Geithner. Where is the freaking outrage?

[Jim Nickerson]

It possible that I missed the "outrage" thread regarding Geithner and his tax evasion, so FRED delete this if it is redundant.

Below is one blogger's comments about Geithner, and I don't know diddle about the blogger, nor am I recommending him.

http://tpmcafe.talkingpointsmemo.com...easiness-1.php

Now, Geithner's knowledge of TARP - and his commitment to overhaul the program to ensure more protection and better use of taxpayer dollars - is exactly what we need right now.

However, I don't like the fact that many Cabinet-level designates have had their nominations sacked - some for far less than what Geithner's done. [JN: I don't factually know that is true.] Aside from Geithner's frankly implausible explanation for his missed tax payments (TurboTax? Is THAT the best you can do?), the simple fact is that he is guilty of tax evasion. Exacerbating the ethical issue is the fact that he paid about $26,000 of his back taxes only after Obama picked him to be Secretary.

None of this calls his professionalism into question. What troubles me is the questions this raises about Geithner's basic honesty. The legendary poker player Amarillo Slim once said that he'd never lent a man $200 who had repaid him. If Geithner can't be trusted on such (relatively) small sums, should he really be given the debit card for what is expected to be a trillion-dollar stimulus fund?

So it seems here's a bankster, who found it convenient to rip off the government for $26K, who will now in all likelihood get a government job, healthcare, pension.

What is the matter with Americans? Are you so afraid that we will fall into oblivion unless you give Obama a chance to do things his way with his people of choice despite their track record with honesty? "Hope" will turn out to be a useless word if one is thinking this time things will be different in the government. I hope I am proved wrong, but we seem off to a decent start that I shall not be.

[don]

Re: Geithner. Where is the freaking outrage?

Obama is the pre-collapse McMansion/SUV of politics.

If we get one, we'll be happy

And please, honey, don't nag me on the financial details :p

Give FIRE credit, they've bought time with this deeply cynical play on people's hunger for responsive government.

I've pressed Obama-enthralled people on this and they either don't want to hear it or are holding out hope that Obama alone will overcome the obstacles of his own cabinet, backers, etc. Call it the Secret Wish.

I've been reluctant to voice this but when Obama's credibility is bankrupt, say in a year or two, I would not be surprised if he exits into American mythology and all that entails.

[GRG55]

Re: Geithner. Where is the freaking outrage?

Obama is the pre-collapse McMansion/SUV of politics.

If we get one, we'll be happy

And please, honey, don't nag me on the financial details :p

Give FIRE credit, they've bought time with this deeply cynical play on people's hunger for responsive government.

I've pressed Obama-enthralled people on this and they either don't want to hear it or are holding out hope that Obama alone will overcome the obstacles of his own cabinet, backers, etc. Call it the Secret Wish.

I've been reluctant to voice this but when Obama's credibility is bankrupt, say in a year or two, I would not be surprised if he exits into American mythology and all that entails.

GMO's Jeremy Grantham has some rather scathing commentary about the new President's economic appointments in his latest quarterly. Starts with Rubin and works down through Summers et al, including Geithner. Makes the point that not only did none of these good folks blow the whistle on the bubbles and potential consequences, but some actively obstructed those who were trying.

Also has a short section about "Disillusionment".

As always, worth the read.

On Obama, maybe it's hoping too much but there is always the possibility that he grows into his difficult job and rises to the challenge. He may not be able to suddenly "fix" these problems, but perhaps, just perhaps as he realizes how this came about and what is/is not working he will not be as foolishly loyal to non-performers as the outgoing President, and jettison them promptly.

[bill]

Re: Geithner. Where is the freaking outrage?

It possible that I missed the "outrage" thread regarding Geithner and his tax evasion, so FRED delete this if it is redundant.

Below is one blogger's comments about Geithner, and I don't know diddle about the blogger, nor am I recommending him.

http://tpmcafe.talkingpointsmemo.com...easiness-1.php



So it seems here's a bankster, who found it convenient to rip off the government for $26K, who will now in all likelihood get a government job, healthcare, pension.

What is the matter with Americans? Are you so afraid that we will fall into oblivion unless you give Obama a chance to do things his way with his people of choice despite their track record with honesty? "Hope" will turn out to be a useless word if one is thinking this time things will be different in the government. I hope I am proved wrong, but we seem off to a decent start that I shall not be.

http://www.itulip.com/forums/showthr...1983#post71983
http://www.c-spanarchives.org/librar...ts_id=283506-1

[Master Shake]

Re: Geithner. Where is the freaking outrage?

Haven't you heard? Obama is The Messiah. He can do no wrong.

One can only wonder how apoplectic the press would have been if Geithner were the nominee of a Republican.

[Slimprofits]

Re: Geithner. Where is the freaking outrage?

One can only wonder how apoplectic the press would have been if Geithner were the nominee of a Republican.

Only if one is a Republican True Believer. Even Fox News stopped covering this two full days ago. It probably wasn't a net positive for ratings. Political Theatre is a business with a bottom line, like any other.

Americans, by and large not outraged over the $350 billion in CRAP funds that are sitting in bank coffers and they most certainly don't care about a $26k tax cheat. I'm surprised that anyone on Itulip is surprised by this turn of events.

[don]

Re: Geithner. Where is the freaking outrage?

Haven't you heard? Obama is The Messiah. He can do no wrong.

One can only wonder how apoplectic the press would have been if Geithner were the nominee of a Republican.

"Obama is not only an extraordinary leader, he's an extraordinary brand," says Golden Gate University Ageno School of Business marketing Professor Michal Ann Strahilevitz. "Like all great brands, he stands for something meaningful, and he inspires. ... 'Yes We Can' reminds me a great deal of 'Just Do It.' "

Or how about "Don't Worry, Be Happy" :p

If you see this through the tried and failed partisan ideology filter you miss the boat. This is a con job of the new century, threatening to unseat the neo-con job. The FIRE state Kabuki Theater, pulling out all the stops.

