Bailoutmania: Not “permanent.” Just forever…

By Michelle Malkin  •  May 20, 2009 01:53 PM

A telling exchange this afternoon between staunch fiscal conservative Sen. Jim DeMint and Treasury Secretary Tim Geithner, via WaPo:

Geithner was hammered by a Republican senator decrying Treasury’s growing power over the American economy. “This is not mission-creep,” said Sen. Jim DeMint (R-S.C.). “This is a stampede of any traditional understanding of constitutional boundaries.”

DeMint called Geithner the chief executive of the American economy. And he didn’t mean it in a good way.

DeMint complained that “we hear very little talk about exit strategies.” He asked Geithner how much of the $700 billion government bailout will be returned to Treasury’s general fund within five to six years.

“That’s hard to say right now,” Geithner said, deflecting: “If we are successful, that money will come back with substantial interest.”

Geithner added that the way the bailout was designed, for each $1 that is paid back, $1 can be lent back out.

“So it’s your understanding that you have $700 billion to use permanently as you see fit?” DeMint asked incredulously.

Geithner wouldn’t take the bait. “I’m not quite sure ‘permanently’ is right,” he said.

Not “permanent.” Just indefinite. Perpetual. Never-ending.

Whatever word you want to use, “temporary” government handouts are forever.

Wish more Republicans would get it through their heads.

Posted in: Tim Geithner

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Comments


  1. #704383
    On May 20th, 2009 at 1:57 pm, Ragspierre said:

    “I’m not quite sure ‘permanently’ is right,” he said.

    But he’s not quite sure of any damn thing!!!

    I very much doubt he’s sure he has a freaking clue about what he’s doing…

    OR how terribly BIG BRO is hurting our economy.

  2. #704386
    On May 20th, 2009 at 1:59 pm, Godzilla said:

    Jim DeMint is, imo, one of the greatest politicians to ever grace congress. I have infinite respect for this man. Jim, you’re a hero.

  3. #704389
    On May 20th, 2009 at 2:03 pm, tonyr951 said:

    Geithner said, deflecting: “If we are successful, that money will come back with substantial interest.”

    That’s what they said about the $15 billion given to GM.

  4. #704395
    On May 20th, 2009 at 2:08 pm, thetoysurgeon said:

    Way to go BIG JIM.. Fellow Sandlapper ! Kick some LIB A$$. I am proud you are a South Carolinian! If only you would leave the GOP and start a new party!

  5. #704400
    On May 20th, 2009 at 2:12 pm, 24Klady said:

    If. If. If.
    The most dangerous word when it comes to fiscal responsibility. I was never taught that word in economics 101.

    Can we get a poll going yet for members of both parties to sign as a vote of no confidence in our government? This whole managerie must be disabled and sanity returned.

  6. #704403
    On May 20th, 2009 at 2:19 pm, sassy745 said:

    Jim DeMint the best senator in DC. We need him as POTUS

  7. #704407
    On May 20th, 2009 at 2:22 pm, John Deaux said:

    DeMint and Sanford make me want to move to SC.

    But then there’s Graham.

  8. #704412
    On May 20th, 2009 at 2:30 pm, Hangfire said:

    “Temporary Permanent” we call it here in the People’s Republic of Hawai’i.

    Like when a pothole gets patched, and when the patch wears out, it gets re-patched and re-patched. Of course, each patch is bigger than the one under it.

  9. #704413
    On May 20th, 2009 at 2:31 pm, FruNobulux said:

    Sickening. All I can do is shake my head. What a nightmare.

  10. #704415
    On May 20th, 2009 at 2:31 pm, On-my-soap-box said:

    Wish more Republicans would get it through their heads.

    Too busy moving to the center. Steele is doing a great job of leading Repubs in that direction as well. He thinks the GOP should not be made up of conservatives. Too many Repubs think they need to move to the center to capture center of the road liberals (there are none). With leadership like the RNC, the only thing going through Repubs heads is how to redistrict.

