Fumble! Geithner speaks, dollar dives

posted at 12:12 pm on March 25, 2009 by Ed Morrissey

The Barack Obama Amateur Hour continues today, with Treasury Secretary Tim “Literally The Only Man Who Can Do The Job” Geithner speaking at the Council of Foreign Relations today.  A panelist asked Geithner about China’s call to move away from the US dollar and to create a new strategic reserve currency based on international organizations.  Geithner said that sounded great, and got the utterly predictable result:

In a blink of an eye, the U.S. dollar has collapsed against the Euro, Japanese Yen and other major currencies. The trigger was comments from Tim Geithner who said that the U.S. is “quite open” to China’s suggestion of moving towards a Special Drawing Right (SDR) linked currency system. If the world adopts the SDR, which was created by the IMF as an international reserve asset, it would mean that countries around the world would need to hold less U.S. dollars. The U.S. is probably open to this suggestion because a weaker dollar is stimulative for the U.S. economy and would relieve the U.S. from having to implement effective monetary policy while balancing the international demand for a reserve currency.

Geithner’s comments indicate that the U.S. is not taking China’s suggestion with a grain of salt and instead is giving it legitimacy. This is extremely important ahead of the G20 meeting. The only question is whether this is another amateur mistake by the new U.S. Treasury Secretary.

Question answered:

The dollar pared losses versus the euro on Wednesday after U.S. Treasury Secretary Timothy Geithner said the dollar was likely to remain the world’s reserve currency for a long time.

The U.S. dollar fell to a session low against the euro after Geithner said he was “quite open” to China’s suggestion of moving toward SDR-linked currency system.

The dollar began regaining some lost ground after the moderator nudged Geithner into a clarification.  Kathy Lien asks whether any grown-ups work in the Obama administration at all:

These contradictory statements are clearly the act of an amateur Treasury Secretary that has been thrust onto the public forum and is struggling with the need to be very particular in his choice of words. Geithner is learning the hard way about the impact that his comments can have on the currency market and despite his attempt to pacify investors, his words have left air of uncertainty in the U.S. dollar.

As if we didn’t already know that from the AIG bonus implosion.  Geithner got a reprieve from talk about his ouster with the warm reception of his toxic-asset plan this week by Wall Street, but this should really be the last straw.  If Geithner is too inexperienced or obtuse to understand that legitimizing a suggestion to move away from the dollar could be harmful to American interests — especially at a time when President Obama needs to sell trillions more in debt — then he’s too stupid by half to hold his present job.

Haven’t we lived with this embarrassment long enough?


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Uhm, no. Nobody in the world is so insane. Chinese currency is essentially tied to U.S. dollar. Plus if U.S. dollar becomes worthless, Chinese exports will be among the first to suffer.

Your logic is only reasonable for a website like PalinForConservativeCellularBiologyAndAtmosphericSciences.com

radiofreevillage on March 25, 2009 at 4:46 PM

Have you ever heard of Bretton Woods? Have you been watching what the G20 and the UN have been up to? China holds 2 1/2 trillion of our debt and there is double that being held all over the world because everyone agreed that the dollar was the standard. They are about to change their mind and looking for an alternate currency. It will happen and when it does we will have hyper inflation as the value of the dollar plummets to nothing. You really need to do some reading on this because the unthinkable is sitting there on the cliff’s edge waiting to jump off and all it may take is Geithner saying the wrong damned thing.

There is no world law that says the dollar will remain the standard forever and we are doing everything in our power to destroy the informal understanding we’ve always enjoyed with the rest of the world.

It’s just business. When they find an alternative they are going to jump.

BrideOfRove on March 25, 2009 at 5:32 PM

Morons.

Terrye on March 25, 2009 at 5:38 PM

Indeed:

UN says ditch the dollar

on creating a new international reserve currency and international control of banks

LegendHasIt on March 25, 2009 at 5:39 PM

Thank you.

BrideOfRove on March 25, 2009 at 5:44 PM

Adults are in charge.

getalife on March 25, 2009 at 10:54 AM

‘nuf said.

unclesmrgol on March 25, 2009 at 5:53 PM

Do you understand? Those of you who shrug at news like this and say it will never happen? Do you understand what it means? These countries – these nations that we have an uneasy alliance with and with whom we have engaged in war with – without firing a single shot they can destroy us through the monetary system.

