Tax cheat wonder boy Geithner is a laughingstock

Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner’s new financial-sector bailout project, according to people who were in the room.
The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets — which they referred to as “legacy assets” — but wouldn’t be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn’t provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side.
Oh, and just a reminder about the 10 Republicans who voted for the tax cheat/wonder boy because he was so uniquely qualified — with iron-clad credibility — to do the job:
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
Ensign (R-NV)
Graham (R-SC)
Gregg (R-NH)
Hatch (R-UT)
Shelby (R-AL)
Snowe (R-ME)
Voinovich (R-OH)
***
The stock market doesn’t think it’s funny:
Investors are frustrated with the government’s latest bank bailout plan — and showing it by unloading stocks.
The major stock indexes fell more than 4 percent Tuesday, including the Dow Jones industrial average, which tumbled 382 points. Financial stocks led the market lower, a sign of how concerned Wall Street is about the government’s ability to restore the health of the banking industry.
Traders and investors said the lack of specifics from Treasury Secretary Timothy Geithner on how the government will direct more than $1 trillion in public and private support was troubling.
The plan is aimed at restoring proper functioning to credit markets, which seized up over worries about bad debt after the September bankruptcy of Lehman Brothers Holdings Inc. The latest plan calls for a government-private sector partnership to help remove banks’ soured assets from their books. It would also boost an effort to unclog the credit markets that govern loans to consumers and businesses.
“The good news is they are going to spend a trillion dollars, the bad news is they don’t know how,” said James Cox, managing partner at Harris Financial Group.
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Categories: Tim Geithner
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Since he couldn’t do his own taxes and yet is in charge of the IRS, he was already a joke.
The market didn’t just sneer at him today, it threw shoes at him.
There is Cornyn again. Sometimes he’s with us and other times he’s against us. Can’t tell you how tired I am writing these people in congress.
I called Cornyn’s Houston office this morning (Sen. intentionally left off) and told the woman I talked to that I will no longer support Cornyn.
I told her I’m sick of RINOs in the GOP, and that it’s time for him to go.
I fear Texas will turn blue in 2010, but I can’t back another loser, like I did McVain.
The government is the joke!
Why does everyone in this administration always preface their comments or testimony by stating the exact opposite of what they are about to say? Both Bernanke and Geithner prefaced their testimony today with statements advocating more transparency and disclosure in government but then refused to provide detail to what they have already done as well as what they propose to do.
Bernanke bemoaned all of the “inflated” numbers going around about how many trillions the Fed had already spent yet refused to provide even an estimate as to what the true number should be.
Geithner ducked disclosure questions with his laughable posturing of claiming that he wants to “get it right” first.
I guess it’s all part of “bipartisanship” Thank you McCain. Your friends across the aisle sure know how to “party”. Could we please get some new leaders in the GOP? What will it take?
OT : Why men like Dodge Trucks.

http://i33.tinypic.com/117z96q.jpg
Sometimes, we need a chuckle.
We are in one mell of a hess.
Maybe the Sargeant – At – Arms could provide a rim-shot. At appropriate times, of course.
When is someone going to admit that these toxic assets are just that: Funny Money, Monopoly Money, Wallpaper, Fancy toilet paper?
Quicker, cheaper and easier to let all the companies with this junk on their books go under and start over.
Buh-bye Wells Fargo, BofA, Citibank. You had your chance and you blew it.
Way to go, Gee-man…
Hat-Tip to Calculated risk blog.
http://www.calculatedriskblog.com/
BHo will go down as the biggest loser of a president in US history.
He is surrounding himself with losers.
Why would anyone be surprised.
Hoist them all by their petards and pantyhose, I say!
Bear1909out
One other, “Obama Scare Tactic,” from his press conference was to blame the bankers. He has done this repeatedly, while ignoring historical fact.
“What got us into this mess initially were banks taking exorbitant, wild risks with other people’s monies, based on shaky assets. And because of the enormous leverage, where they had $1 worth of assets and they were betting $30 on that $1, what we had was a crisis in the financial system.” – President Obama.
