You have to give Treasury Secretary Tim Geithner points for creativity even if you can’t give him points for honesty.
He’s peered into the official Treasury Department crystal ball and seen a double dip recession in our future. So instead of admitting that Obamanomics has failed, he’s laying the groundwork to blame it on the people who want to reverse those failed policies.
The National Journal covers Geithner’s preemptive butt covering:
Treasury Secretary Tim Geithner said if Congress fails to lift the debt ceiling and the U.S. defaults on its obligations “this abrupt contraction would likely push us into a double dip recession,” painting the most explicitly dire prediction to date of the consequences of inaction.
In a heavily-anticipated response to Sen. Michael Bennet, D-Colo., who asked Geithner to document the economic and fiscal impacts of failing to lift the statutory debt limit, the Treasury secretary detailed a chain reaction that would cripple the economy, costing jobs and income.
A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment,” said Geithner in the letter to Bennet which was dated May 13. “Even a short-term default could cause irrevocable damage to the economy.”
Of course, this is nothing more than Geithner delivering the Obama administration’s agreed upon message:
“The failure of our policies is someone else’s fault.”
Source: National Journal
This post was last modified on January 26, 2021
View Comments (20)
"The Federal Reserve, like any Ponzi scheme, must have new capital or it will collapse."
Sounds kinda like Social Security.
The Federal Reserve, like any Ponzi scheme, must have new capital or it will collapse. Higher debt limit merely postpones the inherent collapse. The Fed will confiscate the entire wealth of the nation for the benefit of Wall Street bankers. The FRBNY handled $8.4 trillion from T-auctions last year and hid the profit from Congress. Is that embezzlement? Ref. http://www.scribd.com/doc/49040689 RIP OFF BY FEDERAL RESERVE
Reduce the debt, get Geithner to pay his back income taxes! Amazing how government officials are exempt and above the law. This includes all the cronnies OLIARO, OBOZO, OCOMMIEO, or whoever this foreigner is, has included as his henchmen for the destruction of our Republic.
Words From a Despicable Piece of Crap , Who Cant Even Calculate His Own Taxes . No Wonder The Chinese Students , Laughed His Ass , Out Of China
Maybe if timmah and the rest of the regimes personnel paid their income taxes we could have gone a few more days.
We were warned TOO many times to count..........we didn't listen......
"Give me control of a nation's money and I care not who makes the laws."
- Mayer Amschel Rothschild
I have this completely radical, totally outlandish and absurd idea.
STOP SPENDING SO MUCH BLEEPING MONEY!!!!!!
If you don't have it, don't spend it. I don't understand why this is such a complicated course of action for these people in Washington.
I bet Timmy Turbo Tax thinks failing to raise the debt ceiling causes Global Warming, too (as well as hemorroids???) Or is it the other way around? Whatever.
He got the 'roids from wearing the guru diaper too long.
LOLOLOLOL!!!
Whats that? Forced socialism not working in this capitalist based economy? Guess the only option is to raise the ceiling like your socialist icons and make things worse....its all the republican's fault! Those evil republicans, their capitalism, and their little governments, HOW DARE THEY!!!!
Socialism? If Lenin came to power in the US today, he would cut spendings to below what the US get from taxes, including welfare and food stamps for the dead weight of US society.
Everyone put to work to rebuild the US industry and army, whovever doesn´t work doesn´t get to eat and when illegals and other scum tries rioting as a result, they meet the firepower of the US military, before special services squads deals with them, if they overrune a whole city, gases are used to crush resistance.
After they are defeated, the whole lot of them are put in work camps, until they have paid for their expulsion to Mexico. When michel moore protest Lenin´s racism, he gets 8 grams of lead for dinner pronto.
Gang members are put into cannon fodder battalions in the fight against anti-Lenin guerilla, if they refuse they are executed, either by bullets or hard labour.
When Mexican military units crosses US borders, the corrupt mexcian politicans end up facing firing squads or left for the lynch mobs organized by Mexican communists. Large strongholds of Mexican resistance meets tactical thermonuclear weapons.
Lenin promotes a natalistic policie to deal with the demographic crunch, former pro-choicers and feministes eagerly agree with him, shitting in their pants at the very idea of disagreeing with him.
Once problems at home are solved, Alaska´s population have increased by 6 millions, Lenin´s middle-east policies is to establish atheisme in Iraq, which becoms an US state, mosques are turned into pig farms and islamistes are fed to them. The US invade Saound Arabia and israel, so the whinning wall and kaballah can be properly defiled, probably with a few millions litres of pig blood.
Any protests in the US against these actions are considered counter-revolutionnary treason, protesters that actually burns the US flag are shot in the leggs with automatics and are told to walk it off.
That is true socialism.
Then we've just eliminated Lenin as Obama's icon.....
Hmmm....Who else?
How can anyone be so right, and so wrong, in the same rant. The difference between you Brits, and Russia after Lenin came to power, is we Yanks will never let our gooberment take our firearms away. If a "revolution" ever starts in this country it will be us citizens starting it, not the government.
To give you a little insight into our mentality google a video by Hank Williams Jr. called "A Country Boy Can Survive". Listen to it and remember it, because that is who we are.
My husband's "theme" song! But squirrel can be tasty if cooked right :)
Democraps create the problem then promise doom and gloom if the People don't relent. Geitner & obuma are the problem and the USA should not raise the debt ceiling. It's nothing more than out of control spending. Time to draw a line and control spending by cutting taxes, repealing 95% of the regulations that stifle our business growth. Less Government is the fix.
Liberals/progressives never understand that what they doing is wrong, they just beleive they have not been able to do enough of it yet.