For several years now they have been maneuvering to supplant the dollar with a global currency and control the global market through a central government. We are not a super power because we can kick ass. We are a super power because our economy and dollar run the damned world. The G20 meeting is this week and they laid the ground work to dump the dollar at the last meeting.

This is historic stuff. If they do this, we do not have a hope in holy hell of recovering from it. When Geithner says we will have a different kind of capitalism he isn’t joking.

What Geither did today was BLINK in a stare down.

BrideOfRove on March 25, 2009 at 5:53 PM

Indeed:

UN says ditch the dollar

on creating a new international reserve currency and international control of banks

LegendHasIt on March 25, 2009 at 5:39 PM

I say we ditch the UN. First kick every mother-one-of-them out of the country. Then snip the purse strings.

Let them set up shop in Darfur…..

vapig on March 25, 2009 at 5:54 PM

UN says ditch the dollar

Awwwwww, conservatives taking cues on American economy from the UN. Every new day just keeps giving.

radiofreevillage on March 25, 2009 at 5:54 PM

At some point, you’ve got to start believing it’s all intentional. Deepen the crisis to take over more and more control with little resistance.

TheBigOldDog on March 25, 2009 at 1:52 PM

Add my name to the list of folks that are dittoing this sentiment. Chaos and Alinksky with a little Soros added in for good measure doth maketh one lovely Marxist nation.

We the People have so many fires to put out because of the chaos being created, and we do not know which one to focus on and put out first. Is it universal, socialistic health care, the cap and tax us into oblivion, spending money like drunken sailors, taking over private corporations/businesses or the manufactured class warfare? Or is it just the entire and total destruction of the Constitution?

And dittos to the question of what is going to happen to us if attacked! Right now Great Britain is under the greatest threat of chemical or nuclear terrorism in quite some time. The answer to the question for us might lie in what happens after they are attacked. Most intel is suggesting the terrorists would like to attack Britain during the G20. What will we do and how will we come back if WE are attacked and what will we do for our allies if THEY are attacked? Give them a DVD set and some plastic helicopters? At the rate these folks are going we really might resemble a banana republic, and if we go so goes the world. I am beginning to believe that is what this is all about; not just our demise but the demise of the one democracy/republic that protects the world. If WE are out of the way then they (Soros and gang) will have finally achieved the ability to rule the world with no obstacles of any sort.

If you are not involved in something- anything to fight back the arms of tyranny, then I implore you to get involved and fast. America can survive this, but it is going to take all of us pulling together. We were born with freedom stamped on the bottom of our feet, and love of country written on our hearts. Each one of us can do something that will make a difference, and it is time to do that something.

God Bless America!

freeus on March 25, 2009 at 5:55 PM

Awwwwww, conservatives taking cues on American economy from the UN. Every new day just keeps giving.

radiofreevillage on March 25, 2009 at 5:54 PM

You have no idea what you are talking about. I can only asume you believe we deserve to collapse and you have no family to worry about or job that matters to you.

BrideOfRove on March 25, 2009 at 5:56 PM

Do you understand? Those of you who shrug at news like this and say it will never happen? Do you understand what it means? These countries – these nations that we have an uneasy alliance with and with whom we have engaged in war with – without firing a single shot they can destroy us through the monetary system.
Brideof Rove

Actually, they can either look at our paper, or they can spend it back here. Because with this administration it doesn’t matter how much debt a country owns – they’ll just print up what they need to pay it off.

vapig on March 25, 2009 at 5:57 PM

I say we ditch the UN. First kick every mother-one-of-them out of the country. Then snip the purse strings.

Let them set up shop in Darfur…..

vapig on March 25, 2009 at 5:54 PM

+1000!

Disturb the Universe on March 25, 2009 at 5:57 PM

Add my name to the list of folks that are dittoing this sentiment. Chaos and Alinksky with a little Soros added in for good measure doth maketh one lovely Marxist nation. freeus

You’d have to disarm this population first and that’ll never happen.

DO dream on, though…..

vapig on March 25, 2009 at 5:58 PM

You have no idea what you are talking about. I can only asume you believe we deserve to collapse and you have no family to worry about or job that matters to you.