First: Here is what happened, or as I like to call it, “The Horse.” Poor monetary policy under Greenspan mixed with bad government policies like CRA (bolstered by Clinton, who by his own admission has already said they went too far) created a liquidity bubble in our economy. Actually, two bubbles were created. The equity bubble during the late 90’s and the real estate bubble during 2004-2005. Then we have, “The Cart.” Unscrupulous businessmen, shady politicians and uninformed borrowers added fuel to the fire. Some examples: Franklin Raines (Fannie Mae), Christopher Dodd (Senate’s Banking Committee), and finally “Joe Anybody”… (The poor guy/gal who decided not to read the bold print on all Truth in Lending Disclosures.)
Second: Someone should have educated Obama on the leverage ratios undertaken by banks. I mean, after all this is a Financial Crisis. There are several different ways to measure that leverage. However, the most important is probably the Tier 1 ratio of >=6%. Falling below this ratio results in bank seizure by the regulators. Obama’s 1:30 ratio, or 3.33%, would have resulted in a bank being shut down, not “betting,” on future cash flows at that leverage ratio. Anyway, that is a discussion for another time.
I was, however, pleasantly surprised to see that TAX CHEAT, Tim Geithner, agrees with me and not the President.
“I am going to outline the key elements of this program today. But before I do that, I want to explain how we got here. The causes of the crisis are many and complex. They accumulated over time, and will take time to resolve.
Governments and central banks around the world pursued policies that, with the benefit of hindsight, caused a huge global boom in credit, pushing up housing prices and financial markets to levels that defied gravity.
Investors and banks took risks they did not understand. Individuals, businesses, and governments borrowed beyond their means. The rewards that went to financial executives departed from any realistic appreciation of risk.” – Geithner 2/10/09.
For that bit of honesty, I might forgive his tax problems…. yeah right.
Geithner, Obama – they’re all in over their heads. They have absolutely no clue what they’re doing. Mix in a little Chuckie Schu and what we all end up with is a train wreck. Time to hit our knees and beg God for mercy.
Maybe we need Jack Bauer to step in and prevent this country from going over a cliff.
Unfortunately, the joke is on us and the people who voted for this crew.
I THINK THE HAIRHAT IS AFFECTING TIMMY’S THINKING.
Volcano erupting in Alaska…Well, some say; Palin has a temper…
We are approaching that cliff very rapidly. 2010 is too far away to prevent the train wreck that is sure to happen. We’ll be lucky if it’s only as bad as Carter. We could be watching the unthinkable, the dissolution of the U.S.A.
Why do I have to pay taxes to support politicians who don’t pay their own?
Go easy there. Cornyn occasionally strays from the conservative ranch but he has been very good at stopping the amnesty train every time it rears its ugly head. And if not geithner, no telling who obummer would have put up there next. Some crony who has no working knowledge of the markets. And if you are from Texas, you know just how bad this illegal mexican invasion is. Hutchinson, on the other hand, would only get my vote (maybe) if shumer or obummer runs against her.
It’s welfare by another name. We pay them so, they can feed their children… e.g. special interests. Kind of a WIC program for them.
And the world is laughing at Obama, our joke for a president. It’s apparent he isn’t respected. World leaders know a school yard mommas boy when they see one.
ahraley, agree with your assessment. What we are dealing with now is the worthless, toxic remnants of failed economics. Investors, pension funds, hedge funds, sovereign wealth funds, and politicians are still clinging to the notion that we can go back to the pre-2008 way things were. We can’t. It was all a con job, a slight of hand, a house of cards. Move on. The last time something like this occured, the outcome was World War II. Look for trouble brewing in Asia.
How’s that for a scare tactic Mr. Obama?
Reagan, at least; got the mullahs attention in Iran. They were NOT laughing either. Thank God our military is still on our side.
I hope you’re right but you have more faith in the average voter than I do. My husband agrees with you, but I’m afraid those who support this narcassist will refuse to admit the truth.