  11. #704417
    On May 20th, 2009 at 2:35 pm, Dexter Alarius said:

    “If we are successful, that money will come back with substantial interest.”

    If wishes were nickels I’d be a gazillionaire!

    Is this guy somehow related to Henry Morgenthau?

  12. #704419
    On May 20th, 2009 at 2:37 pm, Laree said:

    Everyone should watch this video Daniel
    Hannan
    is warning everyone about what we can look forward to because
    The United Kingdom is already experiencing the results of Socialism. Their speaker resigned and their PM Gordon Brown spending out of control is highly unpopular the Brits are spending more but getting less and less. Hannan’s message to Americans “don’t follow us”

    The British Are Coming- the British Are Coming

  13. #704422
    On May 20th, 2009 at 2:45 pm, Ragspierre said:

    “If we are successful, that money will come back with substantial interest.”

    But with BIG BRO forgiving BILLIONS of dollars of GM bailout $$$$…

    it would take a miraculous rate of return.

    I don’t believe BIG BRO has the power to bring off that kind of miracle.

    I’m hard that way…

  14. #704425
    On May 20th, 2009 at 2:46 pm, hawkeye54 said:

    Not “permanent.” Just indefinite. Perpetual. Never-ending..

    Sorta like any government program. Could be subject to termination, but rarely happens.

    Geithner said, deflecting: “If we are successful, that money will come back with substantial interest.”

    What he means is, the money will come backed with substantial interest of TEH ONE’s administration dictating the operations and management of all that took bailouts, and attempting to do the same for some that didn’t.

    They aren’t bailouts – they are government takeovers.

  15. #704430
    On May 20th, 2009 at 2:50 pm, nuss said:

    Jim DeMint is a voice of reason on almost every issue. He must be a nightmare for the statist idiots in government. Senator DeMint is living proof that you can be elected to the Senate without selling your soul and trashing the U. S. Constitution.

  16. #704436
    On May 20th, 2009 at 2:59 pm, Dexter Alarius said:

    Senator DeMint is living proof that you can be elected to the Senate without selling your soul and trashing the U. S. Constitution.

    I just hope he doesn’t drink the water. SOMETHING there sucks the brains out of people after a while.

  17. #704440
    On May 20th, 2009 at 3:01 pm, 24Klady said:

    Laree
    There was a story out this morning (sorry, can’t remember where I read it) about the number of well educated and skilled people leaving Great Britain because they refuse to pay the taxes.

    I’m a big fan of Sen. DeMint and hoped the GOP would have given him more recognition during the election. I’m just as much opposed to Mr. Steele. Had great hopes for him but he’s just another hack and would sell us all down the river. I get an e-mail every other day with his name attached asking for support, but mainly dollars to defeat this or that. Bull pucky.

  18. #704450
    On May 20th, 2009 at 3:12 pm, AlohaGuy said:

    we hear very little talk about exit strategies

    Brilliant.

  19. #704454
    On May 20th, 2009 at 3:16 pm, maisy said:

    Geithner just came from the Bilderberg meeting…..you know , the one many of you laugh about as a “conspiracy theory” and black helicopters etc. I know I used to think Alex Jones was nuts…and yet now just about everything he predicted is happening…..

  20. #704462
    On May 20th, 2009 at 3:26 pm, Wildcatter1980 said:

    “This is a stampede of any traditional understanding of constitutional boundaries.” – Sen. Jim DeMint (R-S.C.) to tax-cheating Treasury Sec’y Timothy Geithner, 2009-05-20

    I never thought I’d live to see the day that our American constitutionally-defined and -protected values and principles would be so callously and blatantly disregarded to cheering crowds and rave reviews by the mainstream news media.

  21. #704491
    On May 20th, 2009 at 4:17 pm, Truesoldier said:

    Speaking of auto bailouts I urge you all to read this letter.

