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Posted on 07/10/2011 7:00:02 PM PDT by Nachum
Some refreshing words from the Treasury Secretary, Tim Geithner this morning on Meet the Press. He had this to say: (15:20 into this clip) Note: An 8 second clip of Tim's words: Link
We don’t have the ability (because of the overhang in housing and the problems in the financial sector) to engineer artificially a stronger recovery.
Imagine that! Geithner acknowledges what I (and many others) have felt all along. The structural issues in the economy trump the government’s ability to engineer a recovery.
The Fed has taken extraordinary measures on the monetary front. Since 2009 we have had $1.2 trillion of fiscal stimulus measures as well. We have had TARP and the bailouts of Fannie and Freddie. But the evidence is clear that it has not worked. Unemployment is today near a record and the more important measure, U6, is at 16.2% (about where it was a year ago) Nothing that has been done has moved the needle.
(Excerpt) Read more at zerohedge.com ...
We don’t have the ability (because of the overhang in housing and the problems in the financial sector) to engineer artificially a stronger recovery.
There it is in one word: "artificial"
But he stops short of saying "we should have known we couldn't play God". Because he still doesn't think they can't, or shouldn't, "play God". I think he's bewildered by the failure of Keynesianism. He just can't figure it out.
One more bit of proof that Liberalism is not merely the philosophy of the evil or the insane ... it IS the philosophy of the STUPID.
He’s gone one better by admitting that he knows the results will be the same, but he does it anyway.
That's called "being crazy AND stupid."
wow, this from the genius
Sad, isn't it... He can't count to... *ZERO*!!
the infowarrior
He has balls?
It just means that he still thinks if they had enough
money they could still pull it off.
Wreckovery Summer - Zer0 thinks ATMs ate American jobs.
Has he gotten around to telling the boss?
Over the past 40 years or so, for the first time in history and at an ever-doubling pace, Americans have run up credit cards, high LTV mortgages and home equity loans, new car loans, personal loans (for big-screen TVs and a zillion other toys), school loans, loans for vacations, loans for this, loans for that... all for the purpose of living high on the hog today with the idea that everything will be paid for sometime in the distant future. Always, in the distant future.
The common mindset has been, “Get complete gratification today, pay for it tomorrow!”. But then the cars depreciate, the TVs and toys break, the vacations and casino trips leave only memories, and the parties come to an end. But paying for it all, well, that continues for the next 15 to 30 years. But it’s okay - - just borrow some more and do it again, and push an even bigger day of reckoning out another 10, 15, or 30 years.
Naturally, the banks and the government have worked hard to be accomodating enablers. At least, they were until recently...
Of course, the government itself has operated in exactly the same way, and perhaps even more recklessly than the selfish, ignorant chattering class.
Gee, who saw this depression coming?
/sarc
The day of reckoning has come a little earlier than many expected. The time to pay the piper is here. It was inevitable.
Ping
I watched the entire clip. Geithner didn't say that and he didn't imply it either. I was surprised that Gregory was giving him a hard time, though.
“...time to pay the piper...”
Does he take Discover?
Thanks for pointing that out. I didn't watch the clip, but I figured the article's title was wrong. Liberals, especially those in the Obama administration, never admit when they're wrong. Their failures are always somebody else's fault.
New Deal
In 1933, Roosevelt became President and appointed Morgenthau governor of the Federal Farm Board. In 1934, when William H. Woodin resigned because of ill-health, Roosevelt appointed Morgenthau Secretary of the Treasury (an act that enraged conservatives). Morgenthau was an orthodox economist who opposed Keynesian economics and disapproved of some elements of Roosevelt’s New Deal. Although he was a Roosevelt loyalist and retained his office until 1945, in “New Deal or Raw Deal?” Burton Folsom quotes Morgenthau, testifying before the House Ways and Means Committee in May of 1939, the FDR ally did not sugarcoat it:
“We are spending more money than we have ever spent before and it does not work. I want to see this country prosperous. I want to see people get a job. We have never made good on our promises. I say after eight years of this administration we have just as much unemployment as when we started and an enormous debt to boot.”
http://en.wikipedia.org/wiki/Henry_Morgenthau,_Jr
____________________________________________________________
Inflation, Banking, Debt and John Maynard Keynes
John Maynard Keynes (pronounced “Kanes”) was a self-avowed socialist who served as economic advisor to presidents, prime ministers, and even dictators. Keynes explained the negative effects of inflation in his book, “Economic Consequences of the Peace.” On page 235, Keynes wrote:
“By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some. The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose.”
John Maynard Keynes was called “the father of deficit spending.” He advocated the absurd notion that governments could spend themselves into prosperity by going into debt. Keynes’ tragic economic theory actually helped conceal the inadequacies in the intentionally fatally-flawed Federal Reserve Banking System.
The Federal Reserve Banking System is directly responsible for the national debt of the United States and all other capitalist societies following Keynesian theory. Our national debt can never be “paid off” with current monetary debt instruments (Federal Reserve notes and bankers’ created ledger, or checkbook, money).
I think turbo tax Tim was rumored to be leaving soon. Today’s commentary may mean the bus will have to make a side trip on its way to DOJ for Holder.
Now, who might want to be the next Treasury Secretary? Probably in order of potential: Monte Hall of Let’s Make A Deal Fame; Bernie Madoff on work release; or maybe Warren Buffet famous for you need to pay higher tax rates commentary.
LOL!
Sure, and you can collect “points”.
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