Given the assumptions you have no problem making, I find it hilarious that you would judge who has no idea what they are talking about. :)

radiofreevillage on March 25, 2009 at 6:00 PM

+1000!
Disturb the Universe

Thank you!

vapig on March 25, 2009 at 6:00 PM

…”Special Drawing Right (SDR) linked currency system”.
Translation: A Global Currency. This is what Timmy agreed to today after he had assured Congresswoman Bachman tesyerday that they would NOT sign on to a Global Currency.
I know it’s crazy, but the whole gang needs to go; we cannot survive 4 MONTHS under this socialist coup carried out by puerile fools and massive incompetents, four years is way too long to wait…Joe Biden looks pretty good right now, as a very lame duck.

Christine on March 25, 2009 at 6:06 PM

Do you understand? Those of you who shrug at news like this and say it will never happen? Do you understand what it means? These countries – these nations that we have an uneasy alliance with and with whom we have engaged in war with – without firing a single shot they can destroy us through the monetary system.
Brideof Rove

I know!!111 Tin foils everybody!!11 “These countries” are coming.

After all the UN is so good at monetary policy. After all, it consists of countries with currencies that the US dollar can only envy. Like, for example, uhmm… or also…

radiofreevillage on March 25, 2009 at 6:06 PM

yesterday!

Christine on March 25, 2009 at 6:06 PM

You’d have to disarm this population first and that’ll never happen.

DO dream on, though…..

vapig on March 25, 2009 at 5:58 PM

A weapon means nothing without the will to use it.

There are two ways to win a war… you either take away their ABILITY to fight… or their WILL to fight…

The education system of America has been indoctrinating American into the Government cure for all ills meme for 2 generations now… directly attacking the WILL to fight.

Question is have they succeded?

Romeo13 on March 25, 2009 at 6:07 PM

Ignore the ignoramus…or is s/he pulling our leg?…nobody is that stoopid…or is he?

Christine on March 25, 2009 at 6:09 PM

Christine on March 25, 2009 at 6:09 PM

We used to have a leftwing idiot troll here who came from Russia, living in I believe, the north-west, who’s Russian language blog was centered around begging for money. (at least according to babelfish) His name was “freevillage”. freevillage got banned for some offense that managed to get even our easy going hosts upset.

Don’t know if it is a resurrection or mere coincidence, but the style is much the same.

LegendHasIt on March 25, 2009 at 6:20 PM

Joe Biden looks pretty good right now, as a very lame duck.

Christine on March 25, 2009 at 6:06 PM

Joe Biden would be a serious improvement for the simple fact he doesn’t have a cult following. Objective criticism would come back at some level and get us a fighting chance at adult decisions. Right now Obama uses his support to ram through what others would be asked to resign for.

Conan on March 25, 2009 at 6:20 PM

I know!!111 Tin foils everybody!!11 “These countries” are coming.

After all the UN is so good at monetary policy. After all, it consists of countries with currencies that the US dollar can only envy. Like, for example, uhmm… or also…

radiofreevillage on March 25, 2009 at 6:06 PM

Not an American then? Well. Enjoy the show. It promises to be spectacular.

BrideOfRove on March 25, 2009 at 6:23 PM

It made my stock plans change today. When will these guys learn to shut up? If its not him its Bomma kicking the market to the curb.

johnnyU on March 25, 2009 at 6:30 PM

A primer for those who think nothin’s goin’ on here:

Why is the Weak Treasury Auction a Big Deal ?

The weak Treasury auction may not have been such a big deal if it wasn’t for a failed auction of U.K. Gilts hours earlier because a failed auction can have many implications. First, it drives yields higher than initially forecasted which means that the U.S. government will have to do more to bring yields down – higher yields will stifle the Fed’s recovery efforts. It also suggests that foreign investors are worried about the growing cost of the country’s stimulus package and bailout programs. Over the next few months, more debt will flood the markets as the U.S. tries to finance its stimulus initiatives and the fear is that future auctions could face similarly weak results. However before getting overly pessimistic, it is important to realize that options expiration recently occurred which may have contributed to the weak demand and although the results are significantly weaker than the February auction, it is only marginally weaker than the last 10 auctions.

