Secretary Geithner Introduces Financial Stability Plan

Geithner introduced the new FSP today.  He says it stands for “Financial Stability Plan”.  I think it’s more like “Fucking Stupid Politicians”, because that’s much more accurate.

All of the quotes below are straight from the U.S. Treasury press release, available from their website here.

After the obligatory suck up to the boss, and look how bad the previous guys sucked statements, Geithner says The causes of the crisis are many and complex. They accumulated over time, and will take time to resolve.

Duh….

But he goes on to say something that actually makes sense, something that I’ve been ranting about since these problems surfaced almost 2 years ago.  Governments and central banks around the world pursued policies that, with the benefit of hindsight, caused a huge global boom in credit, pushing up housing prices and financial markets to levels that defied gravity.

I put that in bold, because everyone needs to see it and not gloss over the role of government in causing these problems.  Government caused the mess – why do we think they can fix it?

Geithner’s next line is:  Investors and banks took risks they did not understand. Individuals, businesses, and governments borrowed beyond their means.

Another “duh” moment.  Warren Buffett (among others) has been saying this since at least 2003 – why does Geithner think it’s worth repeating?  Why do people think this guy has the answers?  Do not forget, as President of the Federal Reserve bank of New York, Geithner played a major role in setting the exact same easy credit policies that he criticized in the preceding paragraph! And now he’s pursuing the same policy even more aggressively than ever before!

He’s evidently an idiot.  Who doesn’t know how to pay his taxes.  And he thinks we are so dumb that we already forgot the sentence he just uttered about easy credit.  (We’re at war with Eurasia.  We’ve always been at war with Eurasia.)

This next quote could’ve come directly from Atlas Shrugged – it sounds like something Mr. Thompson or Wesley Mouch might say.  If you don’t know who these people are, read Atlas Shrugged.  But here’s what Wikipedia says about Mouchhe becomes the most powerful Looter, and the country’s economic dictator, thereby illustrating Rand’s belief that a government-run economy places too much power in the hands of incompetent bureaucrats who would never have positions of similar influence in a private sector business.

Now read the following statement from Geithner:  We believe that access to public support is a privilege, not a right. When our government provides support to banks, it is not for the benefit of banks, it is for the businesses and families who depend on banks… and for the benefit of the country. Government support must come with strong conditions to protect the tax payer and with transparency that allows the American people to see the impact of those investments.

There’s so much here I don’t know where to start.  So I wont. I’ll leave it as an exercise of the reader to parse that statement to see how many stupid things one man can say in just 3 sentences.  But I’ll give you a start.  Notice he says “access to public support is a privilege” and not simply “public support is a privilege”.

Since this was a prepared statement – even delayed a few days to allow the other bailout bill to pass the Senate – I have to assume that every word in the statement was gone over with a fine-toothed comb.  “Access” was intentionally left in there.

In other words, only those who we deem fit may apply.  The rest of you private sector capitalists can politely go screw yourselves.  That way Geithner avoids having to spell out what criteria will be used when dispensing our money to his buddies.  And that’s just a few words into that paragraph.  Go ahead and compare his statement with anything the Looters say in Atlas Shrugged.

Let me know if you think Geithner is the right man for the job after understanding what he just said in these few sentences.  And since he’s evidently woefully incompetent, what does that say about Obama’s decision to appoint him?

I fear this administration is going downhill in a hurry.  Unfortunately, they’re taking all of us with them.

gk


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One Response

  1. thanks for the article, didnt realize that was happening, were leaning towards a soft tyranny

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