Timothy Geithner

Downgrading The US Credit Rating Will Cost S&P $1.5 Billion

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Deceiving and lying to the American people is OK:

– Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

More:

– ‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

– Timothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

– Timothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

– Timothy Geithner Joins The Council of Foreign Relations As ‘Tireless And Creative Practitioner And Thinker’

– Matt Taibbi: Geithner Is ‘The Architect Of Too Big To Fail’ (Video)

geithner the mole

– Downgrading The US Will Cost S&P $1.5 Billion (ZeroHedge, Jan 20, 2015):

Remember when S&P forgot for a second that it lives in a world of pretend free speech, and where telling the truth would promptly result in a lawsuit by none other than the US government under false pretenses (and from which Buffett darling Moody’s was excluded) after it downgraded the US from AAA to AA+ in the summer of 2011? A downgrade which as Bloomberg previously reported led to this exchange with then Treasury Secretary Tim Geithner: “S&P’s conduct would be looked at very carefully,” Geithner told McGraw according to the filing. “Such behavior would not occur, he said, without a response from the government.”

Well, S&P will never make the same mistake again, because according to Reuters, it will cost it $1.5 billion to settle with the government and put the whole “downgrade” episode in the past.

  • S&P SAID IN SETTLEMNT TALKS WITH WITH DOJ,STATES: RTRS
  • S&P SAID IN SETTLEMNT TALKS FOR $1.5B: REUTERS
  • SEC SAID TO BAN S&P FROM RATING PART OF CMBS MARKET FOR A YEAR
  • S&P SETTLEMENT WITH SEC SAID TO INCLUDE $60 MILLION FINE
  • S&P SETTLEMENT ON CMBS SAID TO BE ANNOUNCED AS SOON AS TOMORROW

And let that be a lesson to anyone else who thinks the First Amendment is anything but window dressing.

‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

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Geithner-Obama

– “Stress Test” Reviewed: Tim Geithner Is “A Grifter, A Petty Con Artist” (Liberty Blitzkrieg, June 5, 2014):

Geithner is at heart a grifter, a petty con artist with the right manners and breeding to lie at the top echelons of American finance at a moment when the government and financial services industry needed someone to be the face of their multi-trillion dollar three card monte. He’s going to make his money, now that he’s done living his life of fantastic power after his upbringing of remarkable mysterious privilege. After reading this book and documenting lie after lie after lie, I’m convinced that there’s more here than just a self-serving corrupt official. There’s an entire culture, of figures at Treasury, the Federal Reserve, in the entire Democratic Party elite structure, and in the world of journalism, a culture in which Geithner is seen as some sort of role model.

– From Matt Stoller’s fantastic article published yesterday, The Con-Artist Wing of the Democratic Party

Timothy Geithner is likely to go down in American history as one of the most dangerous, destructive cronies to have ever wielded government power. The man is so completely and totally full of shit it’s almost impossible not to notice.

The last thing I’d ever want to do in my free time is read a lengthy book filled with Geithner lies and propaganda, so I owe a large debt of gratitude to former Congressional staffer Matt Stoller for doing it for me. Stoller simply tears Geither apart limb from limb, detailing obvious lies about the financial crisis, and even more interestingly, Geithner’s bizarre bio, replete with mysterious and inexplicable promotions into positions of power.

So without further ado, here are some excerpts from this excellent article.

Read more‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

Geithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not ‘Have Blood On Our Hands’

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– Geithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not “Have Blood On Our Hands” (ZeroHedge, May 14, 2014):

Silvio Berlusconi – ironically nicknamed “The Teflon Don” – has been found to have done business with the Sicilian Mafia for nearly two decades, according to Italy’s Supreme Court of Cassation in Rome. Having attacked the “biased judges” who called his actions “a continuous crime,” Berlusconi wriggled out from under this result since the link to the Cosa Nostra was, as The Independent reports, via his conduit and former senator Marcello Dell’Utri who was sentenced to 7 years for mafia association. While this confirms as fact yet another conspiracy theory, the bigger story was the confirmation of a broad-based bloodless coup to ouster the Italian Prime Minister at the peak of the credit crisis. “At one point that fall, a few European officials approached us with a scheme to try to force Italian Prime Minister Silvio Berlusconi out of power,” Tim Geithner writes in his new book, and after telling the President about “this surprising invitation,” they decided not to get involved (publicly): “We can’t have his blood on our hands.”

