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“The Way to Hell …”

By SusanUnPC on March 26, 2009 at 7:00 AM in AIG, Economic Stimulus, Economy, President Barack Obama, Tim Geithner, Toxic Assets

From Reuters: Geithner’s global dilemma

Mar. 25 – U.S. Treasury Secretary Timothy Geithner caused a ruckus in foreign exchange markets after conflicting comments on the dollar’s role as the world’s reserve currency.

His comments follow a growing European backlash against parts the Obama administration’s economic revival strategy. Speakers: Mirek Topolanek, prime minister, Czech Republic; Meg Browne, senior currency analyst, Brown Brother Harriman Conway Gittens reports from New York

So much for Obama’s vaunted promise, his fevered supporters told us, to bring peace and cooperation amongst nations of the world. How could he? THEY know he doesn’t know what he’s doing:

Look. I know this is a lot of material. But if we’re going to get this stuff, if we’re going to be able to call our members of Congress and sound informed, we have to learn all this to be convincing. Someday soon, we’ll be talking to more and more shaken Obama supporters who’re waking up, maybe, and we’ll need to explain this all to them.

“A Sweet Deal for Investors
That Won’t Solved Problem With Banks”

03-23-09 Paul Krugman criticized Tim Geithner’s banking plan
on NPR’s All Things Considered



Special thanks to Truthtelling007 at CheneyWatch.org for creating these videos for NoQuarterUSA.net

It’s been a while. Here’s Amy Goodman
of Democracy Now! She’s no Obamabot.

“‘The Zombie Ideas Have Won’–Paul Krugman on $1 Trillion Geithner Plan to Buy Toxic Bank Assets“

Part I

Part II

  • HARP

    Canada has the world’s soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

    The United States, where some of Wall Street’s biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.

    The United States was on Thursday considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.

    http://www.reuters.com/article/ousiv/idUSTRE4981X220081009

  • Portia Elizabeth

    I really do try to stay informed on the issues — and many thanks to you for your help in that regard — but as for trying to explain it to disillusioned Obamabots… It’s like the Gary Larson cartoon where he shows a man talking to his dog. The caption goes something like this (apologies to Larson for not remembering his exact words):
    What we say to our dogs: “You’ve got to stop digging up the yard, Ginger.”
    What our dogs hear: “Blah blah blah blah blah, Ginger.”
    In fact, I think I’d have more success explaining it to my dog.

    BTW, am I the only one who thinks Geithner looks like Timneh from The Chronicles of Narnia?

    • DAB

      I beleive that you mean Mr. Tumnus. You hit the nail on the head here. I was trying to come up with who he looks like but only a Vulcan came to mind. Mr. Tumnus had a lot of charm though, which Geithner lacks although he does speak in with a soft voice.

      • politicalidentitycrisis

        I think of him as ELF and if there is a second ELF movie with Will Ferrel, Geithner could play his brother.

        • Lyn

          Hillbuzz has a nice side by side picture of Timmy next to an Orc.

      • Portia Elizabeth

        Oh, you’re right! Thank you. It’s been such a long time since I read the book, and didn’t pay attention in the movie. I guess I just have parrots on my mind today. LOL (Timneh is a subspecies of African grey parrots.)

  • ford

    I am living the Larson cartoons with my DH….
    I just printed the CBO estimates, and BO’s estimates and asked if he would like it if I started doing this kind of budgeting…
    quiet so far.

  • HARP

    The stench from Chicago never stops:

    Rahm Emanuel’s profitable stint at mortgage giant
    Short Freddie Mac stay made him at least $320,000

    On Emanuel’s watch, the board was told by executives of a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass.

    The accounting scandal wasn’t the only one that brewed during Emanuel’s tenure.

    During his brief time on the board, the company hatched a plan to enhance its political muscle. That scheme, also reviewed by the board, led to a record $3.8 million fine from the Federal Election Commission for illegally using corporate resources to host fundraisers for politicians. Emanuel was the beneficiary of one of those parties after he left the board and ran in 2002 for a seat in Congress from the North Side of Chicago.

    http://www.chicagotribune.com/news/politics/obama/chi-rahm-emanuel-profit-26-mar26,0,5682373.story

    • CarlyinNJ

      Interesting photo of Emanuel included with this Article. His face registers DISGUST (the arrogant smirk on his face) as he listens to “The Chosen One” speak.

      The level of disdain (not directed at BoBo but instead IMHO directed at the people they are suppose to serve) that PeBo and Emanuel have for everything and everyone around them is just astounding.

      In the PeBo Emanuel world of POWER AND DIRTY MONEY $$$$$$$$$$$$ (Chicago Politics Style) they are entitled to gold plated everything.

      Too bad for them there is this small matter of MILLIONS OF OUTRAGED TAXPAYERS looming on the horizon!!!

