First buzzed by: anonymous
"President Richard Nixon delinked the dollar from Gold in 1971 (to offset theU.S.'s expansionary monetary policies in the Vietnam era), and major currencies began to float against one another in the value....This special role of the dollar in the international monetary system has contributed to the global scale of the current crisis, which is rooted in a combination of overly expansionary monetary policies by the Federal Reserve and las financial regulations. ~Jeffery Sachs (source Scientific American june 2009). So why would we want the Fox to watch the hen house...not a good plan, I'm sure some loop holes will find its' way into the woodwork and make it worse, if that's possible.
Why is it that this administration will not take responsibility for this economy? They blamed the prior administration for needing the stimulus package, and then blamed them for the huge budget bill they passed. Now that things are not going their way with all that money spent, they are still blaming everyone else but themselves. Mr Geithner knew full well what was going on prior to hime being being appointed Treasury Secretary as he was the pulse of Wall Street. This sounds like the pot calling the kettle black to me. This is my advice to the government, it is time to grow up and take responsibility!!!
They still haven't done anything to protect the American consumer.
Unless they consider Goldman Sachs to be the ONLY American consumer.
Geithner needs to get his head out of Wall street's ass, and start pushing hard for Main Street.
Last time I checked, Franklin Delano Roosevelt took the US off the gold standard thereby creating the first instance of inflation, by printing additional money.
-Your banker goes to Vegas, gambles with your money - loses it all.
- He asks you for more money so he can keep his doors open.
-You lose your job - you ask your banker to re-negotiate the interest rate on your house so you can afford to stay - the bank declines.
- The bank gets your house in foreclosure.
Kinda of a sweet deal for the banking sector.
Derivatives are not for financial wimps. Now the government (Big Brother) will try to protect folks from themselves,again, but chipping away at the laissez-faire of capitalism.
as president of the NY Fed, Little Timmy was responsible for managing the Federal Reserve's most prominent branch headquartered in the "hometown" of the financial industry and surrounded by some of the largest banks and financial exchanges in the world ... and supposedly responsible for regulated many of those large financial institutions.
these comments are a 'Casablanca moment' .. he ""was 'shocked' to discover there was gambling"" in the derivatives market.
Tim you need to shut up. Do you really think anyone believes anything you have to say?
This story made my eyes water, from laughter. Timothy Geithner is a bald faced liar. Heck everybody in govt. who says this took them by surprise is a liar. Lyndon Larouche, for all his faults, is a man who clearly understands economics and has been the lone voice of reason in a sea of overspeculation during the last four decades. Because of the media blackout of him the public was not warned of the deriviatives but every congressman and senator was, from the mid 1990's The laughter keeps coming though because we are getting just what we deserve. After all this you,(not I) are still listening to the very people who got us into this mess. You are still tuning in Fox and MSNBC, if Republican, blaming the Democrats and if Democrat blaming the Rebublicans. There is equal blame to go around but it includes all of us.
"You are still tuning in Fox and MSNBC, if Republican, blaming the Democrats and if Democrat blaming the Rebublicans. There is equal blame to go around but it includes all of us. "
Man those politicians are screwing each and every one of us and without even a kiss!
First and foremost people need to understand that anybody that has a REAL financial genius would not be working for the government when they could make 10 fold more money in the private sector. This clown is working for the government because he to a certain extent is getting immunity for his taxes and no telling what else. All of these financial types that the government has acrued are now rejects and I wouldn't put ANY faith in anything they say. The system they are using to revive the economy won't work and they know it. It just allows them to expand government. It has NEVER worked for any country that has ever used it. This president is in lock step with the old policies of Jimmy Carter and needs to meet the same fate. Gone after one term if we can stand it that long.
They are all liars - Republicans and Democrats. All of them knew the truth but were making too much money and getting big $$ for campaign funds.
We need to let the President and Congress know that we are going to vote all them out of office and keep doing so until we get some honest, patriotic, elected officials that care about the worker, the veteran, etc.
Maybe we should all call for the elimination of all their benefits - health care and retirement. Afterall, the government (we) don't have the money to pay since most of us have or are or will be losing our jobs. We also should demand that they reduce their salaries to today's economy, that is, to what their incomes were during the Great Depression.
Why can't we just put back the regulations that were there until Regan eliminated them? And go back on the gold standard?
Let's spend all our IRS budget investigating all the 10%, starting with the top 1% and work down. There's been research to show that these people have avoided enough taxes to the tune that would restore our economy back to health.
What a crock, And am i just supposed to say okay? Govt. creates system then manipulates for power and benefit thru double talk and an all too accepting voter base. Come on, didn't this guy have tax issues?
Blindsided? The Republicens hit everything else, how did someone not see this coming. Bush's 100 points of light, same as his fathers, make new financial overlords, make them all billionaires, and they will guide America, not the Government. Then those hand chosen few laughed thier ass off, deposited the money in a foriegn bank, and set up shop in China. They are not on a Yacht, off the coast of Dubrovnic Croatia, setting up the real new world order, which involves booze, women, and fast cars. The Swiss won't give it up. America is screwed and broke, even though our gdp is 15 trill, 50 thou for every man woman and child and we are broke. Genius, pure genius.