Conpsiracy “Fact” #1: Berlusconi linked to the Mafia

As The Independent reports,

Silvio Berlusconi – Italy’s former Prime Minister and one of the world’s most recognisable politicians – did business with the mafia for nearly two decades.

Read moreGeithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not ‘Have Blood On Our Hands’

Timothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

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001-timothy-geithner-cfr

– Tim Geithner Admits “Too Big To Fail” Hasn’t Gone Anywhere (And That’s The Way He Likes It) (Liberty Blitzkrieg, May 9, 2014):

But it is now clear that Geithner never believed his own talking points. To him, too-big-to-fail and the so-called moral hazard, or safety net, that it would create can’t really ever be fully taken away. During his lecture to Summers’s class, one student asked a question about “resolution authority,” a provision of the reform laws that is supposed to let the government wind down a complex financial institution without creating a domino effect. The question prompted Geithner onto a tangent about too-big-to-fail. “Does it still exist?” he said. “Yeah, of course it does.” Ending too-big-to-fail was “like Moby-Dick for economists or regulators. It’s not just quixotic, it’s misguided.”– From The New York Times Magazine article, What Timothy Geithner Really Thinks

Never in a million years did I think I’d ever use an article by Andrew Ross Sorkin as the basis of a blog post, but here we are. While probably entirely unintentional, his article serves to further solidify as accurate the prevailing notion across America that former head of the New York Federal Reserve and Obama’s first Treasury Secretary, Timothy Geithner, is nothing more than an addled, crony, bureaucratic banker cabin boy.

There are so many choice nuggets in this article, all of which make Geithner look worse and worse as you read on. It’s almost as if he is some sort of lab created, android bankster butler sent back to earth from the future in order to ensure Wall Street bonuses never experience a downtick. It’s truly remarkable. Early in the article, we learn a little bit about Timmy’s family history, and how, shocker, it overlaps quite nicely with Obama’s own family history.

The following lines from this day forth should be forever referred to as “the paragraph that launched a thousand conspiracy blogs.” We learn that:

Read moreTimothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

What If There’s A Recession In 2014?

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Flashback:

– Gold is a Crap Investment – Unless …

– Inflation, Hyperinflation and Real Estate (Price Collaps)

revolver
What the Fed is looking at.

– What If There’s A Recession in 2014? (Gonzalo Lira, Dec 16, 2013):

If policymakers were gunfighters, they’d be out of bullets: They have run out of effective policy tools to improve the economy.

So the question is simple: If there is a recession in 2014, and policymakers are out of bullets, how will it play out across the American economy?

Recently, Deutsche Bank’s Jim Reid very astutely pointed out that the current “expansion” of the U.S. economy is on its fifth year—the seventh longest in history.

We are due for a recession.

Read moreWhat If There’s A Recession In 2014?

Timothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

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– Tim Geithner in January 2013: “Extremely Unlikely Will Take a Job in the World of Finance” (Liberty Blitzkrieg, Nov 18, 2013):

So over the weekend, the world learned that Tiny Turbo Tax Timmy Geither had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street.

Here’s the money-shot paragraph from the piece:

Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs. Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”

At least he is making up for lost time. Those conspiracy theorists making stuff up again…

Read moreTimothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

Timothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

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– Timothy Geithner heads to private equity firm Warburg Pincus (Politico, Nov 16, 2013):

Former Treasury Secretary Timothy Geithner, a trusted lieutenant to President Barack Obama who played a leading role in the government’s response to the financial crisis, will join private-equity firm Warburg Pincus LLC in March.

On Saturday, the firm, which is headquartered in New York, announced Geithner will hold the titles of president and managing director.

Read moreTimothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

Timothy Geithner Admits: ‘I Never Had A Real Job’ (Video)

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– Geithner Admits: “I Never Had A Real Job” (The Daily Bail, Feb 8, 2013):

UPDATE – Geithner Joins CFR As Distinguished Fellow (CFR Press Release)

For once, Turbo told the truth on a weekend talk show.  Sort of.  We could add that Geithner never paid taxes like a real taxpayer either.  Geithner’s ongoing attempt to distance himself from Wall Street’s decade of fraud is laughable.  As President of the New York Fed, Geithner was criminally negligent in his role as Wall Street’s chief regulator.

Timmaaayy tells the truth.

