Saturday, October 31, 2009

What Geithner Really Means.....

Treasury Secretary Tim Geithner was speaking to Congress this week trying to convince one set of crooks that the FSA plan cooked up by another set of crooks was a beneficial plan.



Also this:

http://www.nytimes.com/2009/10/30/business/30regulate.html?_r=1&scp=1&sq=Tim%20Geithner&st=cse

http://dealbook.blogs.nytimes.com/2009/10/29/geithner-recommends-stripping-fed-of-some-bailout-powers/?scp=2&sq=Tim%20Geithner&st=cse

But what does he really mean?

I stated before that he talks the talk but rarely walks the walk.

http://tradersutra.blogspot.com/2009/10/financial-stability-act-i-would-like-to.html

What he really means is although the Tax Payer really shouldn't have to fund another bank bailout, there is not going to be a resolution facility that would make future bank bailouts obsolete. No such measures are going to be implemented to make sure banks are not gambling with customer deposits. No such measures will be implemented to make sure the banks don't use their infinite subsidy against the taxpayer. What Geithner is really proposing is to let the Banks continue to steal all of the money, let them continue to loot the country. Only after they have done so in completely leeching the tax payer, and the entire system is on life support, the ones that survive, which will be the JP Morgans and GS of the world should be the first to bailout the country, not the taxpayer. Wonderful idea. Lets not fix TBTF. We are beyond that. Here we have the Treasury Secretary, the one that is responsible for being the custodian of our countries wealth for future generations basically telling you that TBTF institutions are an official policy going forward. That we should not draft any resolution that would restrict the TBTF ability to take risks with customer deposits. Simply create a penalty(To be levied by the Executive Branch of course)for them after they screw it all up again in the great casino we call financial markets.

What a wonderful depiction of equal representation under the Constitution by Mr. Geithner.

The question to ask is this?
Why is it legal for the Banks to continue to gamble with Tax Payer Money? The answer is THE BANKS RUN THE PLACE!

The banks are using the crisis that they created to liberalize the Casino to scam and loot the tax payer of even more funds.

We need more Elizabeth Warren's, more Neil Berofsky's, and even more Shiela Bair's in this world. I know Bair has her opponents, at least she pretends to be on our side.

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