Geithner: 'I Don't Think All Banks Get It Yet.' Gee, I Wonder Why.
Earlier this week, George Stephanopoulos had an interview with Timothy Geithner:
GEITHNER: You know, I think it's very important banks work very hard to start to rebuild trust and confidence of the American people in their institutions in the financial system. They did a huge amount of damage to the country, lost a huge amount of trust and confidence. They need to work very hard to restore that. One of the ways to do that...
STEPHANOPOULOS: Do you think they get that?
GEITHNER: I don't think they get it. I think some banks do; I don't think all banks get it yet.
STEPHANOPOULOS: What do they need to do to show that they get it?
GEITHNER: I think they need to make sure they're doing everything they can to help people who can afford to stay in their homes stay in their homes, help make sure they are lending in communities that need access to credit, they're working very hard to make sure that viable businesses that face some increased demand for orders now for their products now can get the credit they need.
They need to show some restraint and care in how they pay their people, and they need to be supportive of the kind of reforms we need to create a more stable system in the future.
STEPHANOPOULOS: That's all encouragement. Where's the stick?
GEITHNER: The stick is through what Congress is going to have to legitimate through reforms. You know, we're not going to run a strategy to protect the country from future financial crises that rests on the hope that banks in the future behave more wisely and more nobly. We're going to run a strategy that requires reforms that are going to -- going to restrain risk-taking, provide better protections for consumers.
Really, Tim? Because I don't hear anything like reform happening in Congress. In fact, voters might somehow get the wrong idea (or the right idea) about your banking bailout after stories like this:
Dec. 21 (Bloomberg) -- In the first six months of 2010, about 6,000 employees of Goldman Sachs Group Inc. will take a break from their spreadsheets and move across the southern tip of Manhattan to a new 43-story, steel-and-glass skyscraper.
The building was a bargain -- and not just because the final cost is expected to be $200 million less than the $2.3 billion price the company had estimated when construction began in November 2005. Goldman Sachs also benefited from the government’s determination to avoid losing jobs in lower Manhattan after the Sept. 11, 2001, terrorist attacks.
Building a new headquarters cater-cornered to where the World Trade Center once stood qualified the firm to sell $1 billion of tax-free Liberty Bonds and get about $49 million of job-grant funds, tax exemptions and energy discounts. Henry Paulson, then Goldman Sachs’s chief executive officer, threatened to abandon the project after delays in addressing his concerns about safety. To keep the plan on track, state and city officials raised the bond ceiling to $1.65 billion and added $66 million in benefits. The interest expense on the financing is about $175 million less over 30 years than if the company had issued corporate debt at the time, according to data compiled by Bloomberg.
“It was absolutely imperative that Goldman Sachs keep its world headquarters downtown,” says John Cahill, who took part in the negotiations as chief of staff to then-Governor George Pataki and now works at New York law firm Chadbourne & Parke LLP. “They had the financial resources to move anywhere.”
GEITHNER is such a piece of.......
that every male dog for a 10 mile radius
wants to hump his leg or whatever.
Deceit and BS FROM........
Obama in his campaign speech in Florida...
This Administration started off by asking for a blank check to solve this problem. To them, I say no.
It is unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess.
If the American people are being asked to pay for the solution to this crisis, then you have a right to make sure that your tax dollars are protected. That’s why I’ve laid out a few a conditions for Washington.
First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.
Second, if American taxpayers are financing this solution, you should be treated like investors. That means that Wall Street and Washington should give you every penny of your money back once this economy recovers.
Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.
Finally – and this one is important – the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess.
http://speeches.demconwatchblog.com/2008/09/o...
None
You gotta be one of them "financial terrusts". Wear a beard???
"Secular humanism -- a fearless, realistic world view replete with doubt and scepticism that attempts to attain an unachievable state of equilibrium between and among the human qualities of reason, intuition, imagination, memory, ethics and common sense.
He knows exactly whats happening. GS-Trilac . . . . LOL nothing personal TIM but soon or later . .
