Keating Undresses Geithner
By Larry Doyle on March 9, 2009 at 4:55 PM in Bank Bailouts, Banking Institutions, Current Affairs, Economy, Global Finance, Infrastructure, International Monetary Fund, Sense on Cents (Larry Doyle blog), Tim Geithner, Wall Street
Former Australian Prime Minister and Treasurer Paul Keating
Well, Mr. Keating has spoken again and I am listening to him very closely as I strongly believe I am more educated and informed as a result. Our domestic officials and media outlets should take heed.
In an article published in this past Saturday’s Sydney Morning Herald, Obama’s Economic Saviour Savaged as Keating Let’s Rip. Keating offers a piercing review of then Treasury Officer Geithner’s structuring of an IMF led rescue plan of the Southeast Asian crisis in 1997-98.
For those unaware, many countries in SE Asia had massive infusions of foreign capital in the form of debt to facilitate infrastructure development. Geithner and then IMF Chief Michael Camdessus structured a plan that injected $200 billion dollars in the form of IMF loans to refloat the economy. Keating maintains that Geithner and Camdessus totally misdiagnosed the problem and in turn the solution.
Keating further maintains that the manner in which that package was handled dramatically impacted the way Asian countries have managed their finances since. The massive surpluses emanating from that region have been a major factor in the massive capital inflows into the U.S. over the last ten years. We do not need to replay that disaster.
I sincerely appreciate the integrity displayed by Paul Keating in connecting the dots.
Those who do not learn from history are doomed to repeat it!!
LD
**Cross-posted from my blog, Sense on Cents. Come by and visit!
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Has anyone seen Paul Volcker?
Does Geithner even have a staff yet???
I’ve offered to join his staff. I know I can do it because I have used Turbo Tax without incident-lol!
Good one obamastolemyboyfriend!
I’m actually gonna take the lead position and make Timmy my assistant. I can teach him how to use Turbo Tax properly. Then maybe he can take over.
As have I, OSMBF, and I always manage to get a refund direct deposited within 10 days. I’d say I should qualify as TT Expert for Mr Geithner.
Probably not…no one wants to be associated with his and Obama’s mess of a solution.
I was interested in reading of your respect for Paul Keating. As an Aussie I lived through the time of his Government and consider him to be one of the finest Treasurers and Prime Minister that the country has seen. Unfortunately, because of his blunt and honest assessment of situations the media demonised him, and this eventually brought about his demise at the ballot box. The incoming Treasurer, Peter Costello, took credit for the strong economy which protected Australia from the Asian economic downturn, but credible economic commentators saw it was Keating’s stewardship of the economy that underpinned its strength. As you have seen Keating continues to speak his mind regardless of who he offends, and I for one hope he continues to do so. Sometimes people need to be told what they would rather not hear.
Erin,
Wow. I have only read about Keating and seen a 22 minute video. For an Aussie who has had personal experience with the man to share my respect speaks volumes!!
I thank you for sharing your perspective!
The truth may hurt but ultimately the truth will set us free. I intend on listening and looking for Mr. Keating wherever and whenever I can find him.
http://www.senseoncents.com
Send this to Hannity, Rush, Beck and anyone else you can think of in the media. Maybe someone will run with it. I watched his unveiling of the finance plans before Congress and I said “uhoh” this guy is as much of a fake as his boss. He is not equipped to handle this and Congress entrusted our treasury to him. Could this get any worse? Yikes I can’t even grasp the total bizarreness of the OB era. None of them know what they are doing. Or do they? Maybe that’s their plan all along. Crash the country and re-make it in their own image. Scary times.
You know Chris I keep wondering the same thing. Could all of this be by design? NO ONE CAN BE THIS CLUELESS. I’m starting to wonder who’s he working for……. cause it sure ain’t us!
This is the best Macroeconomic class I ever had, for free. If haven’t yet, please listen to prime Keating.
Now every time I hear Obama and his morons talk about another world stimulus, I get so constipated that I feel like taking a shit just to get through the day. Dig yourself a hole a stay put. This thing is going on for next 5-7 years. We are utterly screwed.
O….I am glad that you appreciate the clips of Keating and the wisdom he shares.
On your second topic, I think I will try to keep it clean!! (lol)
Some people referred to taking a shit as taking an Obama during the election. I still call it that!
LD, today our largest employer, Eastman Chemical, announced 5% salary reductions.
Sometimes our area can be more stable than other parts of the country, but we are now seeing a rather fast deterioration.
Housing prices are still holding, at least for now, probably because we still have new families coming into the area.
I hear this on NPR Today. Excellent interview with Elizabeth Warren who crunched the numbers of where the TARP funds went. Yep we got screwed again. Not so much as it was a bad idea, but Paulson gave our money away without requiring parity for our “investment” , even though Paulson told Congress that is what he was going to do. Dubai got a $1.00 worth of value for every $1.00 they spent. Warren Buffet received $1.25 worth of value for every dollar he spent. We were lucky to have received 60 cents for every dollar we spent.
http://www.npr.org/templates/story/story.php?storyId=101611260
Thank you very much Larry. This guy sounds like he actually knows what he’s talking about. Thanks for sharing.