Posted on 09/12/2010 10:53:34 PM PDT by blam
Tim Geithner Warns: The US Is At Risk Of A 1930s Repeat
Joe Weisenthal
Sep. 12, 2010, 9:11 PM
If the government become paralyzed -- as is arguably the case already, and is clearly a serious risk should the GOP take over -- the US risks a 1930s-like scenario. At least according to Tim Geithner.
That's the standout quote from an interview in the WSJ:
[The] typical error most countries make coming out of a financial crisis is they shift too quickly to premature restraint. You saw that in the United States in the 30s, you saw that in Japan in the 90s. It is very important for us to avoid that mistake. If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth.
As for the deficits question:
"We don't have unlimited resources," Mr. Geithner said. "We just don't think it would be responsible for this country, given the size of our future deficits, and given the substantial burden the middle class has been bearing over the past decade in particular, to go out and borrow $700 billion from our children so we can sustain those Bush tax cuts that only go to the wealthiest 2% of Americans."
Read the whole thing >
[snip]
(Excerpt) Read more at businessinsider.com ...
What Geithner proposes is exactly the same mistakes that FDR made that took the US into the great depression. Read Thomas Sowell’s column today (Sunday) - he discusses FDR’s policy just a bit. It is the intervention that is the cause, not the cure.
Earth to Geithner - we have been in a depression for some time now. Like Barry, I’m guessing that Tim has been on a luxury vacation tour and still hasn’t gotten up to date with the latest news. Barry’s egghead elitists are now threatening the American public with further economic destruction unless we fully comply with the Dems insane game plan.
This economy is going through a shakeout and the best thing we can do is to let the free market do what the free market does.
As if Geithner knows anything about paying taxes.
"sequel"?
Anyway, your post reminded me of the time I took my family to Everglades City and chartered one of those airboats. The guy who operated the boat was a nice guy and he sped us all over the place through the Everglades. It was actually pretty cool. Those boats can move!
After about 20 minutes he stopped the boat in the middle of nowhere under some tall vegetation, gave us a brief history of the Everglades and the critters that lurk therein, and then mentioned that he really isn't paid very much by the boat rental company and kinda depends on generous tips from the customers. My wife and I (nervously?) smiled at each other and I gave the guy an extra $20. He smiled back, took the bill with a hearty, "Thank you!", and continued the tour.
Little Timmy and Robert Reichchchch. Two intellectual midgets.
I post to these types of threads every once in a while with this link to an old FR thread, about an even older (1936) conservative pamphlet called “The Revolution Was” - about FDR and the New Deal. It’s ALL happening again. (Well - has been happening.)
http://www.freerepublic.com/focus/f-news/2185147/posts
Some excerpts:
In his first inaugural address, March 4, 1933, the President [FDR] said: “Yet our distress comes from no failure of substance.... Plenty is at our doorstep, but a generous use of it languishes in the very sight of the supply. Primarily this is because the rulers of the exchange of mankind’s goods have failed,...Yes, the money-changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the ancient truths. The measure of that restoration lies in the extent to which we apply social values more noble than mere monetary profit.”
There was the pattern and it never changed. The one enemy...The money-changer in the temple.... and the Wall Street banker was the most familiar and the least attractive symbol of capitalism.
..... “We cannot go back to the old order,” said the President. And this was a very hateful counter symbol, because the old order, never really defined, did in fact associate in the popular mind with the worst debacle in the history of capitalism..... [SOUND FAMILIAR??!!]
I want [R]everse
If the economy has been run into the ditch, why would I put the car in [D]rive?
Imam Geithner says either elect the Dems or it may cause economic violence.
We wouldn’t want that now would we?
And, its ALL the fault of the DEMOCRATS!
I expect to see a lot more of this sort of stuff.
"The Republicans intend to kill the children, old people and minorities with their economic policies."
It’s also how Obama presented the stimulus and Obamacare - either we do it this way now, or it’s “catastrophe”.
All this tells me is they’ll have the Republican blame card ready to play when they fail. If the government has to be shut down, out comes the card. To them, pushing their agenda and the blame card trumps all national concerns.
My intent was to compare Geither to the Ground Zero Mosque imam. The whole idea of, You better give me what I want of the whole world is going to end.
I think it is very similar.
Bump:
“This time around, everyone from the major corporations on down to the mom & pop businesses are *counting* on gridlock, followed by a roll-back of the “change”. Government paralysis will be welcomed.
Geithner knows this, of course, which is why he is trying to scare people away from what their common sense is telling them must be done.”
You are right but, Obama is such a boob, a dolt, an imbecile, no matter what they do I don't see him ever being elected to anything ever again. His next stop is the U.N.
Tons of money with no responsibility or visibility. Work when you feel like it, stay home when you don't. That is exactly the kind of job he is looking for and the only kind of job he is suited for.
0bama admitted yesterday that his healthcare bill is raising healthcare costs above where they’d be if no healthcare bill had been passed.
Well, the GOP is going to defund 0bamacare. 0bama can’t veto money into a budget, and the GOP isn’t going to put 0bamacare money into any future budgets.
With 0bamacare defunded, healthcare costs will be lower, per 0bama.
Yet little Timmy Geithner wants to pretend that lowering healthcare costs by defunding 0bamacare will cause a Great Depression.
Nonsense!
Defund excess government. The world will get better, not worse.
No Timmy it was a big spending Republican President followed by an even bigger spending socialist President supported by a willing Congress who led us into the 1930s. After this election our big spending socialist President will be stopped cold in Congress. THAT is the big difference with the 1930s and this decade.
Keep up the smoke and mirrors, taxing the rich, regulations to the moon and spending like a drunken sailor. Yep! That’s the ticket!
. . . . Not!
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