The outcome China is happy with

It is unrealistic for China to expect the U.S jump on the bandwagon and immediately support their call for a global reserve currency. However China’s comments earlier this week accomplished two very important goals – it increased the influence of the country’s leaders while challenging the credibility of the Obama Administration. China’s desire is to become a financial force to be reckoned with and the media coverage of their comments plus the response by the U.S. government legitimizes their international presence. Following Geithner’s fumble Volcker and IMF’s Strauss-Kahn all reaffirmed the U.S.’ strong dollar policy. This same view was shared by President Obama last night who downplayed the need for a global currency. Yet this morning Geithner still mistakenly suggested that the U.S. would be open to such an idea. Having triggered a sharp sell-off in the U.S. dollar, he quickly retracted his comments sending the dollar for a ride . Even though the threat of a new world reserve currency challenging the U.S. dollar is an insignificant one for the time being, Geithner’s words have left an air of uncertainty in the U.S. dollar and the current Administration.
http://www.fx360.com/commentary/kathy/899/us-dollar-why-are-failed-auctions-important.aspx

This is an excerpt from a trade website that is not known for partisan politics. If some of you are not concerned about what is going on, you need an education.

Cody1991 on March 25, 2009 at 6:42 PM

it would mean that countries around the world would need to hold less U.S. dollars.

That should read “fewer U.S. dollars.”
The English language is being trashed just as much as the U.S. dollar is.

jgapinoy on March 25, 2009 at 6:45 PM

Take him out.
.
.
.
.

(of the Treasury)

omnipotent on March 25, 2009 at 6:46 PM

The only thing which makes sense if China is trying to hurt the dollar is China planning to no longer buy our debt. They don’t want to be paid back in dollars worth less than they borrowed.

I hope DC has a Plan B involving budget deficits about 1/20th of what they’re projected to be for the next ten years. Oh, and that includes projected entitlement outlays.

Beagle on March 25, 2009 at 6:47 PM

Er, we borrowed, not “they”. I’m still not used to being a debtor nation.

Beagle on March 25, 2009 at 6:51 PM

Yes, the nation has armed up. Yes, the nation has bought enough bullets and gun powder for a long battle. Will it come to that? I sure hope not.

First things first. Peaceful (at least no weapons yet, kicking some Liberal ass is peaceful enough for me) demonstrations with large numbers in every major city across the nation. Throw a few hundred demonstrations at the doorstep of every element of the MSM is a must do also. Fight fire with fire with the likes of ACORN and other little Obama thug groups. Get UNIONS (especially the teachers & teamsters union) in the public eye, forcing the media to engage in the conversation about the partnership unions have with the Democrat Party, as well as the partnership unions have with violence and thuggery.

Of coarse, these are just a few actions to get the rebellion started. The tea parties are a good start, but they need to grow in size. They also need to be expanded to take on the elements of Liberalism and the Liberal machine directly. Piece by piece, make the world aware of what most of here at HA already know.

Slime bags, every one of them. Obama is a cold human, and his wife has the same kind of cold heart. Too late now for the “how did we get here” crap. Action, action, action…

Keemo on March 25, 2009 at 7:04 PM

OMT: The president that kicks the UN off American soil will go down in history as one of the most popular evah…

Keemo on March 25, 2009 at 7:06 PM

At some point, you’ve got to start believing it’s all intentional. Deepen the crisis to take over more and more control with little resistance.

TheBigOldDog on March 25, 2009 at 1:52 PM

Your beginning to see things a little more clear now. I’m grateful, we need more patriots with open eyes.

The global elitists have had us in their crosshairs for a long time, they knew that in order to establish their banking oligarchy that they would have to collapse our economy.

Geithner is part of the problem, he wrote the first TARP, he continues to dither, he is completely beholden to the international banking cartel, he was the head of the freaking New York Fed for goodness sakes. Obama wants to give him more power to take over businesses, which is the same thing as the Fed taking over any business it wants.

I hope more and more understand what is going on. This is a move the the global elite that have lusted after economic domination of the citizens of America. They do this with third world countries all the time. Look at what they did to Argentina, from first world to third world overnite. They create a bubble with low interest rates then collapse it with tightening the credit supply, either with a credit freeze or with higher interest rates. Couple that with back to back big spending Presidents, something the elite have always wanted, and you have the current collapse.

True_King on March 25, 2009 at 7:08 PM

Take him out.
.
.
.
.