Maybe our legislators could be persuaded to ask, as a bi-partisan offer to Obama…If he releases his true birth certificate; they would go along with him more often? They could always change their minds later…heh..heh…
BTW…UN alert ! UN says that UN troops still abusing young girls in Congo; having them serve in brothels.
Hat Tip to wikileaks.
http://www.wikileaks.org/wiki/Wikileaks
Also, a great source of Congressional Research Service Reports.
On February 10th, 2009 at 5:49 pm, Misscheryl said:
And the world is laughing at Obama, our joke for a president. It’s apparent he isn’t respected.
Mc – I think you are confusing administrations or possibly the ’08 Republican ticket.
We are so screwed.
When will WE THE PEOPLE say we have had enough and start this revolution. We are becoming what our founding fathers left in Europe. Enough is Enough
Apparently, you guys don’t read the papers or Newsweek or, you get the idea. According to them, Obama has such a strength about him, such a grace, such….
The enemy is all around us.
General Celburne
This is the death of the United States of America. I hope the libs are happy.
Even Cracked Magazine is getting on The One…
http://www.cracked.com/blog/ive-got-your-stimulating-package-right-here/
Thankfully, most of us with guns, are strong believers in our country.
Geithner sure looks a lot like the bad guy “Carl Bruner” in the movie Ghost!
OT: Fox News just had a report that there’s still a prospect that about $5.2 billion could end up in the stimulus bill that could find its way to ACORN.
No les – I’m not confused at all but you are one of those individuals I described who wouldn’t admit the truth if it bit you in the a@*. The “world” knew they couldn’t push Bush around. They may not have liked him, but they respected him. Your weenie of a president is a laughing stock. When we are subjected to terrorism while dumbo is in office, you still won’t admit the truth.
Larry Kudlow on Geithner:
http://article.nationalreview.com/print/?q=NDYwMGUyNTFkNDE5M2E3ZjE3NWEyNTgzODA4YWNkMDQ=
“Legacy assets”- named for infamous Chicago politician , and serial killer, John Wayne Gacy. (Who doesn’t think Chicago politics is NOT rough and tumble?)
I wonder, how many victims the Obama Administration officials plan to bury during the next 4 to 8 (or 12) years.
If only Michael Steele lives up to his name. If the RNC keeps unrelenting exposure on this fiasco with a barrage of ads and talking heads. Constant ridicule of the tax cheats and other incompetents in the BO administration. Strong conservatives to run against the Dems and more importantly the God D— RINOS. Do this and 2010 could see the end of the Dems and libs for a generation.
Its going to be a painful year and a half but could be a golden opportunity.
Unfortunately, if the RNC lets it get away, as so many have said, WE ARE SO SCREWED!!!
Southpaw,
Obama’s demonization of the bankers helps to bolster his argument that the sky is falling and only he can fix it. As you pointed to historical reference, remember, through out history, leaders with radical agendas have had to demonize someone for a “Perceived failure,” in their respective populations to accept a shift in thinking. The most obvious reference? Hitler to explain the economic failures of Germany demonized the Jews. Now, before the firestorm starts, I AM NOT trying to draw a correlation between Obama and Hitler. I’m simply saying it is a tactic used to move thought.
I also, absolutely agree we cannot return to pre 2008, no more than we can return to a pre 9/11 mentality. With that said, it was a, “House of Cards.” What we are doing right now is building another house of cards, and the deck is stacked.
Geithner is a classic example of what I am seeing first hand in college today.
A smart guy who can add, subtract, plug in numbers and answer basic questions.
However he knows he is a fraud. He knows that the education he has in no way has prepared him for answering substantive questions. He is a coward and has never had to answer for a single decision he has made in his entire life.
He is however smart enough to now realize that it is his neck that all of his liberal friends have placed on the chopping block.
Obama did it last night. he would not answer any question about the plan. He even said that he did not want to step on Geithners toes.
Read that to mean, I, Obama, have nothing to say, because when this fails it ain’t my fault. We set up Geithner to take the fall.
