"THIS MAN "Giethner" IS INCOMPETENT TO BE TREASURY SECRETARY" - a representative of THE FINANICIAL OLIGARCHY that is doing EVERYTHING it can to CONTINUE THE HANK PAULSON BAILOUTS, aka the TRANSFER of BILLIONS upon hundreds of BILLIONS of dollars FROM American Taxpayers TO the Five BRAIN-DEAD banks that should be PUT INTO RECEIVERSHIP IMMEDIATELY.
Pres. Obama's "Tim Geithner economic plan"
(actually = BUSH's Treasury Secretary HANK PAULSON's warmed-over "GIVE BILLIONS to bankrupt BANKERS with NO STRINGS ATTACHED!" "plan")
is EXPLAINED, by Nobel Prize Winning economist Joe Stiglitz in today's New York Times:
http://www.nytimes.com/2009/04/01/opinion/01stiglitz.html
Mr. Stiglitz does an amazing job of EXPLAINING this banking crisis: USING the "LEVERAGE" & other tricks of "DEREGULATION" that they (including Obama's OWN advisors) have PUSHED FOR over the past dozen years, the bankers & their funds & banks have LOST THEIR BETS, they have LOST THEIR CAPITAL, and now seek to FORCE Taxpayers to make them whole again.
President Obama is FULLY DELUSIONAL, BORDERING ON ABJECT STUPIDITY, (the only alternative would be CRIMINAL CORRUPTION), getting ALL OF HIS economic ADVICE from BANKERS who either have a DIRECT STAKE in BAILED-OUT COMPANIES... or friends & investments that do!! ESPECIALLY because ROBERT RUBIN and TIM GEITHNER _PRESIDED OVER CATASTROPHE_ last year, Rubin's company, Citi-bank (where he has been paid $115 million over past 10 years) MELTED DOWN to BANKRUPTCY last year, SAVED _ONLY_ by Hank Paulson's BILLIONS-upon-HUNDREDS-of BILLIONS of taxpayer-dollars GIVEAWAYS; and Geithner did even worse, he (as Chairman of the __PRIVATE__ New York 'Federal Reserve Bank') was just behind Fed Chairman Ben Bernanke in PRESIDING OVER the COLLAPSE of THE ENTIRE US stock-market & economy! (Again, the stock markets temporarily "saved" ONLY by the "INJECTION" of HUNDREDS upon $1.5 TRILLION taxpayer dollars, in the past 8 months, alone.)
Yet somehow, in some depths of a Clintonian STOCKHOLM SYNDROME DELUSION (a fascination with the "Big Money" masters of the Universe, as Clinton exhibited during his term as president), President Obama actually believes that Geithner & Rubin - WHO PRESIDED OVER DISASTER last year - actually know what is going to work to rescue the economy! They are ONLY concerned with MAKING WHOLE their TRILLIONS of dollars of FAILED BETS, which they are now trying to STICK TO TAXPAYERS, via the "Geithner" "plan," which as we noted above is no more than a warmed-over, reworked new PR spin (sheer DECEPTION, which is to say LIES) HANK PAULSON/Goldman-Sachs plan!
Has Mr. Obama - NEVER HEARD of PRESIDENT GRANT, and how the honest and industrious Grant was USED by his top advisors to give themselves lucrative, insider-corruption contracts, that, still to this day, are considered the defining characteristic of Grant's 2 terms of office??
Mr. Obama has won the popularity contest of the US election in November of 2008, but it would be arrogant in the extreme for him to think, at this point in his career, that he is a better man than the US General whose victories in the west were ESSENTIAL to the United States remaining a unified nation.
(p.s.- Grant was actually a fairly credible president, THE WORST things that his critics have against him are the corruption of those he put in positions to shake-down government contracts. Given that America's recovery from the Civil War years could have been far, far worse... and that as long as Grant was president, FREED SLAVES had the opportunity to PARTICIPATE in government in the formerly slave states (i.e. Reconstruction), there are more than a few historians who think criticism of Grant's shortcomings vastly override his many successes.)
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It appears that the ferocious "Democratic" or "Lefty" BACKLASH against Nobel-prize winning Economist PAUL KRUGMAN has taken a toll, because although Mr. Krugman is no less convinced of his previous "DESPAIR," that the Obama "economic plan" is NOTHING BUT A WARMED OVER Hank Paulson "GIVE _MORE_ TRILLIONS of TAXPAYER dollars to the VERY FRAUDUENT BANKERS" who wrecked the US economy "plan" that will result in MORE HORRIFIC DAMAGE to the US economy....
even though "Liberal" and "Lefty" critics all but ACCUSE Mr. Krugman of _"TREASON!"_ for going against the flawed polices of the Choosen One, President Obama...
...well, despite Mr. Krugman's backing off slightly, at least from making his case in the most forceful, easily expalined terms possible,
... FELLOW Nobel-prize winning economist JOE STIGLITZ is RIGHT BACK in the public sphere (in pages of NY Times to be precise), to AGAIN make the case that President Obama has GONE DELUSIONAL, if not STUPID, and that, "YES!", Obama's ENTIRE "economic plan" revolves around GIVING MORE BILLIONS of TAXPAYER DOLLARS to BAIL OUT BANKS (in most cases, to banks that have ALREADY BEEN BAILED-OUT before)
(in case of AIG, going on FOUR or FIVE bailouts) -
- and that the banks and funds are no longer really even in "the business" of making profits, but are merely VEHICLES to help Obama's banksters, like the Sheriff of Notthingham, ROB THE PEONS, to ENRICH the wealthy bankers !!!
Mr. Stiglitz explains: http://www.nytimes.com/2009/04/01/opinion/01stiglitz.html?pagewanted=all
Let’s take a moment to remember what caused this mess in the first place. Banks got themselves, and our economy, into trouble by overleveraging — that is, using relatively little capital of their own, they borrowed heavily to buy extremely risky real estate assets. In the process, they used overly complex instruments like collateralized debt obligations.
The prospect of high compensation gave managers incentives to be shortsighted and undertake excessive risk, rather than lend money prudently. Banks made all these mistakes without anyone knowing, partly because so much of what they were doing was “off balance sheet” financing.
....The main problem is NOT a lack of liquidity. If it were, then a far simpler program would work: just provide the funds without loan guarantees. The real issue is that the banks made bad loans in a bubble and were highly leveraged. They have lost their capital, and this capital has to be replaced.
Paying fair market values for the assets will not work. Only by overpaying for the assets will the banks be adequately recapitalized. But overpaying for the assets simply shifts the losses to the government. In other words, the __GEITHNER PLAN__ WORKS ONLY if and when TAXPAYERS LOSE big time."