“I find that the charge that — the myth that I worked in Wall Street all my life, somewhat amusing.  But it is part of a narrative that hardened.  People came to view the judgments we were making through the prism of a myth … it’s actually very damaging.  It’s completely false, of course, and it, you know, should have been corrected a long time ago.  What I say is that I never had a real job.”

Flashback – Geithner with Fareed Zakaria – WSJ

—

This is worth watching:

Max Keiser on Geithner’s AIG Crime

Timothy Geithner Joins The Council of Foreign Relations As ‘Tireless And Creative Practitioner And Thinker’

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– Tim Geithner Joins CFR As “Tireless And Creative Practitioner And Thinker” (ZeroHedge, Feb 6, 2013):

Well that didn’t take long. It appears spending time with the family is over-rated (or perhaps they couldn’t stand him either) as Turbo Timmy has landed his first post-Treasury gig (Citi next?). The Council of Foreign Relations has graciously brought this “tireless and creative” thinker on board as a Distinguished Fellow. His role… “to strengthen their capacity to produce thoughtful analysis of issues at the intersection of economic, political, and strategic developments.” We assume this is his gracious ‘giving back’ phase before six-months down the line slithering over to the big bucks at a bank when he suspects no one will be looking…The mutual adoration society continues..

Read moreTimothy Geithner Joins The Council of Foreign Relations As ‘Tireless And Creative Practitioner And Thinker’

Geithner’s Legacy: The ‘0.2%’ Hold $7.8 Trillion, Or 69% Of All Assets; And $212 Trillion Of Derivative Liabilities

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– Geithner’s Legacy: The “0.2%” Hold $7.8 Trillion, Or 69% Of All Assets; And $212 Trillion Of Derivative Liabilities (ZeroHedge, Jan 26, 2013):

As of this morning Tim Geithner is no longer Treasury Secretary. And while Tim Geithner’s reign of clueless pandering to the banks has left the US will absolutely disastrous consequences, an outcome that will become clear in time, the most ruinous of his policies is making the banks which were too big to fail to begin with, so big they can neither fail nor be sued, as the recent fiasco surrounding the exit of Assistant attorney general Lanny Breuer showed. Just how big are these banks? Dallas Fed’s Disk Fisher explains.

It is important to have an accurate view of the landscape of banking today in order to understand the impact of this proposal.

As of third quarter 2012, there were approximately 5,600 commercial banking organizations in the U.S. The bulk of these—roughly 5,500—were community banks with assets of less than $10 billion. These community-focused organizations accounted for 98.6 percent of all banks but only 12 percent of total industry assets. Another group numbering nearly 70 banking organizations—with assets of between $10 billion and $250 billion—accounted for 1.2 percent of banks, while controlling 19 percent of industry assets. The remaining group, the megabanks—with assets of between $250 billion and $2.3 trillion—was made up of a mere 12 institutions. These dozen behemoths accounted for roughly 0.2 percent of all banks, but they held 69 percent of industry assets.

What does this mean numerically?

Read moreGeithner’s Legacy: The ‘0.2%’ Hold $7.8 Trillion, Or 69% Of All Assets; And $212 Trillion Of Derivative Liabilities

Did Timothy Geithner Leak Every Fed Announcement To The Banks?

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– Did Tim Geithner Leak Every Fed Announcement To The Banks? (ZeroHedge, Jan 18, 2013):

On August 17, 2007, the Fed’s Board of Governors announced a key change to primary credit lending terms, whereby the discount rate was cut by 50 bp — to 5.75% from 6.25% — and the term of loans was extended from overnight to up to thirty days. This reduced the spread of the primary credit rate over the fed funds rate from 100 basis points to 50 basis points. News of the emergency measure was supposed to be kept secret from market participants as it was substantially market moving. It wasn’t. And just when we thought our opinion of the outgoing Treasury Secretary and former NY Fed head Tim Geithner, whose TurboTax incompetence is now legendary, couldn’t get lower, it got lower. Much lower. From the August 16, 2007 transcript (page 13 of 37) of the conference call preceding this announcement.

MR. LACKER. If I could just follow up on that, Mr. Chairman.

CHAIRMAN BERNANKE. Yes, go ahead.

MR. LACKER. Vice Chairman Geithner, did you say that [the banks] are unaware of what we’re considering or what we might be doing with the discount rate?

VICE CHAIRMAN GEITHNER. Yes.

MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that.

CHAIRMAN BERNANKE. Okay. Thank you. Go ahead, Vice Chairman Geithner.