Did you hear Senator Shelby today call this the Greithner Plan. He knows who is being cast being the swine, and so does Geithner.
Wait and see this little man prove to all of us just how worthless he really is.
He probably never wanted the front man job. Cowards like this usually survive their career never having to be the real front man. Now the tide has turned and every word and deed he will be forced to do are going to be scrutinized. Cannibalism is never pretty and soon we will see the liberals cannibalize their own to protect Obama.
How long will the media provide cover as it becomes more and more obvious that the emperor has no clothes?
Good God . . . where does Obama dig up these dolts? Socialism always fails and until we see some trappings and initiatives of the free market system this fiasco will also miserably fail.
LOL! You noticed that, too?
Looks like ‘Bambi’s found his mojo, also his stand-up comedian act. I’m tired of being lectured, talked to like we’re all redheaded step-children, and shamed for not swallowing this nonsense. The arrogance and overbearance is tiresome seeing as how we’re in a “world crisis of epidemic proportions”.
We can base how the next four years are going to go by the hysteria in his decision making, choices of his cabinet members – as well as those not needing confirmation, and his flippant and degrading attitude to anyone not agreeing with him. He reminds me of someone that has been praised from infancy and no one ever said no to him. His ability to distort the truth and remake history on the fly is scary.
Glenn Beck thought he looked like one of the elves in the Lord of The Rings movies. I guess it’s his pointy ears, and beady eyes.
I assume the impression was that the elves in the movies, and Geithner’s TARP II proposals are works of fiction…my take.
For the past several months I’ve been scared to check my 401K. Now I’m getting in the terrified range. Sooner or later my paycheck contributions won’t be enough and I’m going to be paying out of pocket.
Thanks Mr President for ripping the wings off of my already tailspinning retirement.
I don’t know if my displeasure with banks is the same as Obamas, but here’s my beef: I had an excellent credit score and a long term (decades) credit card with a high limit and NO balance. The bank just cancelled the card and refused to re-issue. That bank just got tens of billions of dollars of bailout money and then turned around and screwed me. I have been trying to do my part to help the economy by continuing to spend money, but as of yesterday, all discretionary spending came to an end. The bank will lose a long time, solid customer.
TARP is all about trying to save failed toxic assets and NOT about getting the economy going.
This administration has been a laughingstock from day one.
What is going on with this bunch of buffoons who think they don’t have to give answers so they never have any prepared? They seem to think that all they have to do is furrow their brow and strike a pose and everyone will back step three paces, lower their eyes in fear and accept what they say with a yes sir, sorry sir response.
I don’t know what kind of people they’re used to dealing with, but they definitely not used to being challenged or questioned. Where do these people come from?
It’s safe to say they weren’t skimmed of the top!
Dave, people I’ve talked to about the losses in their 401′s and 403b’s have lost asset value of between 35 and 40%.
It could be worse…Rep. George Miller (D-CA) wants the government to take over all the assets in private retirement programs, an direct their allocations. Should that happen, revolution WILL become a reality I’m afraid….
Southpaw,
Again, we are in agreement. Your story is one I have heard from many people. Sad, but true.
My advice, find a strong community bank and move your business there. The website http://www.bankrate.com has a lot of good information on rating banks. They attempt to replicate the regulators’ CAMEL ratings. Anyway… Good Luck.
right_on,
There were others in the House that discussed the nationalization of IRAs and 401Ks last year. Scary.
Can we officially call this “Obambi’s depression,” now? Considering he and his cohorts in his (can it be called an administration? More like a Three Stooges episode or what one might see in a kindergarten class) are making worse?
Meanwhile, in the beltway, a prosecutor has the nerve to want to jail none other than Marion Barry over HIS tax problems!
I’d say that was a bit cheeky….
At least it wasn’t over crack this time. heh heh heh…
Careful, Graham will think it’s a frat party.
