Thread: Geithner told he should go

http://www.theaustralian.com.au/news/wo ... 5800559093

Geithner told he should go

US President Barack Obama's administration received a political battering from both sides of the US congress yesterday for poor handling of the economy, amid widespread anger over persistent high unemployment.

Demanding that more be done to help the jobless, senior Republicans asked Mr Obama's Treasury Secretary, Tim Geithner, to resign yesterday after branding him part of the problem.

In tense exchanges during a joint house committee hearing, Mr Geithner was told the public had lost all confidence in his ability to do the job.

Mr Geithner hit back, telling his Republican accusers the financial crisis was their fault because "you gave this President an economy falling off the cliff".

But attacks over the Obama administration's economic policies following this year's massive stimulus package and bank bailouts were far from one-sided.

Congressman Peter DeFazio from Mr Obama's Democratic Party joined the fray, saying Mr Geithner should quit over his handling of the financial crisis's aftermath.

Claiming he had caucus support, Mr DeFazio blasted Mr Geithner for being too close to Wall Street and for rewarding executives of financial institutions such as Goldman Sachs, by letting their "bets" be paid off in full. In a separate building on Capitol Hill, the Congressional Black Caucus vented its anger at the Obama administration for not doing enough to help African-American communities struggling during the recession, by delaying the passage of financial reform legislation.

The black caucus used its numbers to stop approval of the legislation by the house financial services committee.

Unemployment in the US remains at 10.2 per cent and could rise next year despite signs of economic recovery.

Claims by the Obama administration that the financial stimulus has worked by creating hundreds of thousands of jobs have been met with scepticism.

In a further affront to the White House yesterday, more than 300 members of the house voted across party lines to force an audit of the Federal Reserve's operations, including decisions on interest rates.

An amendment forcing unprecedented accountability on the Fed came despite Obama administration objections.

Republican congressman Kevin Brady told Mr Geithner he had failed as "point person" for the administration.

When Mr Geithner tried to blame Republicans for the crisis, Mr Brady asked him what post he held at the time. "I was president of the Federal Reserve Bank of New York," he replied.

In tense exchanges during a joint house committee hearing, Mr Geithner was told the public had lost all confidence in his ability to do the job.

That's funny...I don't remember having any confidence in this tax evader to begin with!!

Originally Posted by NoBueno

In tense exchanges during a joint house committee hearing, Mr Geithner was told the public had lost all confidence in his ability to do the job.

That's funny...I don't remember having any confidence in this tax evader to begin with!!

He was just another Henry Paulson. The government should never, ever appoint former banking executives into the spot of Secretary of the Treasury. All they are going to do is engage in big propaganda efforts to sugar coat the massive losses and corrupt management of today's horribly run banks. Both Bush's and Obama's appointments for Secretary have been a disaster for this country.

Let's try putting the right person into that job, for a change.

It's not just Geithner, it's the Economic Policies of the Present and last Administration that's the problem, no matter whom you put in there, they will be handcuffed from the start. You can not reduce deficit spending if you constantly expand government, allow jobs to be exported, engage in fruitless wars that cost billions a month, allow millions of Illegal Aliens to deplete our Social safety net system, send 30+ billion a year to Mexico and the list goes on. The Answer? Fire all of them in 2010. Until that is done, nothing will change.

There are many things individually that when combined make this a big heep of dung that needs to be cleaned up.

Included are,

Politicians who've been bought and paid for; for the last 100 years.

The Federal Government straying from the non-imperialistic policies of the Framers which started with America's intervention with a revolt in Cuba that became the Spanish American War.

The adoption of a Central Bank that created a montary system that is based on debt, not fiscal prudence

An economic system that changed from a fee maket to a monopolistic market.

The people of America transforming from a nation of "freeholders", to a nation of employees who are not too far above the level of serfs

The government passing unConstitutional laws at the legislative level. The President(s) invoking executive orders that are inconsistant with the same Constitution, as Congress has the expressed authority to make laws, and the Judicial also usurping Congressional authority by effectively enforcing legislation from the bench

A government that gets entangled with the goings on Wall Street to the point of end running around the Constitution to usurp the regulations that are meant to keep government out of the way of the people to prosper, but insted puts the government in pseudo cartel structures with corporate America to the detriment of the people.

And the list goes on, and on, and on

Why? I guess to most people it's more important to know what's happenning on American Idol, than the inner-workings that are every day leading the people down a road to despotism.

Hylander_1314 wrote,

There are many things individually that when combined make this a big heep of dung that needs to be cleaned up.

Does not all of the individual pieces of dung owe their very existence to a greater or lesser extent to,

The adoption of a Central Bank that created a montary system that is based on debt,

Those dollars that are conjurred up out of thin air are starting to cost more and more to maintain, not just financially, but morally, ethically, and constitutionally aswell. All hinged on a grand illusion that was destined to failure.

Just my $.02 worth, not yet adjusted for inflation.

Yes Roundabout they do owe their existance to the Central Bank. To find where the laws and politicians are corrupted, follow the money trail.

"The Federal Reserve system pays the U.S. Treasury $20.60 per thousand notes --a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidently, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945." --Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system

"We are completely dependant on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system.... It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon." --Robert H. Hamphill, Atlanta Federal Reserve Bank

"People who will not turn a shovel full of dirt on the project (Muscle Shoals Dam) nor contribute a pound of material, will collect more money from the United States than will the People who supply all the material and do all the work. This is the terrible thing about interest ...But here is the point: If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People. If the currency issued by the People were no good, then the bonds would be no good, either. It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges at the hands of men who control the fictitious value of gold. Interest is the invention of Satan". - THOMAS A. EDISON

It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges at the hands of men who control the fictitious value of gold. Interest is the invention of Satan". - THOMAS A. EDISON

History tends to repeat itself. Sortof looks like the situation we are in now.

"I believe that banking institutions are more dangerous to our liberties than standing armies."

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprieve the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." Thomas Jefferson

Hylander_1314 wrote,

"The Federal Reserve system pays the U.S. Treasury $20.60 per thousand notes --a little over 2 cents each-- without regard to the face value of the note. Federal Reserve Notes, incidently, are the only type of currency now produced for circulation. They are printed exclusively by the Treasury's Bureau of Engraving and Printing, and the $20.60 per thousand price reflects the Bureau's full cost of production. Federal Reserve Notes are printed in 01, 02, 05, 10, 20, 50, and 100 dollar denominations only; notes of 500, 1000, 5000, and 10,000 denominations were last printed in 1945." --Donald J. Winn, Assistant to the Board of Governors of the Federal Reserve system

What sweet gig. If I could could get a deal like that and print my own money at the rates of the cost of ink and paper, I would buy lots of gold, then play the market for all that it is worth.

That's exactly what they did to the detriment of the American people.