Posted on 03/03/2009 9:00:51 PM PST by GVnana
Geithner: Stabilization Of Financial System May Exceed Original $700 Bln -- Update
Tue. March 03, 2009; Posted: 02:45 PM
(RTTNews) - Treasury Secretary Timothy Geithner cautioned Tuesday that the $700 billion allotted for his department's financial rescue program may not be enough, and that it is likely that the stabilization of the financial system will cost more.
Testifying before the House Ways and Means Committee, Geithner strayed from his prepared remarks and emphasized the importance of working with lawmakers to map out a plan to solve the financial crisis.
Specifically, he pledged that his department will work with lawmakers to "determine the appropriate size and shape" of further interventions in the financial markets.
There will likely be additional bailouts in the midst of what is a "deepening" recession. Geithner said.
"As expensive as it already has been, our effort to stabilize the financial system might cost more," Geithner said in his prepared remarks.
Looking to the longer term, Geithner pledged that regulatory reform would be a top priority of President Barack Obama's administration. There is an economic team crafting proposals to shore up the regulatory structure, he said, and a series of "legislative and enforcement measures" will be made public in coming weeks and months.
The aim of the regulation is to limit tax evasion, specifically with offshore accounts. Wealthy individuals often use offshore accounts to hide income, thus paying fewer taxes.
"The tax increase that would fall especially hard on job-creating small businesses and charitable organizations," he said.
Herger also lamented the budget's proposed increases to the national debt, which he estimated would go up by $60,000 per household.
"It's as if we bought every family in America a brand new luxury car, fully loaded, but completely unpaid for," he said. "It seems to me that this kind of overspending is exactly what got us into this mess."
Goldman's been cozy with the Treasury since his son in law joined the firm. Its a a giant global scam, folks. They screwed the pooch and the American Taxpayer (spelled "fools") are picking up the tab. These people play in a league that the Rotary guy on Main can't even dream of.
How do you know you are a serf? Easy, you don't understand what's going on on Wall Street and in Washington this week. We have lost our sovereignty and our freedom, our savings and our future. These animals live like princes while good old Joe Sixpac stands in the unemployment line and worries about feeding his kids. Let's just burn the damn place down!
So when is the revolution to reinstate the Constitution and purge these commies?
I listened to his testimony today and he is an absolute idiot!
Something needs to be done, they are completely out of control.
Not just an idiot. A puppet. A puppet of those in power at Goldman. They might have pictures so Timmy the Tax Cheat does what he's told. Stop believing these people are real. This is a coup and we've been overthrown by Internationalists.
I have thought of putting together a spreadsheet.....of the bandits...and their escapades....
NO...SOMEONE knows EXACTLY what they are doing....
Look what happens to the third world countries who take loans from the giant international banks and investment banks. They borrow too much, default and then the IMF comes in and forces huge social and fiscal reforms which destroys the middle class, increases the poor and ensconces the rich. Its happening here before our very eyes and the bimbos in Congress are too stupid to understand. Read the history of the IMF and the World Bank and then go throw up...
No NO NO it Goldman leading the blind. Washington is blind.
This whole stimulus thing just seems like a great big never ending shell game to me. Just another democrat con game.
According to them the economy needs a boost, so they’ve got to spend trillions of dollars, “that we don’t have” in order to make new jobs, so we can work to pay for the trillions of dollars that they’re spending in order to make new jobs, so we can work to pay for the trillions of dollars, “that we don’t have” that they’re spending in order to make jobs so we can work........
And the never ending shell game goes on and on.
Lord help us!
Ping me when it starts. I’m still trying to fill my ammo cache.
Possibly, somebody could be calling the shots. But I suspect those persons aren’t in Washington, DC.
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