Little Timmy Taxcheat
The O, knows he is forcing you into HIS system…DOW=SOM…That’s ( Spending Our Money )
Ham & Split Pea Soup with Home Baked Bread…Mmmmm…
Geitner took a tax deduction for sending his kids to summer camp. And nobody asks Obama this question at his news conference: “When you talk about Wall Street bankers who need to understand that things have changed, are you referring to a Secretary of The Treasury who took tax deductions for sending his kids to summer camp?”
Instead we had the spectacle of Terry Moran asking him on ABC: “Are you surprised that the Republicans have been so partisan?”
At least, It get’s that crap-sandwich taste uut of my mouth.
No, I think we are referring to a tool who swore and attested, he would pay his taxes with the cash the IMF gave him.
Secretary of Tax Cheating Geitner may be a laughingstock, but I’m not laughing.
De frauding a financial institution, is not a mistake. It’s a criminal offense. Unfortunately, We have our own ” Smooth Criminal ” Business as usual.
Here is a smooth criminal.
http://www.youtube.com/watch?v=2WjOn5TNjBM
I always wondered how what life in a third world country might be… where the leaders are characterized by graft, corruption, deceit, incompetence, greed, ego…
thank you Obie…
… you’ve brought it all home for me.
As tax cheats go, Geithner has set new standards for arrogance and gall. When negotiating his pay package, he had requested additional pay for the specific reason of covering the self-employment tax he would be required to pay. He then simply pocketed the money. That wasn’t a mere oversight. That was a deliberate decision.
Nor was it a Turbotax mistake. I don’t know any CPAs who use Turbotax so it would have required a deliberate decision on his part as he was using Turbotax.
Nor what is his CPA’s mistake. It is his responsibility to provide his CPA with all of the disclosures and documents needed to prepare his returns.
There is no getting around that this guy is a criminal sleaze-bag. And he had the gall to lecture Wall Street on ethics in his very first official address while unveiling the bank executive compensation limits? Like the French say: “Quel tas!!!”
Geithner is the poster child representing what is fast becoming the Obama administration’s trademark slogan “Rot at the top”.
*Geithner is P-BO’s Al Capone, a criminal tax cheat who will never have any cred with the public; No matter anything he does, good or bad, while SoT, he will always be tainted by his past criminal behavior; “When first you practice to deceive….”.
A crackhead president chooses a tax cheat
treasurer. Didn’t see that coming-
You’re not alone. My rate just went from 6.99% to 17.9%. Looks like I’ll be making do with my debit card from now on.
How will we ever restore our moral standing with the rest of the world?
Oh wait, He’s their Prizzy too!
On February 10th, 2009 at 6:31 pm, Misscheryl said:
Your weenie of a president is a laughing stock. When we are subjected to terrorism while dumbo is in office, you still won’t admit the truth.
You mean like 9/11 which occurred while your guy was in office.
Turbo Tax Tim has a plan. It’s a plan of a developing plan, like paying a provisional tax but forgetting to send the check, the checks in the mail. And this whole mess started before the current president took office, you know, while I was at the Fed in New York overseeing this plan. Send him the book, ‘Rescue Plan for Dummies’.
And ‘Our’ guy took action. Your guy would have been organizing a community somewhere to ask the terrorist supporters over for a Starbuck’s.
LES, all of the 911 hijackers were in place, in the USA by Dec 2000.
You know, when your guy was
under the desk in the office.
That’s all you got?
Apparently, Jeff’s a Canadian.
Everything about this administration is a laughing stock…
…except I’m not laughing.
Will Obama stop doing things to fix the markets already? My investments are in bad shape and everytime he and his peeps open their pieholes, they go further in the crapper.
Shut up and stop doing stuff!!!
I think this whole thing is gonna blow sky high well before the next election…Most of the people I talk to are reaching a boiling point.
They’re not hot enough…I want to see the damm lid fly off and real Americans learn a lesson about the priviledge of VOTING!
Most of the people i speak with are ready to reach for their guns.
Maisy said:
In what way if I may ask?
