Posted on 02/19/2009 5:16:46 PM PST by blasater1960
Video. Cramer shreads Giethner
(Excerpt) Read more at cnbc.com ...
Cramer is a well known publicly confessed liberal.
His guy won, he needs to shut up, as usual.....
Broken clock bump
Ouch.
Yeah...I am not usually a Cramer fan (his picks are questionable) BUT, he scewers Geithner. When the libs start turning on therw own....this early!
I have to confess that I’m not savvy enough to follow everything he was saying (I’ll have to watch it a few more times) but, what I was able to follow spells GIGANTIC ethics problems for Geithner that go well beyond his tax cheating problems.
Whew!! I’m STILL overwhelmed with the story. THIS, my FReeper FRiend, is what jounalism is supposed to be. I hope Cramer keeps digging away and pushing this story.
Quit blaming America.
Any chance for a brief rundown for those of us who cannot have volume up at work??? Please please please...sounds juicy
Now that's a tease! How about a little description for the bandwidth-challenged?
What story? what story? what story?
“this early!”
Actually, it’s too late. Critics on both sides have waited until the damage was done to take their stands.
It’s safer that way.
Cramer’s lucky that he’s not sharing a jail cell with Maria Buttaroma.
Same here. I’m not clear on the specifics, but it sounds like Geithner screwed up big time, and of course won’t admit it.
Does it matter where their assets came from? Trustworthy investment banks (Note: I’m not saying Lehman in its final days necessarily fit the bill) make capital formation easier; that is, as aggregators, they lower the cost of firms’ searching for capital. Without investment banks, the liquidity that firms seek is harder to find.
Essentially, what Cramer skewers Geithner with is this: While head of the NY Fed, Geithner created something called the PDCF - Primary Dealer Credit Facility - which should have served as a lifeline to keep Lehman Brothers from failing. All of the credit and market analysts agreed that the PDCF should have kept Lehman Brothers from failing by providing them with an influx of cash to keep them alive. Instead, Geithner, still as head of the NY Fed, pulled the PDCF from Lehman Brothers, citing a technicality. So, rather than allowing the PDCF to provide enough funding to keep Lehman Brothers afloat, Geithner allowed it to fail and cost investors around the world to lose trillions of dollars and triggering the worldwide credit crisis.
It gets better. At his confirmation hearing as Treasury Secretary, Geithner, in essence, stated that there was nothing he could have done to keep Lehman Brothers afloat.
As I said, I'm not financially savvy enough to understand everything Cramer said, but I believe that to be the gist of it.
Basically that Geithner was not fulfilling his duty at the Fed by setting up what turned out to be a faulty saftey valve, if you will, to prevent Lehman Brothers from going down, which wrecked the credit market. In other words, Geithners failure, CAUSED the melt down. And here he is at the helm!
Bless you....I hope this go viral fast!!!!!
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