VICE CHAIRMAN GEITHNER. Well, I cannot speak for Ken Lewis, but I think they have sought to see whether they could understand a little more clearly the scope of their rights and our current policy with respect to the window. The only thing I’ve done is to try to help them understand—and I’m sure that’s been true across the System—what the scope of that is because these people generally don’t use the window and they don’t really understand in some sense what it’s about.

At least we now know who the bankers’ mole on the FOMC was before, as gratitude for his services, he was promoted to Treasury Secretary of the US. Because if he leaked one, he leaked them all.

Matt Taibbi: Geithner Is ‘The Architect Of Too Big To Fail’ (Video)

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Watch Taibbi and Black discuss Geithner’s legacy and the issues behind the government’s Wall Street bailout, originally aired on January 11, 2013:

– Taibbi: Geithner is ‘the architect of too big to fail’ (The Raw Story, Jan 12, 2013):

The legacy of outgoing U.S. Treasury Secretary Tim Geithner will be simple, said Rolling Stone contributing editor Matt Taibbi on Friday — and unflattering.

“He’s the architect of “too big to fail,” Taibbi told Democracy Now hosts Amy Goodman and Juan Gonzalez. ” When this all blows up — and it’s going to blow up, for sure, because things can’t continue the way they are right now — people are going to look back in history, and they’re going to say, “Who was to blame for this?” And Timothy Geithner is going to be the guy who designed this entire system.”

Read moreMatt Taibbi: Geithner Is ‘The Architect Of Too Big To Fail’ (Video)

Matt Taibbi: Secrets And Lies Of The Bailout (Rolling Stone)

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– Secrets and Lies of the Bailout (Rolling Stone, Jan 4, 2013):

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you’d think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we’ve been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?

Wrong.

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

Read moreMatt Taibbi: Secrets And Lies Of The Bailout (Rolling Stone)

Rick Santelli: ‘The Fed Doesn’t Have A Cluee, Neither Does The President, Neither Does Congress’ (CNBC Video)

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– Santelli Channels Cramer: “The Fed Doesn’t Have A Clue” (ZeroHedge, Dec 27, 2012):

Comparisons of the failure of the TARP vote and the fiscal cliff were summarily dismissed early in this clip – though CNBC’s Rick Santelli does note, as we have vociferously stated that a market correction is the only impetus to get something done in Washington. Having abandoned his channel’s “Rise Above” meme in the face of this “childish nonsense”, Santelli agrees that politicians “can show incompetence at very critical moments.” Then, sparked by the anchor’s comment that “the markets would know if [the cliff] was going be a horrific thing”, Santelli goes ‘off-script’ with an epic take-down of all things CNBC: “the stock market is an immediate gratification for investors to make money;” and asks the key question “Why do we look to the Dow Jones Industrial Average to handicap if this country is going to go down the sewer in a couple of years? It doesn’t give us a glimpse into the future.” He adds that the market is not discounting $100 trillion of unfunded liabilities in our future and then slams the door shut with what will likely become the new meme: “The Fed doesn’t have a clue, neither does the President, neither does Congress.”

Forward to 4:30 for the epic rant (or enjoy the whole thing as Rick summarily dismisses the much hoped for “Rise Above” theme)

Geithner: US To Hit Debt Ceiling On December 31

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– Geithner – US To Hit Debt Ceiling On December 31 (ZeroHedge, Dec 27, 2012):

Just because the Fiscal Cliff was not enough…

  • GEITHNER SAYS U.S. WILL REACH STATUTORY DEBT LIMIT ON DEC. 31
  • GEITHNER: WILL USE `EXTRAORDINARY MEASURES’ TO AVOID DEBT LIMIT
  • TREASURY: SPECIAL MEASURES TO MAKE $200 BLN  ROOM UNDER LIMIT
  • GEITHNER: $200 BLN TO LAST TWO MONTHS IN `NORMAL CIRCUMSTANCES’
  • GEITHNER: TAX, SPENDING `UNCERTAINTY’ MAKES DURATION NOT CLEAR
  • GEITHNER SAYS ALL MEASURES HAVE BEEN USED IN PRIOR IMPASSES
  • GEITHNER OUTLINES PLANS IN LETTER TO SENATE MAJORITY LEADER

So since America’s dysfunctional congress failed to “rise above” the Fiscal Cliff, it at least succeeded to “rise above” the debt ceiling. One out of two is not too bad…

To summarize: debt ceiling hit December 31, just in time for the no deal on the Fiscal Cliff, and then the Treasury will proceed to defund various Government retirement accounts for the next two and a half months, when sometime in March the true deadline to getting a joint solution on both the Cliff and the Debt Ceiling will becoming unextendable as the alternative is truly unthinkable: living within its means!