By the name, I’d say French Canadian. Like me. But “uut” is how a Scot would pronounce it. You know: “doon toon”, “Ach!! Get oot!”, etc..
Keep in mind that Obama and his voters don’t care about saings, 401Ks [except to nationalize] and the market – they believe that taxpayers owe them for their entire life – gimmee man.
Geithner seems to be yet another Obama buddy that will not survive the bus ride.
Barry is absolutely clueless on how to handle this stuff…all he’s done throughout his political career is campaign for the next seat/office that appeals to him. He has never made a real stand on any one issue…has no desire to work with both parties to fix what is ailing this country, and has appointed imbeciles and morons to cabinet posts that are there because they have connections to him or are Clinton Administration retreads….
God help us if our enemies decide to do us in over the next four years….
We are soooo screwed.
Southpaw said:
Don’t feel bad, Southpaw. The exact same thing just happened to me, and it was probably the same bank. Galling to think that they’re getting our tax dollars, isn’t it?
I had heard (from Jerry Doyle) that Geithner was Paulson’s numero dos and helped him come up with the TARP Plan. What impresses me about his statement as to withholding details until he/they get it right is I thought there were Sunshine Laws? Yes, I realize these are Democrats we are dealing with, but didn’t they learn anything from Hillary’s healthcare taskforce? (aside from burying e-v-e-r-y-t-h-i-n-g in a 600+ page bill?)
Add me to the boiling mad group. I didn’t send Mike Duncan (the ex-RNC Chair, yes that Mike Duncan) money. But I will send some to Mike Steele. Love it that he asked for resignations.
I’m going to dig out my `Don’t Blame Me,I Don’t Vote Democrat’ Bumper Sticker. Wonder if the Morons at Stanford where I work, will deface my big, honking SUV?
Right by the Sea and Southpaw, Chase hasn’t pulled any of those shenanigans. Change to them and see what they say when you tell them you’re taking your business to them instead of the soon-to-be-out-of-business Loser Company.
Always remember… we may be out-numbered, but we’re still right.
An unnamed bank (founded by some Italian guy in California) raised my credit card interest rate from 6.9% to 19.9% and my wife’s credit card interest rate from 7.9% to 21% without warning or justification after they got the “bailout bucks.”
In retaliation, also without warning or justification, I transferred the balances on both contracts to a Single Action Shooting Society-sponsored credit card with another bank. The transferred balances (not significant) have 0% interest for one year and the fixed interest rate on the card is 6.9%.
More bailout money administered by a lying tax evader? I say no!
The resistance is here. The resistance is now. RESIST!
ECS
fairyfoose said:
I can’t speak for Southpaw, but it was Chase that pulled this shenanigan with my card.
Not only loosers, people of little integrity to fit in with special protected minorities who were formerly known as — you name it.
What is it they say about December 12, 2012. It’s looking more and more like we’re heading in that direction.
I heard yesterday that Geithner’s new “plan” on saving the economic world was created by someone else. Someone on his staff? I thought HE was so “talented and valuable” he could ignore his taxes and save us! Damn. Misled again.
I am to the point , as well as many of my friends, to where we have lost confidence in the US government. I usually vote GOP, but Bush was a joke and Obama is even a bigger joke. Its ony been 22 days and we are dreading the next 1438. Is there anyone in this nation who can run the government? If no one comes forward we need to kill the one we got and start over again. The stranglehold of the DEMs and GOP on governement is killing us. Its like they are one in the same. Lets face reality people. This is no game.
Personally, we are paying off credit cards and for the reasons noted above. We can see the writing on the wall. Soon, with the exception of our house we will be debt free. I don’t trust this government!
A good read on the bad plan….
http://online.wsj.com/article/SB123431465155370931.html
Amen Bear!!!!
I tried to tie a broomstick to Cornyn’s back to at least
simulate a spine but it doesn’t seem to have worked.
At least Hutchison didn’t join him…yet.
Geithner isn’t “uniquely qualified” to scrub my toilet, much less run Treasury.
What a joke. A sick, sick joke.