And So does Obama , Emanuel and the democrats NOW...
They have been part of this destruction by their lack of courage or for their own self rewards..
Obama and the democrats have become part of the previous administration crimes , treason , Torture and other criminal acts by their lack of upholding our constitution and laws..
Pelosi.... Impeachment is off the table.
Obama censors information about Bush's administration's criminal crimes so there will be no prosecution.. While telling us not to look back , but forward..
How many millions of persons in our prisons today ,, would love to hear that statement pertaining to their crimes..
So what Obama and the democrats are saying is , we received your votes and we do not give a s... about your constitution , freedom or laws...
All the deceit and BS for the democrats before they received our votes to take control of the Presidency , Senator and House of Representatives to investigations crimes of the Bush/Cheney administration and ROVE , TORTURE , TREASON , ECONOMICAL CRIMES and so on,, was just that BS>>>
None
... for the banks TO 'get it.' The executives didn't lose their houses, their jobs, or have to fret about paying bills. They got million dollar bonuses and made plans for million-dollar office remodeling jobs and luxury jets.
The whole TARP bailout is a shell game in which the taxpayers provide banks with the funds which are then (supposedly) lent back to us and usurous interest rates charged ... but will the taxpayers ever be repaid the $750 Billion? Yeah, right.
of course the public totally goes along with them for the most part. Probably 75% of the country is clueless anyway. To distracted with sports, Avatar. Eating, sleeping, screwing.
... our current crop of elected officials. There's really no mechanism to hold them accountable other than the illusion of being able to vote them in/out, or vote someone other than landed nobility in. I mean, come on, Mitch McConnell is actually talking about REPEALING health care reform (or what's being called 'reform' after it's been bipartisaned into hash and put in a sanitized plastic baggie).
"See, we're going to be creating our own reality. And while you're reporting on that, we'll be off creating another new reality."
-- Bush Administration Official
But I like smoking hash.
It does come in a baggie too.
Diabolus est Deus Inversus
"The Congress, whenever two thirds of both Houses shall deem it necessary, shall propose Amendments to this Constitution, or, on the Application of the Legislatures of two thirds of the several States, shall call a Convention for proposing Amendments, which, in either Case, shall be valid to all Intents and Purposes, as part of this Constitution, when ratified by the Legislatures of three fourths of the several States, or by Conventions in three fourths thereof, as the one or the other Mode of Ratification may be proposed by the Congress; Provided that no Amendment which may be made prior to the Year One thousand eight hundred and eight shall in any Manner affect the first and fourth Clauses in the Ninth Section of the first Article; and that no State, without its Consent, shall be deprived of its equal Suffrage in the Senate."
"Secular humanism -- a fearless, realistic world view replete with doubt and scepticism that attempts to attain an unachievable state of equilibrium between and among the human qualities of reason, intuition, imagination, memory, ethics and common sense.
Much more than $700 ($750) Billion
statusquObama, change you can only pretend in
Do not want us to know they have funded foreign countries with the tax money they stole from us..
Britain received a great portion of OUR money..
These bank criminals no longer have and concerns about our country they have investments all around the world using us to help finance their move...
So now they have our money with the support from the government and are arrogantly telling us to go to h...
We need a complete change in ALL of the corporate paid elected officials.
They are the employees of the Corporate monopolies instead of American citizens.
****
Financial Sector Contributions to Members of the 111th Congress, 1989-2009*
https://www.opensecrets.org/capital_eye/finan...
*****
None
This criminal policy of destruction to our 401k and other retirement plans the corporations have received all their contributions to their employees back and have deleted all their investments into the other benefits they have been given to their employees..
What a great policy in the past 9 years for them... They have taken complete control over our country and citizens and set Americans back over 70 years of progress for the working Americans..
Thanks to the republicans and the support of the democrats...
Bet Feinstein , Kerry , Clintons , Bushes , Cheney , Rumsfeld , Rove and the list goes on,,,,, have suffer no lost but in fact have gain much wealth at the expense of their policies in the past 9 plus years..
