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Saturday, October 9, 2010

Is Treasury Secretary Tim Geithner legally retarded?

October 9th, 2010 1:19 pm ET

In the piece, Geithner purports to refute five “myths” about the Bush-Obama taxpayer funded bailouts of the Wall Street robber barons whose unwrinkled greed caused the financial crisis.
Geithner repeatedly argues that TARP – while unpopular – averted a second Great Depression. The problem is that it didn’t. As we reported yesterday, real unemployment approaches 25%.
Unemployment at the height of the Hoover-Roosevelt Depression was 24.9%. So despite this administration’s lame spin, yes, we are indeed in the throes of another Depression.
No, its horrors are not as vivid this time around – for example, we are not seeing massive soup lines nor mass dust bowl migration.
That is because America is a wealthier country this time around with a vastly expanded middle class and an extensive semi-socialist safety net – all of which serve to soften the visceral blows of abject poverty.
But the situation among the working classes is dire. That fact is lost upon Geithner, who comes across as typically cold and uncaring in his rote, clinical, paint-by-numbers defense of Wall Street banksters and the D.C. oligarchs who enable them.
TARP myth #2, says Geithner, is that TARP saved Wall Street while ignoring Main Street. Geithner points out that “Financial crises matter not because they hurt banks and bankers. They matter because they kill jobs, businesses and the value of retirement savings.”
True. But TARP has not given rebirth to jobs, business, or retirement. Unemployment is staggeringly high. Businesses are closing. Many Americans will now never be able to retire.
Then Geithner quickly runs further off the rails, suggesting, “To protect Main Street from the damage caused by a financial crisis, you must first put out the financial fire.”
False. To protect Main Street from the damage caused by a financial crisis, you must first put capital directly into the hands of Main Street. TARP instead gave money to the Wall Street middle man without reigning in their bad behavior – the same bad behavior which precipated the crisis.
Predictably, Wall Street has hoarded that taxpayer wealth – while Main Street continues to struggle.
Either Geithner is not aware than Main Street still struggles, or he does not care, or he is so wedded to Wall Street lobbyists that he actually believes that the path to economic solvency for everyday working American runs in a cab down Wall Street.
Either way, it proves that he does not belong in this job because he is not in tune with the needs of the American people – or at least not those who don’t work and play in Lower Manhattan.
Geithner loses it completely writing on his purported TARP myth #4, which is the widespread belief that rather than breaking up financial conglomerate monopolies TARP continued the now discrete ‘too big too fail’ policy.
Myth, right? So why does Geithner begin his supposed takedown of this myth by…admitting its not a myth:
“It is true that the financial system is more concentrated today than it was before the crisis. This was unavoidable, but our banking system is still much less concentrated than the systems of every other major country and represents a smaller share of our economy.”
That’s nice, but Debate 101 for the Treasury Secretary? – The relative size of our banking sector does not change the fact that it’s not a myth that a policy which should have ended ‘too big to fail’ instead entrenched that broken scheme. It is, in fact as he concedes right off the bat [quote] true [unquote].
Geithner’s oddball mindset exemplifies an administration that is completely removed from the reality of the daily struggles of working class folks. Geithner and the President who hired him need to be fired by the American people.

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