(of the Treasury)

omnipotent on March 25, 2009 at 6:46 PM

It wont make a difference, he will be replaced by someone the Feds like no matter what. It’s the same people all the time.

True_King on March 25, 2009 at 7:09 PM

These stupid f*@^$ must be doing this on purpose. Surely. they. aren’t. this. incompetent.

eaglesdontflock on March 25, 2009 at 7:24 PM

Don’t forget, now. Geithner’s daddy is important. A player.

eaglesdontflock on March 25, 2009 at 7:25 PM

Question is have they succeded?

Romeo13

Have you tried to buy bullets lately?

vapig on March 25, 2009 at 7:37 PM

Every day is kindergarten time.

Johan Klaus on March 25, 2009 at 7:46 PM

These stupid f*@^$ must be doing this on purpose. Surely. they. aren’t. this. incompetent.

eaglesdontflock on March 25, 2009 at 7:24 PM

Crash the economy, usher in socialism.

Johan Klaus on March 25, 2009 at 7:48 PM

LegendHasIt on March 25, 2009 at 4:46 PM

Perfect, by concept, words, et all.

I’ll add that Soros should be watching Obama, who’s watching the kid (Geithner), who makes mollusks appear vertebrate.

Entelechy on March 25, 2009 at 7:49 PM

These stupid f*@^$ must be doing this on purpose. Surely. they. aren’t. this. incompetent.

eaglesdontflock on March 25, 2009 at 7:24 PM

You can get odds in Vegas on that.

BobMbx on March 25, 2009 at 7:54 PM

These stupid f*@^$ must be doing this on purpose. Surely. they. aren’t. this. incompetent.

eaglesdontflock on March 25, 2009 at 7:24 PM

There’s this on how profitable the AIG outrage has been for certain people.

And Soros is doing well…

Sometimes, you really are being followed.

unclesmrgol on March 25, 2009 at 8:28 PM

At some point, you’ve got to start believing it’s all intentional. Deepen the crisis to take over more and more control with little resistance.

TheBigOldDog on March 25, 2009 at 1:52 PM

Of course its intentional, nobody want to look that square in the eye, but of course its intentional.

Maxx on March 25, 2009 at 8:46 PM

I guess I’m the only conservative that thinks this is a good idea. Getting there is a long road. The process of economic and monetary union in the EU leading up to the single European currency took about a decade, and there the Bundesbank was able to dictate terms. The Euro has reduced costs of trade and has proved to be a stable store of value (Inflation for the Euro zone since 2000 has been comparable to the dollar, even though their (much higher) unemployment creates political pressure toward a looser monetary policy to spur growth). I certainly think the European Central Bank is a more trustworthy institution than the Fed for making monetary policy independent of political considerations.

Ted Torgerson on March 25, 2009 at 8:56 PM

Ted Torgerson on March 25, 2009 at 8:56 PM

You think its a good idea for our dollar to become worthless? Yes, I’d venture to say you are the only one here that thinks that.

Maxx on March 25, 2009 at 9:05 PM

Fumble! Geithner speaks, dollar dives

…yet when that administration spoke earlier it rose more than a few points.

Sorry if that bursts your bubble.

sethstorm on March 25, 2009 at 9:06 PM

Crash the economy, usher in socialism.

Johan Klaus on March 25, 2009 at 7:48 PM

That’s been the plan of Democrats since before I was born.

Maxx on March 25, 2009 at 9:08 PM

Nice try Ed, Geithner isn’t going anywhere, the dow was up 90 points today. So Ed in your convoluted world did Geithner’s statement affect the dow and the dollar. Or are you just desperate to find anything to pin on Geithner or Obama? Cuz man, it seems like your just flailing around. Or is it that your party and you just tries a different tact everyday and then pray something sticks? You don’t think that seems obvious? Even a fool knows we’ll never abandon the dollar. So you must be just trying to rile up the loons. Seriously, the gop and its tactics are pathetic. Reagan is truly turning over in his grave. His movement has lost its soul.

athensboy on March 25, 2009 at 9:12 PM

Keemo on March 25, 2009 at 7:04 PM

Problem: Some of you may have been responsible for the mess or support someone who was.

How about exposing some of your own thugs like Vance International, the modern day Pinkerton thug. Same with folks like Mr. Lotito of NJ who are afraid of unions and sympathisers hearing what they have to say on how to combat them. Never mind the countless groups that defend them and Wall Street from any action taken.