We now under same type of parliament of Britain's ,,,which we found a revolutionary war to stop...
If you believe that the democrats now are anymore concern about your jobs , health and well being than the republicans you had better look around at just who is receiving what..
We are still fighting phony wars for the sake of these corporate monopolies to receive control of other countries wealth and resources...
The middle east is one of the biggest disasters in our history... The Vietnam war was not as corrupted as was we are doing NOW>>
We see no other nation attaching and invading other countries for the stealing of their resources and control over their policies...
Yes so countries which we paid for their token of support show up for photo opts and some times a little more...
Our country and military is being used for this Global Monopolization of the world for the power and wealth of this Global Organization..
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Obama in his speech at West Point said America doesn't do wars or occupations for resources. And it's Obama's first day, he can't fix everything in only one day.
were never the intended recipient of any repayment. The WDC government was going to be repaid.
It's a word game so we feel all warm and fuzzy.
We have to listen very closely when these thieves speak.
Think of our political process as an interrogation room. You and me are on the other side of the glass watching while the perps tell their story to the woeful investigators, who we have suspicions are in cahoots with the perps.
We never get to ask any questions, so we are stuck with intently listening and deciphering their mis-speak.
bubble they are trying to inflate is going to be?
My guess is an expanding Health Care-Health Insurance Bubble designed to loot and confiscate the boomers life earnings-assets.
Methinks it meseems the banks do get it
They just don't give it back out again.
Diabolus est Deus Inversus
But ,of course, they couldn't really move "anywhere". The arbitrage trading GS does requires very close proximity to the computers that make the trades. Microseconds are money in arbitrage trading.
Hasa Diga Eebowai
These global giants are moving their headquarters and jobs overseas.
This is for their wealth , power and to purge any control over them by this government...
None
Kleptocracy and Crony Capitalism:
Obama - Geitner - Summers.
By Edward Harrison Naked Capitalism here
statusquObama, change you can only pretend in
Someday, we will all be one happy peoples - one world with unlimited material abundance!
there will be wrist watch computers . . hover shoes . . meals in a pill . . and a sea of entertainment to bring us permanent happiness!
All brought to you by our magnificent Corporations!!
LOL ha ha ha right sure
We will all be united in serfdom to the top two percent.
Oh...we're there already. Sorry. My bad.
"Anyone that makes less than $150K in this country, has no business voting Republican."
Tim Geitner - "Blah, blah, blah...reform...blah, blah, blah...excess...blah...ohhh...ugggggh...PFFFFFFFFFFFFFFFFT...oh...I just shit gold coins out of my ass."
"Anyone that makes less than $150K in this country, has no business voting Republican."
Ehhh...that's just corn.
Diabolus est Deus Inversus
Is the fear that the FDIC will kill them stopping them from lending? I have gone thru a few banking toubles and I am beginning to think that banks might not be a viable business in a modern economy. They borrow short to lend long. Sooner or later the yield curve will invert and they are in trouble. The other thing is that they tend to make economical problems worst. When the economy goes south they stop lending which just makes things worst. It maybe better for lending to be a government function. For those capitalists in the crowd the government already does this but at a higher level. Maybe they need to do it a lower level also.
The credit crisis is a myth. It has been all along. banks are not lending to certain businesses and consumers because they are not viable credit risks. More importantly, Americans should not be borrowing.
When you think about it, the only thing an individual should finance is a house. Everything else should be bought within your means and paid for with cash.
Geithner, Bernanke, Paulson, Obama and Bush all repeat over and over again that banks need to led so Americans can finance their day to day purchases.
Very few thought this an odd statement.
banks are not doing as much personal lending for sure.
But the area that is worried even more is the commercial credit market.
The loans that businesses owners use to finance expansion or pay short-term expenses.
What is even worse right now is startup lending. Almost non-existent without at least 30% cash up front.
For all the ads BofA is running about how much they are lending small businesses, they are lying about the baseline of startup loans. They are lending ZERO startup loans at this time.
