Paul Craig Roberts: Geithner Works "for Goldman Sachs".
Via The Big Picture:
This an interview of former Assistant Secretary of Treasury Paul Craig Roberts. At 2:40 (of the 3:08 interview) was this exchange:
Max Keiser: “Does the US Secretary of the Treasury work for the people or does he work for the banking system on Wall Street?”
Dr. Paul Craig Reports: “He works for Goldman Sachs.”
He also called the attempts to bail out the banking system to-date “a fraud.”
Oh, and in other cheery economic news, here's Nouriel Roubini:
The June employment report suggests that the alleged green shoots are mostly yellow weeds that may eventually turn into brown manure. The employment report shows that conditions in the labor market continue to be extremely weak, with job losses in June of over 460,000. With the current rate of job losses, it is very clear that the unemployment rate could reach 10% by later this summer--around August or September--and will be closer to 10.5%, if not 11%, by year-end. I expect the unemployment rate is going to peak at around 11% at some point in 2010, well above historical standards for even severe recessions.
It's clear that even if the recession were to be over anytime soon--and it's not going to be over before the end of the year--job losses are going to continue for at least another year and a half. Historically, during the last two recessions, job losses continued for at least a year and a half after the recession was over. During the 2001 recession, the recession was over in November 2001, and job losses continued through August 2003 for a cumulative loss of jobs of over 5 million; this time we are already seeing more than 6 million job losses and the recession is not over.
The details of the unemployment report are even worse than the headline. Not only are there large job losses right now, but as a way of sharing the pain, firms are inducing workers to reduce hours and hourly wages. Therefore, when we're looking at the effect of the labor market on labor income, we should consider that the total value of labor income is the product of jobs, hours and average hourly wages--and that all three elements are falling right now. So the effect on labor income is much more significant than job losses alone.
The details also suggest that other aspects of the labor markets are worsening. If you include discouraged workers and partially employed workers, the unemployment rate is already above 16%. If you consider also that temporary jobs are falling now quite sharply, labor market conditions are becoming worse and the average duration of unemployment now is at an all-time high. So people not only are losing jobs, but they're finding it harder to find new jobs. So every element of the labor market is worsening.
The unemployment rate rose only marginally from 9.4% to 9.5%, but that's because so many people are discouraged that they exited the labor force voluntarily and therefore are not counted in the official unemployment rate.
I could have told you that...
is to kill all the unemployed people.
and give the unemployed their jobs.
So is my comment equally stupid?
Geithner is a plant, he's the only one who can look at the books and not become outraged because this ass is in on the scam. So I'm waiting for some change there.
I will say I'm glad Obama is rejecting the 2nd stimulus, thank God! We need another debt load stimulus like we need another hole in our head.
Obama rejects 2nd stimulus: Give recovery time
http://www.sfgate.com/cgi-bin/article.cgi?f=/...
Goodnight, Frau Blücher
Max Keiser & On the Edge should be on MSNBC. This guy really sparks my financial news DNA curiosity. He would be great late-nite after Rachal Maddow. I wouldn't change anything about his show, except direct video feed to his guests and informative graphics. Keiser doesn't need any network flash.
you do realize that he's pure free market/hard money/libertarian, right?
not saying that there's anything wrong with that, just you putting him besides rachel maddow and MSNBC seemed a little odd, like you were not aware of that.
If you're right - my bad, LOL. I may need to do the necessary homework & may have been a bit rash in posting. What I've seen of Max was informative, but I'll admit that I don't know all his ideologies.
To me, free market fundamentalism is either a mental disorder or a clever front for corruption and greed.
If Max is a follower of that cult, his being on MSNBC would certainly be a bone-head idea on my part.
are there really american citizens who still don't believe our nation's sovereignty is under attack from an oligarchy intent on the broader aim of global financial domination?
Who think "recovery is around the corner".
Not a pretty picture.
P.C.R. one of the great writers on this whole fiasco, you can catch him every other day or so on Counterpunch.org
It's what Paul Graig Roberts ISN'T saying here that is more interesting, and he of all people is in a position to know.