Clean your house out.

sethstorm on March 25, 2009 at 9:13 PM

athensboy on March 25, 2009 at 9:12 PM

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Haven’t we lived with this embarrassment long enough?

Dabama says no. He needs people he can pass the buck to.

DannoJyd on March 25, 2009 at 9:18 PM

Interesting chart showing the projected deficits. You OBAMA supporters are truly idiots.

http://www.moonbattery.com/archives/2009/03/rising_tide_of_1.html

Jamson64 on March 25, 2009 at 9:23 PM

<blockquoteDoctor Zero on March 25, 2009 at 5:28 PM

I like your comments. They’re good.

BadgerHawk on March 25, 2009 at 9:24 PM

Problem: Some of you may have been responsible for the mess or support someone who was.

How about exposing some of your own thugs like Vance International, the modern day Pinkerton thug. Same with folks like Mr. Lotito of NJ who are afraid of unions and sympathisers hearing what they have to say on how to combat them. Never mind the countless groups that defend them and Wall Street from any action taken.

Clean your house out.

sethstorm on March 25, 2009 at 9:13 PM

Oh, it is going to be thug count? Your f’n party wants card check…debate is over. Your party wants to legalize thug union intimidation. Why don’t you take a nap until your next class.

ClassicCon on March 25, 2009 at 9:32 PM

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Sorry that AZT isn’t working out so well for ya…

ClassicCon on March 25, 2009 at 9:37 PM

athensboy on March 25, 2009 at 9:12 PM

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Two gnats trying to rattle a giant. RR is smiling with bonhomie.

Entelechy on March 25, 2009 at 9:42 PM

In terms of stock market fear, attempts to blame the movements of the markets over the course of two months on Obama are questionable at best, plus the market is about where it was when Obama took office.

tneloms on March 25, 2009 at 2:47 PM

Poppycock.

The Dow was around 11.7k and took a dive after Obama won the Democratic nomination.

All the autumn polls were predicting a further increase to the ’06 Democrat majority in Congress, and a win in the White House…

…and the Dow went down, down, down.

It lost a full 25% of value during this time.

Then the election results came in and the Dow dove once again. Apparently, the markets left a little room for the possibility that the polls were wrong.

And the Dow went down, down, down, as much as ANOTHER 25%

In fact, every time Obama opened his mouth it went down, down, down….

As far as the last two weeks in concerned, two weeks does not make a trend.

The trend is:

Since August, when it became apparent that the Left was positioned to increase its power in Washington, the Dow is down one third.

Wake up and smell the coffee.

Saltysam on March 25, 2009 at 10:05 PM

Don’t read too much into the market’s gain after Geithner released his plan. Market’s hate uncertainty. So the jump didn’t necessarily mean investors liked his idea as much as they were just relieved to have the uncertainty about it removed… finally!

Heywood U. Reedmore on March 25, 2009 at 10:10 PM

President Urkel and Treasury Secretary Festus are going to destroy this country one way or another and the Republican Party is going to stand silent as mouse in a church and watch?

Tea Parties with pitchforks and torches and TERM LIMITS

dhunter on March 25, 2009 at 10:10 PM

Wake up and smell the coffee.

Saltysam on March 25, 2009 at 10:05 PM

Heh, Sam, when one is as full of caca as they are, smells of coffee or roses are hard to penetrate.

Entelechy on March 25, 2009 at 10:50 PM

athensboy on March 25, 2009 at 9:12 PM

Don’t blame Ed. This is all on obama/geithner. All their mess! Geithner is old enough and been in financials (NY Fed) long enough; he should know ‘words mean something’. His first presser, the markets tanked. His staff is non-existent -Frank Brosens quit yesterday- that is FIVE who have jumped ship!

Oh, and Geithner’s Toxic Assest Plan he announced this week? NOT his plan! It was the original plan when TARP I was announced in 2008.

Geithner: Tax Cheat In.Over.His.Head

TN Mom on March 25, 2009 at 10:56 PM

athensboy on March 25, 2009 at 9:12 PM

So you voted for Reagan? Really? A school project for best president?

