Archive for Tuesday, January 27, 2009

Geithner confirmed as treasury secretary

January 27, 2009

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— New York Federal Reserve Bank President Timothy Geithner won confirmation Monday as President Barack Obama’s treasury secretary despite personal tax lapses that turned more than a third of the Senate against him.

The Senate voted 60-34 to put Geithner in charge of the administration’s economic team as it races to halt the worst financial slide in generations. The swearing-in followed less than an hour later, the administration seeking to emphasize that it was wasting no time in trying to address the financial crisis.

Geithner said the new administration would work first to stabilize the financial system and get the economy growing again and then would move to reform the system.

Comments

Godot 6 years, 3 months ago

Now, after the dirty deed is done, the MSM coos and slobbers all over this guy, giving him "credit" for engineering all the bailouts. After Obama campaigned on how badly Bush screwed up the economy, he puts the guy who came up with the idea to steal $700 billion from the taxpayers to give to his banker buddies, and put taxpayers on the hook for trillions more to backstop bad loans, in charge of the Treasury. Some frickin' change.So, Obama says today that he is going to put limits on how much influence lobbyists can have on how the stlmulus money is spent. Words are important. He specified "the stimulus" money. Nothing said about the TARP, or the Fed. Today, Geithner and lobbyists from the banks are meeting to determine how to set up a "bad bank," that will purchase the worthless loans (probably at full value) from the banks to make them healty again. So who will own those worthless notes? Who will suffer? You, and me, that's who.This is government sanctioned fraud.

Godot 6 years, 3 months ago

The government sanctioned fraud is what has been perpetrated on the taxpayers by the elite criminals on Wallstreet with their incestuous relationship with Capitol Hill and the Bush administration, and continues unabated with Obama.

Chris Ogle 6 years, 3 months ago

At least I will have someone to write to when I make an "error" on my tax return.

Godot 6 years, 3 months ago

By Jeff Poor Business & Media Institute1/27/2009 5:04:03 PM Is the new Obama administration taking cues from the Bush administration to get Congress to act? It certainly seemed that way to, South Carolina’s junior Republican senator, Jim DeMint. DeMint, speaking Jan. 27 at The Heritage Foundation in Washington, D.C., explained the Obama administration will “create crisis and widespread panic” just like its predecessor in order to get Congress to act expeditiously. “I’ve been around long enough to know whenever someone tells me I have to make a decision right now, my response is no,” DeMint said. “That clears it up right away and I think more and more the Bush administration and now this administration knows that they’re not going to get a quick reaction out of Congress unless they create crisis and widespread panic. And that’s going to be their M.O. to get Congress to act.” Another senator, James Inhofe, R-Okla., explained the Bush administration used a similar tactic, under the direction of former Treasury Secretary Henry Paulson, to get the $700-billion TARP bailout bill passed by Congress back on Oct. 4, 2008.DeMint said some Republicans now regret they voted for the TARP package, even though there is no way to gauge what might have happened had it not been passed.“I think there’s a lot of buyer’s remorse among Republicans who voted for the bailouts of all kinds last year,”..“And, it’s hard to prove that, some of them are saying, ‘It didn’t work out so well, but it’d been a lot worse if we hadn’t.’ It’s hard, it’s hard to argue that unless you know anything about how business works.” continued below

Godot 6 years, 3 months ago

Jeff PoorBusiness and Media Institutecontinued:“And then it’s obvious that what we did was inject a whole lot of uncertainty into the marketplace, So no, I don’t think there’s discord because of that, and I really don’t blame my colleagues. If you got the President and the Secretary of the Treasury coming in saying, ‘The world economy is going to collapse next week if we don’t do something.’”DeMint criticized the mainstream media for not conveying the message that some congressional Republicans are trying to spread about this package –that it’s filled with big-government wasteful spending projects that will do little to “stimulate” the economy. “Well, it’s a good question and a lot of us are saying that,” “It’s not being picked up at all by the mainstream media and that’s why again, we’re going to have to take our message through you to the people, Rush Limbaugh, anyone who will talk about what’s really in the bill. We don’t need to make it up. It’s like they’re in a different reality. They’re talking about a bill, that when you look at it, there’s no resemblance to what they’re talking about.” DeMint said it will take grassroots efforts to put the brakes on this stimulus package and he admitted he has seen it from constituents that are concerned about the bailout culture in Washington.“So if we can just get the truth to the American people, or just a segment of the American people, I think you’ll, you’ll see a groundswell of anger, again because there’s, there’s a real fatigue out there on these bailouts,” DeMint continued. “I think even people who are normally not that political are coming up to me and they just sense that we’re running this country into a ditch. I’ve never seen people so anxious and so – well, I mean they grab my arm. They’re no longer single issue people. They just say, ‘Thanks for fighting. What can I do?’ I’ve heard that at least a hundred times. That’s – we just need to let people know the truth and think that they’ll get engaged.”