The Banks are not lending because they are engaged in a Carry Trade.
They borrow money at zero per cent from the FED, they purchase Treasuries Bonds from the Treasury that pay 3.5%. That is called the Carry Trade. They make 3.5% with zero risk. If they lent the money out there would be risk.
The Taypayer pays the FED 6% to print the money, the Taxpayer pays the 3.5% interest on the Treasury Bonds that the Treasury sells to borrow money.
It is a double whammy sham operation to reflate the Banks phony balance sheets without them taking the losses that they should be forced to take.
It is a Kleptocracy.
statusquObama, change you can only pretend in
This shit with the banks has been going on for the last 60 years. People just keep playing the same old game. I have tried for years to get people to join together on getting people elected to change banking laws. think about it. You buy a house for $200,000.You get a interest @ 6.50. they tell you, thats a great rate. Fuck off. If you would just look at it. shit, by the time you get done with your 30 year loan, you payed something like $500,000 for a $200,000 fucking loan. Now just who has made out of that kinda loan. Hell, the banks don't EVER want you to pay your loan off. They also have this bullshit ESCROW Shit. They can MAKE you pay 2 months extra a year ans in some cases up to 4 months extra. at $705 extra a year times 50,000 loans= $35,250,000....This is Your money. Its not for insurance or taxes. It's Extra!!! They have it it there Bank... WHY??? Tell them that you are going to pay your insurance and taxes your self. good luck with that, unless you have 25% of your loan payed off, the banks will NOT let you pay it yourself. This banking shit will never stop untill the people stop it.
" We're going to run a strategy that requires reforms that are going to -- going to restrain risk-taking, provide better protections for consumers."
" . . run a strategy. . "??? Gutless, pandering verbiage to appease the knuckledraggers. Try "Keynesian, federal legislation to regulate the criminals on Wall Street. You know, the return to some measure of balance after the Republican descent into laissez-faire, unfettered, 19th century capitalism and its decimation of the middle class."
Geithner . . . gutless wimp.
"Secular humanism -- a fearless, realistic world view replete with doubt and scepticism that attempts to attain an unachievable state of equilibrium between and among the human qualities of reason, intuition, imagination, memory, ethics and common sense.
We had a progressive Democratic president and ample majorities in both the House and Senate.
I saw a scarecrow...and a cowardly lion...and a tin man.
And you were there...and you...and you...and you...
And then I woke up.
And the voice said..."but you are in that wheelchair Blanche. You are."
Talk about waking from a dream and landing smack dab in the middle of a nightmare!
this shit with the banks is take the Federal Resiver Act and stick it up the banks ass. The US Goverment need to Take back there right to control the money. The US should loan money to "banks" and make them pay the US back with interest. This bullshit all got fucked up in 1914 when some payed off shitheads in congress sold out our country. watch:ZEITGEIST THE MOVIE...
here is an excellent, simple one page graphic that shows the kind of debt an average american incurs over the course of their life. It is staggering and unnecessary and this is the system Geithner is proposing we continue.
We should be thinking about how we reform the sick process on this chart. It would go a long way towards fixing the banking industry.
The average American pays over $600,000 in interest over a lifetime.
Is anyone trying to fix this? Does anyone "get it"?
Obuma appointed Geithner. Palin and Cheney in 2012, you betcha.
The nation has no love or trust of HIM either!
What makes him think of HIMSELF as separate from this fiasco?
sure there is solid regulation that allows for banks that are "too big to fail" to be dissolved, broken up, and component parts sold or allowed to fail. No more bailouts. We also need to reinstate the Glass-Seagall act, and either not allow the trading of derivatives and other "exotic" financial tools or put them into a situation where there are so totally transparent that it's very clear to anyone who looks to see exactly what is happening with them at a glance. I personally think they simply should not be allowed to exist since they are purely speculative and if someone wants to gamble there are plenty of places, called casinos, to go to do that. Holding the economy hostage to gamblers who don't want to pay off their debts is no longer an acceptable option.
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