Johan Klaus on March 25, 2009 at 10:59 PM

TN Mom on March 25, 2009 at 10:56 PM

You’re not pc. They now call them “legacy assets”, just like there’s no more “war on terror”. It’s now something I can’t remember, aside from being insane.

Entelechy on March 25, 2009 at 11:08 PM

Entelechy on March 25, 2009 at 10:50 PM

I pity those that cannot see the forest through the trees.

“We can easily forgive a child who is afraid of the dark, the real tragedy of life is when men are afraid of the light.”

Plato

Saltysam on March 25, 2009 at 11:12 PM

ACKBAR KNOWS:

TARP

LegendHasIt on March 25, 2009 at 11:23 PM

TN Mom on March 25, 2009 at 10:56 PM

You’re not pc. They now call them “legacy assets”, just like there’s no more “war on terror”. It’s now something I can’t remember, aside from being insane.

Entelechy on March 25, 2009 at 11:08 PM

No more Terrorist either. Homeland Seccurity now insist on calling them Man-Caused Disasters.

Betcha the CIA guys love that!

TN Mom on March 25, 2009 at 11:23 PM

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Says the infant who cheers arbitrary confiscation by the federal government.

Don’t worry Ronnie, they’ll learn their lesson soon enough.

Obama’s no FDR. Hell, Obama’s no Carter.

Chuck Schick on March 26, 2009 at 12:02 AM

Suicide.

That what it is. Western Civilization has collectively decided to commit suicide.

I can’t read the news today without reading about another case of the West slitting its own throat.

Excuse me while I go put on Suicide is Painless to try and numb myself to the future destruction of my beloved country.

Sackett on March 26, 2009 at 12:32 AM

Excuse me while I go put on Suicide is Painless to try and numb myself to the future destruction of my beloved country.

Sackett on March 26, 2009 at 12:32 AM

Thanks, now I have the stinkin MASH theme stuck in my head on top of everything else.

BadMojo on March 26, 2009 at 1:11 AM

How about contradicting himself less than 48 hours later? On Monday (under oath I believe)
Michelle Bachman(R-MN) point blank asked both Geithner and Bernake if they would renounce the Chinese proposal to replace the dollar with a global currency. She was very specific and asked for an absolute answer. Both answered with an unequivocal answer…they both said no to even considering replacing the dollar under any circumstances.

I don’t know why I’m not seeing this mentioned anywhere in context to his comments today that absolutely contradict his statement before congress just 48 hours ago. It is on video.

Ed, maybe you could pull-up the video uin fromn to Michelle Bachman.

Lara on March 25, 2009 at 2:30 PM

I saw the same thing Lara. Was sure it would have been mentioned already.

Here’s the video. Fast forward ahead to 1:51 for the statements in question.

Geithner practically answers before she has the complete question fully stated and Bernanke looks like he just got caught flogging the dolphin by his mom…he doesn’t have the guts to look her directly in the eye when he answers.

selias on March 26, 2009 at 1:38 AM

ClassicCon on March 25, 2009 at 9:32 PM

Well, if it passes, it’d only be dishing out to business what business has already dished out to unions.

Perhaps it would be a good time to suggest a credible alternative that isn’t designed to kill the bill.

sethstorm on March 26, 2009 at 2:46 AM

Soros must have loved this. I bet he made a lot of money shorting the dollar.

LarryD on March 26, 2009 at 10:45 AM

It’s just business. When they find an alternative they are going to jump.

BrideOfRove on March 25, 2009 at 5:32 PM

That is the key. They have not jumped. The Chinese would prefer it.

The problem today is who do you trust the most, or who do you fear the least?

If China the nation was trusted as a sanctuary of wealth they would have jumped to China a long time ago

Creating a compendium currency is the act of combining the trustworthiness of multiple nations, and that rises or falls on the trustworhiness of the weakest and worst nation in the group, as has been seen with the Euro, where the better currency is dragged down by the weaker members

China is going downhill with overpopulation and strained resources at least as quickly as it moves uphill in productivity. The first factor may soon negate the gains

People are betting their remaining lifespans will not intersect with China’s turning point so they run factories in China but will not trust China enough to put their gold into Chinese banks by using Chinese currency

I do not see at this point why they would accept a compendium currency that included China for the same reason

We are the least bad alternative, even with Obama

IMHO a war will come before this problem is resolved

entagor on March 26, 2009 at 12:41 PM

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