Godot 6 years, 3 months ago

"Despite President Barack Obama's pledge to limit the influence of lobbyists in his administration, a recent lobbyist for investment banking giant Goldman Sachs is in line to serve as chief of staff to Treasury Secretary Timothy Geithner. Despite Obama's pledge to limit the influence of lobbyists in his administratioon, a recent lobbyist for investment banking giant Goldman Sachs is in line to serve as chief of staff to Treasury Secretary-designate Timothy Geithner. Mark Patterson was a registered lobbyist for Goldman until April 11, 2008, according to public filings. The Obama administration's limitation on lobbyists isn't a direct ban. Lobbyists are still allowed to be a part of the administration working on areas that they have not lobbied on. But the potential appointment of Patterson and others raise questions about just how much the Obama administration will be able to move away from the revolving door model of business that has become so common inside the Beltway. "Considering that Goldman was an early and large recipient of our TARP funding, being pulled out of that really does effect his ability to be an effective chief of staff for the treasury secretary," said Steve Ellis, president of the watchdog group Taxpayers for Common Sense. Patterson first began lobbying for Goldman Sachs in 2005, after working as policy director for then-Senate majority leader Tom Daschle. According to publicly filed lobbying disclosure records, he worked on issues related to the banking committee, climate change and carbon trading and immigration reform, among others. Patterson's lobbying was first noted by the National Journal magazine. Patterson is one of over a dozen recent lobbyists in line for important posts in the Obama administration, despite a presidential order severely restricting the role of lobbyists in his administration, the magazine reported. "for the rest of the article:http://www.abcnews.go.com/Blotter/story?id=Looks like we will need a spreadsheet to keep track of Obama's exceptions to his so-called ethics rule.

Godot 6 years, 3 months ago

They can't come out of their fog long enough to realize what is happening.

budwhysir 6 years, 3 months ago

and we thought this would turn out any different? Just another typical new president dog and pony show. All these guys have skelletons in thier closet, just a matter of if the door comes open. I can tell you this, just like Bush had no way of knowing how to deal with 9/11 this guy is going to go crazy trying to figure out our current economy.The bail out system has been comprised of a bunch of wals street cry babies thinking that you and I owe them our lives.How could a guy get out of bed, tell the goverment his business was going broke, get billions of dollars for operating capital and then spend millions redecorating an office. Or millions on a sales meeting. Or better yet millions on a luxury jet. And the sucker punch is the best, sure we can cancel the purchase of the jet, however that may involve a very large cancellation fee that would be in the millions. Could we borrow that from ya?? We dont have enough to pay our light bill. Ooops got to run, going to jump on my jet and go let 500 people know I closed a plant and got rid of thier job, cause I needed an extra 25k for that golf trip next week.Some day all of this will end and it wont be pretty

Sigmund 6 years, 3 months ago

So a tax cheat is President Obama's Secretary of the Treasury and the first thing he does is pick a lobbyist from Goldman Sachs as his Chief of Staff. This doesn't pass the laugh or the smell test. If President Bush had done this the New York Times would have run the story on the frontpage for months and MSNBC would have a permanent running ticker of the number of minutes this outrage has lasted. America, your country and the future of your children is being stolen all in the name of "change" and "fairness" and the Main Stream Media is largely silent hoping for their own payoff, I mean bailout.

budwhysir 6 years, 3 months ago

The only change I have seen so far is the change of names on the doors and letterhead. If we have big change coming Im all for it but I would like to know what the change is and if it is a change for the better or a change for the worse. All I have seen so far is the political acceptance of corporate greed and money fraud. I believe what the corporations that have been given bail our money are doing is and should be illegal. How on earth anyone thinks buying a luxury jet with the governments money while your company is going broke and you dont have enough money to operate is insane insane insane.I belive the government should be buying receivables from these companies and holding them as repayment. This way the companies cant use the money for other things. They would only be allowed to get payment after the product or service was sold. The payee would issue payment to the government and this would do away with the millions of dollars sitting in an account with no control measures placed on it

Sigmund 6 years, 3 months ago

The only change I am hoping for is for the Federal government to recognize and clean up the problems in their own house as they holding steroids in baseball. Of course I am also hoping to win the lottery so I can move the hell out of this country till sanity is restored.

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