Goldman Sachs has been creating these bubbles for 100 years. They have also been running the Treasury the entire time. The government wasn't so much blindsided as it was (is) robbed from within.
Blaming governments inability to regulate derivatives begs the question of why the housing market collapsed in the first place. The reason is... government regulation! Encouraging banks to give mortgages to those unable to pay for them is typical behavior for lawmakers more interested in ideology than fiscal responsibility. The response: more government regulation. To quote Pogo, "We have met the enemy and he is us".
The US seems to have a horrible track record with credit. This was the cause of the Depression and the last recession. Here we are again at the same crossroads, still unable to pick up this simple lesson.
The Depression was the first time Americans really dabbled with credit and stocks, so that was are one possibly excusable mistake.
Our learning curb seems to be pretty slow. How many bubbles have to burst and how many debt issues must we be involved in to learn our lesson?
Derivatives are taylor made for crooked companies looking to "tidy up" their balance sheets. They are too subjective in their pricing (see oil futures and bundled mortgages) and greedy company officers will do anything to keep their lavish lifestyles afloat including slitting the throat of the very company they work for to make the buck in the short term. Futures trading (especially in the energy market which is much too crucial to nat'l security to tamper with) should be heavily regulated or done away with altogher. Futures were originally intended for agricultural commodities which fluctuate with uncontrollable forces, i.e. weather, agriculural cycles etc. Deregulation was a disaster and Reagan, the Bushes and yes CLINTON are all guilty of promoting it. We truly left the foxes in charge of the henhouse and another buzzer put it and we were taken to the cleaners.
Who cares what this guy says. He is a tax cheat and he like everyone in this administration still thank the American people are so dumb that we will believe anything, anytime, anywhere. I don't believe impeachment, but these clowns have got to be stopped. Man I hope we make it!
What a POS hypocrite, was Ass. Treasury Sexcretary while this crap was going on, did nothing, you Lehman Bros, Goldman Sachs sychophantic tool. Blow me after you do Soros.
This is political true, but don't dare blame this on the current admin. you moron, it's been in the works for over 20 years coming. It crosses all party lines and ideologies. Our lawmakers were either asleep at the wheel or paid off. Probably a combination of the two, regardless stop you finger pointing idiot, theres plenty of blame on both sides of the aisle. Quit using EVERY buzz board to spew your uninformed b*******.
Ralph Nader warned the government and the people 4 years before the this happened and actually called the fall of the giant brokers and actually detatiled the order in which they would fall. The goverment did not get blindsided, they tuunred a blind eye to it as they were making millions in contributions to do so. Geithner is a liar and a crook in a long line of crooks who have raped and continue to rape our economy.
Hind sight is 20-20 vision. Regardless of what it shows us, we the people have been sold out. We americans(tax paying) have been sold out. With the policies, regulations and laws, business decisions all made from the mind set of GREED and all that derrives from GREED over the past dacades. The well being of this country, sold out. Our system broken, Those that have/are in power failed, we the people had no part in those/these decisions.
Wheres the article about the house passing a 48.5 billion financial aid package to foreign countries? As per. usa today ran briefly last nite!!!
That's just PURE BS. Derivatives were NO secret!
The guy at this website has been BIGTIME warning about derivatives for over 2 years:
http://www.survivalblog.com/
Search on the term "derivatives" at his site and see what he says.
And, he's not the only one.
Funny how some people are so damn angry at others who have actually WORKED for a living and have become successful. President Bush wanted more Americans to live the dream of owning their own home,..simple. However groups, mainly ACORN (now,.. COI,..community organizations international) abused the premise of the idea and pressured financial institutions to put people into houses that were way beyond their means. That is NOT what Bush intended. This was a huge attempt to get low income families into other neighborhoods so that redistrictring would greatly 'CHANGE' results of elections. With visions of a second term, Clinton gave ACORN 45mil $$ of upstart money in 1993 and 8.5 Billion $$ of the current 'stimulus package' is earmarked to funnel through ACORN'S greasy fingers.
Govt. control of the banks is just more of the same, ole, same, ole.
Wake up people. Obama is not interested in fixing America, his only vision is for the govt. to OWN America.
I have no idea why all those DC clowns keep talking about their assumptions on past events-------------------- We really dont care what they assume happened
Have those experts figure out whats going to happen on accoiunt of their own actions------------------------ well may be there is nothing to talk about since all they are doing is raising the future taxburden
He doesn't want to own the government sir, he had a big platter of crap set in his lap. I agree the overblown bailouts and the soft approach, flood the marker with currency is a recipe for disaster and eventual deflation of the U.S. dollar's value. I'm disappointed in him and his overzealous faith in Bernanke, but he's only implementing this policy because the situation, and PLEASE give up on the Clinton thing, I could point out major lapses in all the administrations that lead to this but he hasn't been president in over two terms. He left a surplus by the way, didn't last long with you adored W. did it. Please us a little objectivity in you thought process and you'll realize, they ARE ALL freakin crooks!
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