Broadway, baby

link to above:
http://www.sfgate.com/cgi-bin/articl...MNKF15FUK5.DTL

[petertribo]

Re: Geithner. Where is the freaking outrage?

Obama is a hostage to the Financial Crowd; he had to take Geithner, that is who they wanted. This is a tip off to how it all will go. Obama like the last guy is a passenger and front man.

Geithner even used his kids to participate in his criminality, illegally writing off their camp expenses. Similiar to Obama's open letter to his children used for PR purposes. Kids are just assets in the game.

Amazingly some even suggested Geithner is not a member of the ELITE!
"a group of persons exercising the major share of authority or influence within a larger group"
http://dictionary.reference.com/browse/elite
So, the head of the New York FED is not exercising major authority of influence. Unbelievable.

Lastly, what a lowlife deadbeat this guy is to cheat on his taxes, get cheap immigrant labor, use his kids in his scams. Of course, the Senate did not want to look under this guy's large rock to see what else was there. Maybe a sweetheart mortgage deal like some Senators themselves have.

But unlike normal people, he can hold his head high since he only meets and greets his own kind who engage in similar activities.

"Timmie, you're doing a heck of a job."

[politicalfootballfan]

Re: Geithner. Where is the freaking outrage?

----nm----

[santafe2]

Re: Geithner. Where is the freaking outrage?

GMO's Jeremy Grantham has some rather scathing commentary about the new President's economic appointments in his latest quarterly. Starts with Rubin and works down through Summers et al, including Geithner. Makes the point that not only did none of these good folks blow the whistle on the bubbles and potential consequences, but some actively obstructed those who were trying.

Also has a short section about "Disillusionment".

As always, worth the read.

On Obama, maybe it's hoping too much but there is always the possibility that he grows into his difficult job and rises to the challenge. He may not be able to suddenly "fix" these problems, but perhaps, just perhaps as he realizes how this came about and what is/is not working he will not be as foolishly loyal to non-performers as the outgoing President, and jettison them promptly.

I try to be realistic about how many changes Obama can possibly make early on without being crushed by the FIRE establishment. That Geithner and others are part of his inner circle should make it clear to all that the debt based economy will not die out easily. He's clearly only a step above Blagojevich.

Building a productive economy is a lot of work and the US won't change until it's abundantly clear that this is the easier path to wealth. We had an election in the US, not a revolution. The changes will be gradual but I trust his leadership more than I would the alternative.

[GRG55]

Re: Geithner. Where is the freaking outrage?

I try to be realistic about how many changes Obama can possibly make early on without being crushed by the FIRE establishment. That Geithner and others are part of his inner circle should make it clear to all that the debt based economy will not die out easily. He's clearly only a step above Blagojevich.

Building a productive economy is a lot of work and the US won't change until it's abundantly clear that this is the easier path to wealth. We had an election in the US, not a revolution. The changes will be gradual but I trust his leadership more than I would the alternative.

I am inclined to be a bit more charitable, for now at least.

Perhaps the new President realizes there would be no chance of making any reforms of the financial system without involving some of the most influential participants. I notice Obama prefers to quote Lincoln and has been compared with Kennedy, but maybe he's acting like Johnson...

"It's probably better to have him inside the tent pissing out, than outside the tent pissing in."

Lyndon Johnson, when asked why he chose to reappoint J. Edgar Hoover as FBI director; quoted in NY Times, October 31, 1971

[jk]

Re: Geithner. Where is the freaking outrage?

from what i've read, obama is also a big believer in expertise. this is a step up from faith based policies, but leads him to established/establishment advisors. as grantham points out, volcker is the one advisor who MIGHT point in a different direction, but i'd be far more reassured if obama has at least one senior advisor who accurately labeled real-estate a bubble before the peak.

[don]

Re: Geithner. Where is the freaking outrage?

Jan. 27, 1959: Aldous Huxley, who wrote his famous novel "Brave New World" 27 years ago, warned that it is all coming true 500 years ahead of schedule. Huxley's novel foretold an era when people's minds would be controlled by drugs and the spirit of freedom would be erased from human consciousness. That era is on its way in America right now, according to Huxley. It will be an era when such American institutions as the Supreme Court and free elections exist "purely as symbols - like the British monarchy" and "power will be in the hands of the experts," Huxley said. Manipulation of personality by drugs is already here, Huxley said, and the manipulation of minds by subtle propaganda techniques already sways millions. "Clubs, concentration camps and terror are really inefficient methods of subjection," he said. "It is much better to get people to love their servitude, rather than bully them into it. And the really scientific dictatorships will do this with drugs. Our dictators will instill in us an enormous euphoria, so that it is impossible to dream of revolution." The 64-year-old British author delivered this prophetic knell to a news conference at the University of California Medical School. Doctors at the school are holding a three-day study session to explore progress in the development of drugs that calm, stimulate and induce or end hallucinations. Some doctors claim the drugs will empty mental hospitals; others claim they merely mask the symptoms of the acutely ill. (SF Chronicle)

1959- Mother's Little Helper, aka sedatives or tranquillizers. 2009- "ADHD" pre-schoolers given stimulant medications.

[jk]

Re: Geithner. Where is the freaking outrage?

i think that consumerism, far more than drugs, has been the opiate of the masses.

[don]

Re: Geithner. Where is the freaking outrage?

i think that consumerism, far more than drugs, has been the opiate of the masses.

We've seen it all, haven't we. Insane consumption, hosed with drugs both legal and otherwise, and religious fundamentalists. It takes a lot of fuel to keep a FIRE burning ;)