"It's DEAD Jim!"
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 ...
I thought the Kenyan Multiplier was 1.8 or so. Seems it was more like 0.3.
aka ... “The Mother of all Ooooops’es”
Yeah, he borrowed those too.
What does this mean to an average person?
I haven’t lived that way but unfortunately I will pay for all those who lived with instant gratification. And I ain’t too happy about it.
Well, TIMMY ... If you and RANGEL and the rest of your Liberal BUDDIES ... PAID YOUR TAXES when you were Supposed to, like the Rest of us...
we might not even Be in this Position!!!!!
Moron!!!
That makes two of us.
I just think back to Santelli’s first tyrade about the bail outs: Do you want to pay your neighbor’s mortgage? A resounding NO.
Now looking back at the mortgage scandal, the one Tiny Tim now says will keep the economy from coming back forever, consider NO ONE went to jail. Fraud up the ying yang and NO ONE went to jail. I wish someone would employ the Henry Fonda approach on NYC from the movie Fail Safe. They did it to the economy and the nation so payback is tough.
“Arrest him and his. He can not get away with that after all this.”
That is exactly what he is trying to deflect. This is the kind of thing that gets kleptocrats hanged or torn in pieces. This is the most colossal act of fraud and malfeasance in history. Well, maybe the PRC and the USSR take the prize. Maybe.
I don't care who you are, that's funny...
It's not my goal in life to be a punctuation Nazi, but your title is terribly misleading.
Not my title. The title of the piece posted.
First point is that he never said that.
Second point is that Keynes major theories were concocted to try and answer the similar situation facing nations in the early 30s. Classical and neo-classical theory seemed to have failed and the same kind of policies were not bringing down the unemployment rate.
I know he is everybody’s favorite whipping boy but few have actually read his works.
Is there any evidence that Urkel ever took an economics course? Anywhere?
Are you defending Keynes?
Fair enough. I stand retracted.
Not a big deal.
FYI, if I did change the title, the mods would take me to task for it. I never change a word of the title. If the title is too long, I post as many words as the FR programming will allow and then put the entire title below in the comments section.
I have got in trouble before changing the title before and am careful not to do so now.
Perhaps they could utilize a few quotes from Thomas Jefferson:
To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
Most Americans, seeing the joblessness, the hopelessness, and the frustration of their unemployed family and community members, would understand such plainspoken honesty, coming from principled men in either political party who will not fold in the face of challenges by the "One" who has championed this redistributionist borrowing spree, along with his fellow hucksters, Pelosi and Reid.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.