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Tim Geithner, from zero to hero?
Sunday, March 29, 2009
Treasury Secretary Tim Geithner debuted on the Sunday morning talk show circuit today speaking with David Gregory on Meet the Press and George Stephanopoulos at This Week.
Geithner explained, "Economies require banks because they require credit. Credit is like the blood, it's like the oxygen of any economy. And for us to get the economy growing again, we need to make sure there's going to be credit available..."
Yes, it's all very simple and, in this analogy, that would make big Wall Street firms the vampires in this economy - the ones who have sucked out all the blood, walked away with their bellies full, and are now returning for more at the request of the government.
The good news is that it doesn't appear the government is going to run out of money anytime soon - they raised almost $100 billion in U.S. debt sales last week and have some $135 billion left over for more bailouts with lots more Treasury sales coming.
ooo
This week's cartoon from The Economist:
5 comments:
Media spin isn't going to help Geithner on a trading day like this. It's about 2AM MDT now and Asia just got hammered (more than 4% down for Nikkei, Hang Seng, Straits Times) and the European markets opened going straight down. DAX down over 4% ALREADY, not even 10AM local time.
Looks like we're in for a wild Monday ride!
Tim I know this is not the correct place for this but I want to altert you to something relating to your post: "Where does the Gold ETF get its gold?"
If you read the following
http://news.goldseek.com/GoldSeek/1238360122.php
you will see your reassurance from the folks in charge of the ETF may
have some worrisome holes in it...
Particularly when we get to:
"As another amazing coincidence JPMorganChase is the custodian of the silver that is supposedly purchased on behalf of SLV Exchange Traded Fund investors, and HSBC is the custodian of the gold that is supposedly purchased on behalf of GLD Exchange Traded Fund investors. Yet these two banks are seen recklessly gambling more gold and silver paper promises in an unregulated market than they could ever get their hands on. Those are truly bizarre credentials to be in charge of the safe keeping of other people’s precious metals!"
Buyer beware!!!!
They may have that gold but they may be gambling it elsewhere at the same time they hold it. That is
they have 1 pile of gold but perhaps commit it in two places. Thats traditionally how bankers through time get the wealthiest. Loaning what they don't own but are actually safe keeping and doing so in proportions much greater than
that which they are "safe keeping."
Why else whold they not want to allow outside auditing like CEF etc.?
Food for thought!
Could you find the same PR person and get a comment about HSBC's holdings on this???? I.E. does GLD hold an audited list of serial numbers for the GLD they have allocated?
I think the biggest thing to consider is does GLD ever lease their gold to HSBC for short sale. If "no" is GLD's holding knowingly 100% divorced from any of HSBC's ongoing short selling activity.
That might clear GLD somewhat more thoroughly.
According to the GLD FAQ, all gold is allocated, never leased, and the gold bar list indicates 99 percent of the gold they say they hold is in 400 oz bar form.
Of course they could be lying about all of this...
Why doesn't anyone in the press call these jackasses what they are? Replace credit with capital and what he says would be true. Banks are not the source of capital.
Geithner and 2/3 of Obama's administration (including Obama) routinely violate federal laws. They are criminals and should be jailed before they are allowed to sink this ship. People say "give him time", those people are idiots. Obama has already passed more executive orders in 2 months than all the previous presidents in history combined. So you've given your son the keys to the Ferrari, which he doesn't have any idea how to drive, and now he is repeatedly running it into a tree, granted he hasn't had time to learn to drive it yet, but are you really going to keep giving him the keys? I wouldn't mind giving him time if he and Geithner weren't using it to bankrupt our economy and drive their uber fascist agendas.
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