to overhaul financial regulation, Reuters reported, citing a Monday story in The Wall Street Journal.

It’s not that Geithner is sub-literate either. Something’s going wrong:

According to the newspaper, Friday’s roughly hour-long meeting was unusual because of Mr. Geithner’s repeated obscenities and his aggressive posture toward regulators generally deemed independent of the White House.

The newspaper said Mr. Geithner told attendees that the administration and Congress set policy. It also said the Treasury secretary, without singling out officials, raised concerns about regulators who have questioned the wisdom of giving the Fed more power.

Though, in fairnss, the news is less who Geithner went bezerk on, that who wants it to be known that Geithner went berzerk:

A person familiar with the meeting said that Mr. Geithner told regulators “enough is enough,” the newspaper said. The meeting took place last Friday with Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and Federal Deposit Insurance Corporation Chairwoman Sheila Bair.

If Geithner is behaving this erratically, he may not have tendered his resignation after all. If so, Obama should dismiss Geithner from office.

Plans and Consequences

Because of Geithner’s influence as Treasury Secretary, we spend our nation’s wealth subsidizing the lifestyle of specualtors, lurching from one method of subsidizing the Oligarchs to another, and asking people not to pay their mortgage.

This has costs, both direct (the money we spend) and indirect (what we could have purchased instead).

No billion dollar wind farms, for instance. America’s economic stance under Tim Geithner is as senseless as Taiwan’s opposition party: Geithner should be a fringe lunatic, not given a seat of authority.

Geithner, Step Down

Here is a visualization of what Team Geithner thought what happen without a stimulus and with a stimulus, contrasted with what has actually happened.

geithners_hope

No Officer of the United States has been so wrong, or has done so much damage, since Defense Secretary Donald Rumsfeld managed Phase IV operations of the Iraq War.

Rumsfeld offered to resign several times. Bush, valuing loyalty more than proven performance, refused the resignation several times.

If Geithner is half the man that Rumsfeld is, he has already submitted a resignation letter to President Obama.  The President should accept Geithner’s resignation.

The End of the Free Market Economy

Courtesy of Razib

But some observers now say that Paulson’s injection of public capital was the beginning of unprecedented government involvement in the nation’s banking system, with consequences few understood.

“I think we nationalized the banks in the U.S. on that day,” former International Monetary Fund chief economist Simon Johnson says. “The government got a lot of say in how they are run, a lot of constraints, a lot of responsibility. A lot of downside risk was taken on that day.”

By December, Lewis was discovering what it meant to have the government as a partial owner. When fourth-quarter losses at Merrill grew to $15 billion, Lewis began to look for a way to get out of the deal. But in tense negotiations with government officials, Lewis was told he had no choice. If he did not go through with the merger, regulators threatened to change the bank’s management.

“Ken Lewis blinked, the full force of the government is being brought upon him. The rules of the game have changed,” Wall Street Journal reporter Dan Fitzpatrick says. “Ken Lewis is on top of the financial services world, but he’s not in charge. The government holds all the cards at the end of the day.”

via FRONTLINE: breaking the bank: video – watch the full program | PBS.

Of course, treason charges against Geithner won’t involve this (the establishment of Socialism was (a) a policy choice under (b) the previous administration), but his siding with the tribal raid against the US government in early 2009. Criminal charges, which are much more likely to be brought, are more mundane, and involve collusion, racketeering, insider-trading, and so on.

Sotomayor: Above Ethics

If this is true:

Federal judges are bound by a code that says they shouldn’t join any organization that discriminates by race, sex, religion or nationality.

via Sotomayor quits women’s club after GOP criticism.

Then Sotomayor’s membership (until Friday!) of the Belizean Grove Organization is extraordinarily disturbing. I knew Sotomayor was a racist and am not surprised that she is a bigot, but her shamelessness in flaunting her own code of ethics in actually carrying a sexist membership card is astounding.

The following should now happen.

1. President Obama should withdraw Sotomayor’s name from consideration

2. President Obama should encourage Sotomayor to resign from the Appeals Court. Failing this, he should encourage Congress to begin impreachment-and-conviction proceedings against her.

3. Informal investigations should be held to determine what federal laws Sotomayor violated in this case. For instance, did she break perjury laws at any time by stating that she was complying with her ethical obligations when she – in fact – did not?

Sotomayor is simply a racist, sexist judicial thug. Unlike Geithner, she does not deserve the death penalty.* Still, like Geithner, she should not hold any federal office of any sort. She cannot be trusted.

[* Article III Section 3 of the U.S. Constitution reads:

Treason against the United States, shall consist only in levying War against them, or in adhering to their Enemies, giving them Aid and Comfort. No Person shall be convicted of Treason unless on the Testimony of two Witnesses to the same overt Act, or on Confession in open Court.

The Congress shall have Power to declare the Punishment of Treason, but no Attainder of Treason shall work Corruption of Blood, or Forfeiture except during the Life of the Person attainted.

This is operationalized by 18 US 2381:

whoever, owing allegiance to the United States, levies war against them or adheres to their enemies, giving them aid and comfort within the United States or elsewhere, is guilty of treason and shall suffer death, or shall be imprisoned not less than five years and fined under this title but not less than $10,000; and shall be incapable of holding any office under the United States.

Geithner is overseeing a tribal raid against the U.S. Treasury, different from pirate raids against U.S. ships only by target (Geithner’s attacks wealth on the homeland), scale (Geithner’s is much greater) and death toll (more Americans people have died as a result of the economic downturn than from pirate attacks).