Geithner: Banker's STOOGE ~ Karl Denninger

peaceandlove · 07-13-2009, 04:44 AM

Geithner: Banker's STOOGE ~ Karl Denninger

Sunday, July 12. 2009

If you need more evidence than this, you're certifiably insane.

VIDEO (3:56): http://www.youtube.com/watch?v=WccPO...layer_embedded

I have a very simple solution to this mess with credit-default swaps. It is as follows:

Ban all such instruments as illegal gambling contracts. Maxine Waters (believe it or not) introduced a bill to do just that. I will be covering this in more detail if I can get her staffers on the phone (or even her, if she'll talk to me.)

Refuse to enforce any existing CDS. Yeah, I know, abrogating existing contracts and all. Cry me a river - if its good enough for GM and Chrysler, its good enough for the safety and soundness of American Business in general.

Fire Tim Geithner. Any "Treasury Secretary" who thinks he has a right to dissemble like this in front of Congress is defecating on the sanctity and honor of his office. Time to leave Tim (its not as if it wasn't before he was even confirmed, given that he couldn't be bothered to pay his taxes.)

Absolutely ban banks that take deposits or make loans from investment-related activities. This includes speculation or "market making" in our capital markets. Banks that handle deposits and/or make loans are providing an essential utility function in our economy; their safety and soundness is no less important than that of the local power company. There is absolutely no reason to allow any sort of cross-ownership or entanglement with speculative market activity of any sort. Not only is it manifestly unsound but they are inherently gambling with the people's money, not their own or that of their investors. This sort of ban was put in place after The Depression to stop it from happening again. It was called Glass-Steagall, and it needs to be restored right now, with all firms in violation broken up immediately.

Time to say "enough!" America.

SOURCE: http://market-ticker.denninger.net/a...rs-STOOGE.html

Congressman Moran Questions Sec. Geithner

July 10, 2009

WASHINGTON, D.C. Congressman Jerry Moran today questioned Treasury Secretary Timothy Geithner at a joint House Agriculture and House Financial Services Committee Hearing.

VIDEO (5:41):

Posey Questions Sec. Geithner on Effectiveness of Stimulus

Congressman Posey questions Treasury Secretary Tim Geithner on the effectiveness of the stimulus during a hearing of the Financial Services Committee - July 10, 2009

VIDEO (4:58):

07-13-2009, 04:44 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Geithner: Banker's STOOGE ~ Karl Denninger Geithner: Banker's STOOGE ~ Karl Denninger Sunday, July 12. 2009 If you need more evidence than this, you're certifiably insane. VIDEO (3:56): http://www.youtube.com/watch?v=WccPO...layer_embedded I have a very simple solution to this mess with credit-default swaps. It is as follows: Ban all such instruments as illegal gambling contracts. Maxine Waters (believe it or not) introduced a bill to do just that. I will be covering this in more detail if I can get her staffers on the phone (or even her, if she'll talk to me.) Refuse to enforce any existing CDS. Yeah, I know, abrogating existing contracts and all. Cry me a river - if its good enough for GM and Chrysler, its good enough for the safety and soundness of American Business in general. Fire Tim Geithner. Any "Treasury Secretary" who thinks he has a right to dissemble like this in front of Congress is defecating on the sanctity and honor of his office. Time to leave Tim (its not as if it wasn't before he was even confirmed, given that he couldn't be bothered to pay his taxes.) Absolutely ban banks that take deposits or make loans from investment-related activities. This includes speculation or "market making" in our capital markets. Banks that handle deposits and/or make loans are providing an essential utility function in our economy; their safety and soundness is no less important than that of the local power company. There is absolutely no reason to allow any sort of cross-ownership or entanglement with speculative market activity of any sort. Not only is it manifestly unsound but they are inherently gambling with the people's money, not their own or that of their investors. This sort of ban was put in place after The Depression to stop it from happening again. It was called Glass-Steagall, and it needs to be restored right now, with all firms in violation broken up immediately. Time to say "enough!" America. SOURCE: http://market-ticker.denninger.net/a...rs-STOOGE.html Congressman Moran Questions Sec. Geithner July 10, 2009 WASHINGTON, D.C. Congressman Jerry Moran today questioned Treasury Secretary Timothy Geithner at a joint House Agriculture and House Financial Services Committee Hearing. VIDEO (5:41): Posey Questions Sec. Geithner on Effectiveness of Stimulus Congressman Posey questions Treasury Secretary Tim Geithner on the effectiveness of the stimulus during a hearing of the Financial Services Committee - July 10, 2009 VIDEO (4:58): Last edited by peaceandlove; 07-13-2009 at 04:53 AM.