Read moreGeithner: US To Hit Debt Ceiling On December 31

US Rakes Up Nearly $300 Billion Deficit In First Two Months Of Fiscal 2013

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– U.S. Rakes Up Nearly $300 Billion Deficit In First Two Months Of Fiscal 2013 (ZeroHedge, Dec 12, 2012):

To paraphrase Tim Geinter: “Risk of the Fed ever ending its monetization? No risk of that.” Why? Because as the FMS just reported, the February budget deficit was $172 billion, up $52 billion from a month ago, and $35 billion from a year ago. In brief: in the first two months of Fiscal 2013, the US accumulated a $292 billion budget deficit (compared to $236 billion a year ago), a number which is simply scary when annualized. What does this mean? That as long as the Treasury runs $1+ trillion budget deficit, the Fed will never, ever be allowed to stop monetizing, especially with China and the other legacy foreign borrowers just saying nein. Which in turn means that it will now be in the Fed’s favor to paint the economy with uglier colors (recall that the Fed now needs unemployment deterioration to have infinite free monetization reign). Does this mean that going over the Cliff is now an absolute certainty.

Source

Timothy Geithner: Raise U.S. Debt Limit To Infinity

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– Geithner: Raise U.S. debt limit to infinity (Natural News, Dec 1, 2012):

The elaborate Ponzi scheme officially known as the U.S. financial system is set to completely transform into a Monopoly-style fantasy economy where money and debt are both meaningless and limitless. U.S. Treasury Secretary Timothy Geithner has actually come out with a proposal that the American debt ceiling be completely eliminated, allowing the crooks that run the federal government to print as much phony debt currency as their hearts desire, and spend away into oblivion.

During a recent interview on Bloomberg TV, Geithner told Political Capital‘s Al Hunt that the Congressionally-established debt ceiling, which was specifically designed to establish reasonable limits on the amount of money the federal government can borrow, should be completely abolished. Even though Congress is the only entity that can make such a decision, Geithner expressed his belief that the limit be scrapped to avoid its being used as “a tool for political advantage.”

“It would have been time a long time ago to eliminate it,” said a nervous Geithner to Hunt, after being asked when he believed the debt ceiling should be eliminated. “The sooner the better.”

Read moreTimothy Geithner: Raise U.S. Debt Limit To Infinity

Obama Wants Dictatorial Power to Increase Debt

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“I wish it were possible to obtain a single amendment to our Constitution — taking from the federal government their power of borrowing. “
– Thomas Jefferson

“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”
– Thomas Jefferson

See also:

– Since Obama Has Been President The National Debt Has Increased $49,432.73 Per Household (CNS News)

– Obama Wants Dictatorial Power To Increase Debt (PressTv, Nov 30, 2012):

The former president of the Federal Reserve Bank of New York and current Treasury boss Timothy Geithner has informed Republicans that Obama wants absolute authority to increase the national debt.

Geithner’s proposal was met with derision and laughter by Republicans.

“Well, it’s outrageous,” Sen. John Cornyn (R-Texas) told Fox News when asked about Obama’s plan to personally dictate the finances of the United States. “It’s profoundly irresponsible. So that’s a crazy idea and I’m amazed that Secretary Geithner had the courage to float that yesterday.”

The idea floated by Geithner would give the president sole power to unilaterally raise the debt ceiling at any time. Congress could pass a resolution to stop the increase, but it would require a two-thirds vote of both chambers to pass and could still be vetoed by the president.

As it now stands, the so-called debt ceiling can only be increased following a vote by Congress.

Read moreObama Wants Dictatorial Power to Increase Debt

Obama ‘Crazy’ To Claim Unilateral Debt Ceiling Power (The Hill)

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Don’t miss:

– Since Obama Has Been President The National Debt Has Increased $49,432.73 Per Household (CNS News)

– Cornyn: Obama ‘crazy’ to claim unilateral debt ceiling power (The Hill, Nov 30, 2012):

Sen. John Cornyn (R-Texas), who will soon be the second-ranking Republican in the Senate, on Friday panned a proposal by the White House that would allow President Obama to raise the debt ceiling without congressional approval.