It's not that Geithner works for Goldman Sachs, both he and Sachs along with Bernanke and the Fed work for the Bank for International Settlements, a self-described "bank for central bankers".
They all front for the international banking cartel, and they just ripped the American taxpayer off for the second time in a row and they're getting ready to do it AGAIN. The general plan is to "equalize" wages between American and Chinese workers by making our paychecks worth less through rampant inflation, rather than simply cutting our pay which they couldn't do DIRECTLY.
ALL the Republicans and at least the "blue dog" Democrats are in the pockets of international finance. Our only REAL chance is to support Ron Paul's initiative to audit the Fed, which now has strong bipartisan support. Watch that one closely. The people on the Hill who fight hardest against that are the people who owe the most to international finance. Make note of those names for future reference.
And get ready for hyperinflation, coming to a wrecked American economy near you!
JR
www.econocataclysm.com
audit the fed audit the fed audit the fed audit the fed!
"The people on the Hill who fight hardest against that are the people who owe the most to international finance. Make note of those names for future reference."
exellent!
audit-prosecute-incarcerate
The whole bush cabal was about the biggest heist in history.
When Obama left geitner in I knew the fix was in.
I think the only chance we have is to take these people out of the picture!
republicanism is a mental illness!
The Mother of All Heists
Iraq, Katrina, Great Depression II, etc., was merely another business opportunity for well-connected cronies. Calling them thieves is much too polite.
Obama choosing Geithner was either a mistake because Obama's not that great on economics or it was intentional marking him a Corporate Democrat. What is the truth? This could decide whether he ever gets a second term, can we trust him?
Politics is for the present, but an equation is for eternity. Albert Einstein
etc, etc, shows that same, "falling-off-a-cliff" pattern right now.
Desperate governments and central banksters are known to do desperate things in order to keep their power and control.
nearly $10,000 from every American household.
Since Obama signed the stimulus into law, the economy has lost more than 2 million jobs and the unemployment rate has climbed higher than the White House predicted it would have ever reached without the stimulus.
Cantor and his sleazy ad?
me-oww!
... and his stripes show.
Obama's degree is in Political Science and International Relations. Despite his skin color, he is really just another one of these idiots who spent his entire career preparing to become a foreign policy wonk. He has no CLUE about economics, although I'll wager he is getting a crash course in it right about now.
He was pressured into signing the stumlus, just as many members of Congress were. And he felt cornered, I'm sure: we elected him to DO SOMETHING, and in his estimation, doing SOMETHING was better than doing NOTHING. Unfortunately, he got suckered in by international finance and they took the money and ran as the old Steve Miller Band song goes.
JR
www.econocataclysm.com
dont make me laugh
This guy, Obama, has steadfastly surrounded himself with retreads of financial disasters, old political cronies (from BOTH parties!), crooks, flim-flam characters and many other negative-aspect operatives. He is acting like a cheap con man who gets caught in his dealings far more often than he gets away with anything. At this rate, he will no doubt go down in history as the one man what started out with such promise and public support, only to monumentally blow it ALL by taking calculated sides with corporate predators, banking and financial serpents and being too phucking cowardly and ball-less to confront and CORRECT all the ugly abuse and illegalities for the benefit and enhancement of the American and worldly PEOPLE. He, so far, has been one of the most grating disappointments in my lifetime. And DO NOT bother to comment, to me, "Give him time," or "Why don't you wait and see...." what he's up to first. Bullsheet! Waiting is what gave rise to the situation we find ourselves in at the moment.
and a lie being repeated by the reich-wing.
The UE numbers being used are quoted from numbers projected before Obama had even taken office. How was Obama supposed to hold UE under 8.5% when it had already reached 8.1% by the end of February?
Learn some facts before you regurgitate GOP talking points.
http://www.globeinvestor.com/servlet/story/GA...
Actively managed mutual funds are bad news, filching your hard-earned money.