      • elise

        I’ve used curse words from time to time, but I can’t believe Obama and Biden are making Emanuel’s gutter mouth sound like giggling high school boys It may become clear if the Blagovitch tapes are ever released. If they can convince everyone this is not offensive, we will ignore it when we hear it on tape? This is the new “high class”? You are right, Emanuel cares about nothing except power.

  • mountainaires

    The Rise of China….

    A little lengthy, but eminently readable blog post speculating and analyzing China’s agenda. Something to keep in mind…while we’re talking about the “road to hell.”

    http://cynicuseconomicus.blogspot.com/2009/03/economics-and-power-loss-of-us-power.html

  • Sassy

    The Europeans seem to have reached their own conclusions about the leadership of the U.S., and also many in this country suspect they are incompetent as well.
    I won’t be conversing with any bots…let them save their own bacon!
    Each of us will be challenged in the coming days and years, so I expect to have my hands full trying to survive!

  • mountainaires

    “The entire US system is committing suicide”

    A letter from inside AIG, posted at BusinessInsider/Clusterstock. Very interesting.

    Joe Cassano [AIGFP] used to extort contributions
    from his employees for Chris Dodd, the very man now leading the charge
    against the employees of FP. Basically at the heart of the US
    democratic system is the fundamental issue that those with money can
    influence those with power and that usually their interests are
    narrow, short term and take no account of the country at large.

    http://www.businessinsider.com/aig-guy-the-entire-us-system-is-committing-suicide-2009-3

  • marie3548

    http://www.msnbc.msn.com/id/29493093/

    Give President Obama a grade

    • politicalidentitycrisis

      I gave him an F! I probably always will. He’s no leader.

      • http://noquarter foxyladi14

        i gave him an F too..F for failure.

  • mountainaires

    Head of the SF Fed, Janet Yellen:

    We don’t know what we’re doing; so we’ll do more of it.

    http://www.washingtonsblog.com/2009/03/head-of-san-francisco-fed-bank-we-dont.html

  • http://none jessiebritton

    MSNBC is owned by Obama, lock stock and barrel, so it would be almost impossible to get an honest reading out of any poll they publish.

  • CG

    great videos Susan and Truthtelling 007. Thanks very much…

  • elise

    I have more faith in Paul Krugman than I ever will in Geithner. With the same mentality and policy of Bush and Paulson, it makes us wonder if Geithner is capable of introducing his own ideas or if he has any.

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  • Smorgasbord

    FEDERAL GOVERNMENT ISSUES ZERO ALERT

    THE FEDERAL GOVERNMENT IS ISSUING THE FOLLOWING ALERT

    Due to the increased demand of our zeroes, they are now in short supply. Please conserve your zeroes. The Federal government needs all we can get. During the wars in other countries we asked you to conserve certain items so that our soldiers fighting over there would have the food and supplies they needed.

    Your country is calling on you again to show your patriotism by conserving our zeroes. This time we need more zeroes. There are more zeroes going out than coming in. Please cut back on your use of them. If you have any extras, please turn them in to us.
    Please send your extra zeroes to:
    Secretary of the Treasury
    Timothy F. Geithner
    1500 Pennsylvania Avenue NW
    Washington DC 20220

    He will make sure they are distributed where they are needed most. He is an expert on zeroes.

    Secretary Geithner feels that if we can link enough of the zeroes together we can end our financial crisis. Right now there aren’t enough zeroes to form a long enough link. You could be “THE MISSING LINK” that supplies the zero that makes the number big enough to end the financial crisis. It is your duty as a citizen of the USA to do your part in saving, collecting, and sending us your zeroes.

    You could start a local drive to collect zeroes, just like they did during the wars to collect metals and other items. Any patriotic citizen would be proud to give your group their extra zeroes. You will be a hero to your community and to your county.

    As we did with the wars we fought all over the world, we need to pull together as a nation to end the financial crisis. We need to send Secretary Geithner all the ammunition he needs to fight this war. He needs your zeroes. It would be tragic if we were only one zero short of our goal. Don’t be THAT missing zero. If a soldier runs out of bullets, they have little chance of serving. If Secretary Geithner runs out of zeroes, we could loose this war.

    TRAVELING IN OTHER COUNTRIES
    If you travel to other countries, and they let you get some zeroes, please get as many as you can. Even if you can only get a few, that will help us end this economic crisis that much sooner. A zero is the same in any country, so the ones they use in the country you visit will work her in the USA. There is no limit on how many you may bring into the USA. Customs has been alerted, and any zeroes you bring in will be collected there. They will expedite the transfer of your zeroes to Secretary Geithner.

    WAYS TO SAVE YOUR ZEROES
    (1) When you pay for items, don’t pay in even dollars. Pay the exact cents of the bill. That will give you two zeroes on most transaction.
    (2) Pay for each item individually instead of all of them at once, following rule number (1).