Cornyn was referring to a plan Treasury Secretary Tim Geithner presented to Speaker John Boehner (R-Ohio) on Thursday that was meant to avoid the “fiscal cliff” of tax increases and spending cuts.

The plan, which sparked strong Republican criticism, included a provision allowing the White House to raise the debt ceiling without the consent of Congress.

“Well, it’s outrageous,” Cornyn said on Fox News.

“It’s like saying we maxed out our credit card so I’m going to get a new credit card with no limit so I can keep spending. There needs to be some accountability here and, so far, we’re spending 42 cents out of every dollar in Washington and that’s borrowed money. And that’s money that our kids and grandkids are gonna have to pay back.”The provision is meant to avoid the standoff that occurred in the summer of 2011 when Obama struggled to win congressional Republicans’ consent to raise the debt ceiling.

Cornyn went on to say that the proposal was “irresponsible.”

“It’s profoundly irresponsible,” Cornyn said. “So that’s a crazy idea and I’m amazed that Secretary Geithner had the courage to float that yesterday.”

Timothy Geithner’s Past And Next Steps

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Timothy Geithner at CFR

– Tim Geithner: Next Steps (ZeroHedge, Nov 5, 2012):

Tim Geithner’s public “servant” tenure has not been without its blemishes: from his deplorable run as the (figure)head of the New York Fed (from 2003 until 2009), when the entire financial system literally imploded under his watch, to his epic failing up as Hank Paulson’s replacement as treasury Secretary of the United States, despite his legendary inability to navigate the Minotaurian labyrinth that is the TurboTax income tax flowchart, the Dartmouth alum has had his share of run ins with adversity (and adversity won). Of course, Geithner’s tenure in charge of the Treasury in the past 4 years has been somewhat mollified by the fact that here too here was merely a figurehead, and the true entity that runs the US printing presses is none other than the JPM and Goldman Sachs co-chaired Treasury Borrowing Advisory Committee (for more on the TBAC read here and especially here as pertains to the former LTCM trader and current head of JPM’s CIO group), meaning that the US Treasury, just like the Fed, are merely branches of the one true power in US governance: Wall Street. Geithnerian figureheadedness aside, the one undeniable fact is that Tim Geithner’s days as head of the Treasury are now numbered: he has made it quite clear that he will not accompany Obama (should the incumbent be reelected) into his second term. So what is a career “public servant” to do once the public no longer has any interest in retaining his services? Bloomberg’s Deborah Solomon has some suggestions…First, it may come as a surprise to some, that just like virtually every other central planner currently in charge of deciding the fate of billions of people in US and around the world, Geithner has never really had much interaction with real life:

Despite the fact that much of the public — not to mention some lawmakers on Capitol Hill — assume Geithner worked on Wall Street, he never has. Instead, he has spent most of his career in public service. Before taking the Treasury post in 2009, Geithner headed the Federal Reserve Bank of New York for six years and worked at the International Monetary Fund. His main private-sector job was at Kissinger Associates Inc.

The years in public service — particularly engaging in diplomacy with domestic and foreign partners — left a deep impression on Geithner, infusing him with a sense of purpose that he might find lacking on Wall Street (see: “Why I Left Goldman Sachs” by Greg Smith).

Read moreTimothy Geithner’s Past And Next Steps

The Largest Money Laundering And Racketeering Lawsuit Seeks To Return $43 TRILLION To The United States Treasury

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– Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the United States Treasury (PR Newswire, Oct 25, 2012):

NEW YORK, Oct. 25, 2012 /PRNewswire/ — Spire Law Group, LLP’s national home owners’ lawsuit, pending in the venue where the “Banksters” control their $43 trillion racketeering scheme (New York) – known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the “Banksters” and their U.S. racketeering partners and joint venturers – now pinpoints the identities of the key racketeering partners of the “Banksters” located in the highest offices of government and acting for their own self-interests.

In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) – involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver – Plaintiffs  now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation):  Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former “communications director” for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the “Banksters” themselves, and their affiliates and conduits.  The lawsuit alleges serial violations of the United States Patriot Act, the Policy of Embargo Against Iran and Countries Hostile to the Foreign Policy of the United States, and the Racketeer Influenced and Corrupt Organizations Act (commonly known as the RICO statute) and other State and Federal laws.

Read moreThe Largest Money Laundering And Racketeering Lawsuit Seeks To Return $43 TRILLION To The United States Treasury