Year after year they continue their dark legacy, proving what former Sen. Peter Fitzgerald said during his reform fight five years ago: "The mutual fund industry is now the world's largest skimming operation, a $7 trillion trough from which fund managers, brokers and other insiders are steadily siphoning off an excessive slice of the nation's household, college and retirement savings."
On and on and on and on and on and on . . come let's suit up in deep sea diving gear and have a closer look.
http://www.econocataclysm.com/next-stop-hyper...
Don't worry the "green shoots" should be sprouting anytime now.
Don't be a bore.
I mean Jay--- not evet
i know that susie never misses an opportunity to attack obama...but listen to what roberts said
we must bring manufacturing back and that "free trade" is killing our economy
without a return of manufacturing and high tech jobs, there will be no recovery
BUT, without it, your prices would go up on many, many things that you take for granted. Free trade gives you natural resources for a song from north of the border, plus, let's you get preferred customer status on almost all of them. Get rid of free trade, and watch the price of your lumber, water, and yes oil and gas go up through the roof. Face it, Americans need free trade. Why? Because you waste so many things including natural resources, that you have to get them somewhere. And that's not even mentioning US corporations basically getting carte blanche in Canada with their little subsidiary fake Canadian companies. Yes, that's all due to free trade Joe. What's the answer? How about fair trade? Oh no, we tried that, and got screwed over on that too.
bought with credit on top of credit. So while I don't like being beaten over the head with dire scenarios (see above), I agree we Americans are in for a very big adjustment.
Henry Paulson also worked for Goldman Sachs, so the change to Geithner didn't represent change at all.
The remarks about the bank holiday is most interesting. I have often posted that the housing bubble has been replaced by a federal borrowing bubble, and that bubble would burst when treasuries couldn't be sold at auction except at a high interest rate (high discount to par).
To my chagrin, China warned that "...it is increasingly disturbed by the Fed's direct purchase of US Treasury bonds." So, that's why treasuries aren't being sold at a 10-15% discount.
The way the Fed is doing this is something called "quantitive easing"¹. Essentially, the Fed electronically "prints" money, and uses it to acquire treasuries to finance the national debt. So, we're no longer borrowing from China, instead, we're adapting Weimar Republic methods of financing.
Meanwhile, this has all been simplified into "green shoots".
-------------------
¹ "Quantitative easing is seen as a risky strategy that could trigger higher inflation than desired or even hyperinflation if it is improperly used and too much money is created. Some economists argue that there is less risk of such an outcome when a central bank employs quantitative easing strictly to ease credit markets (e.g. by buying commercial paper), whereas hyperinflation is more likely to be triggered when money is created for the purpose of buying up government debts (i.e. treasury securities) which in turn can create a political temptation for governments and legislatures to habitually spend more than their revenues without either raising taxes or risking default on financial obligations."
Obama's choice of Rahm, Little Timmy and Larry the derivatives guy, has left me with little confidence in this administration turning anything around.
And Obama will regret it in the coming elections. The country is in no mood for 1990's Clinton style republican-lite. I really am astonished at the assholes he has chosen for top advisory positions.
If I were a psychopath, I would join the republican party, and get in on the gravy train taking the Teabircher morons to the cleaners.
What are we going to do? Vote Republican in the general election? Want to vote for the Christian Right, and/or the secessionists?
We have to meet the corporate owned Democrats in the primaries. If we wait until the general elections, we'll be voting for the corporate controlled Democrat versus the who knows what Republican. It'll be either a corporate controlled Democrat, or an off-the-wall wingnut.
Our choice occurs in the Democrat primary. If there is a choice in your precinct, don't sit out the Democrat primary. If we wait for the general election, we'll be too late - the deck will have already been stacked.
Another day, another Suzi Madrak trolling attack on Obama.
Yup, it's all Obama's fault for listening to the handful of economists who are qualified to advise on depression economics. It's all Obama's fault that the Repugs and the Blue Dogs gave us a watered-down stimulus.
Whatever.
Imagine how great things would be if McLame was Preznit.
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