  22. #704493
    On May 20th, 2009 at 4:19 pm, Regulus said:

    The donks think you’re stupid.

    Instead of “Tax Cheat” Geithner playing “Let’s-Have-Fun-With-Semantics” and hoping that the Rubes will fall for more “Definition of Is”(TM) style sophistry, why not just get Ben Stiller to do a reprise of his “White Goodman” character from the movie, “Dodgeball”?

    Come on down and join the winning team, because here at Globo Gym, we’re better than you.

    And we know it!

    How long the donks will continue to behave toward the American People as if they were morons depends entirely on the willingness of the American People to go on being treated like morons.

    The tea parties were a beginning.

    The California tax revolt is progress.

    Electoral blowouts in 2010 and 2012 that equal in magnitude the Bad Karma that the donks are building up would be a great finish.

  23. #704498
    On May 20th, 2009 at 4:25 pm, Truesoldier said:

    On May 20th, 2009 at 4:19 pm, Regulus said:
    Electoral blowouts in 2010 and 2012 that equal in magnitude the Bad Karma that the donks are building up would be a great finish.

    Until the Elephant can come up with a real Conservative plan (i.e. Contract with America) I wouldn’t get my hopes up.

    Right now the only people expousing true Conservatism is the blogoshpere and talk radio (with few exceptions). The Republicans in Congress are using the Blogs and Talk Radio as a way to provide them political cover. They can point to the message of Talk Radio and the Blogs and say I agree wiht it, but when it comes to being put on the spot about it on the MSM channels they claim “I never said that, Limbaugh did.”

  24. #704504
    On May 20th, 2009 at 4:44 pm, Flyoverman said:

    Glad to see Little Timmy verbally clubbed like a baby seal. He merits the treatment.

  25. #704537
    On May 20th, 2009 at 5:40 pm, LOBOMAN said:

    Kinda like giving a person a few days worth of coke and telling them that they can quite anytime they want.

  26. #704667
    On May 20th, 2009 at 9:20 pm, Wellsy said:

    With the feds now poised to take a majority stake in loan company GMAC, the finishing touches are being put on the almost total government takeover of the auto industry.

    It’s not going to solve anything except turn us massively socialist overnight. The fact that all this has happened so quickly is almost mind-boggling. Of course, that’s the point – by the time the American people figure it out, we’ll all be hopelessly hooked on the government teat. It’s not a future worth having, and it’s one that we must fight against.

  27. #704674
    On May 20th, 2009 at 9:46 pm, PKAmmoTroop said:

    On May 20th, 2009 at 9:20 pm, Wellsy said:

    With the feds now poised to take a majority stake in loan company GMAC, the finishing touches are being put on the almost total government takeover of the auto industry.

    Like I asked my left-of-lgm liberal sister, Jane Stalin, “Would you buy a car from the same people that brought you the Katrina response?”

    Right now she’s quivering in confusion so bad my brother-in-law is using her to break up old concrete.

    Then again I also told her that Obama is screwing up so bad he’s going to lose next election and that me and my evil conservative buddies are going to elect Jebb Bush just so he can put W in charge of GM. I think she swallowed her pancreas on that one.

    I love messing with liberals minds – if you can find a liberal that has one.

  28. #704922
    On May 21st, 2009 at 11:13 am, Canadian Mike said:

    Imagine going back a year or so and replacing McCain with DeMint. Apparently the idea of having an intelligent, articulate, confident, conservative candidate didn’t dawn on the RNC.

  29. #705401
    On May 21st, 2009 at 9:29 pm, rightisright said:

    History has it a Senator doesn’t have much of chance to be elected president, Ohnobama proved that reason, DeMint would be a great president, he knows the constitution, what’s right and wrong, has a back bone and was never a community (criminal) organizer.
    And don’t forget he’s a real conservative…unlike the current GOP Repub’s.

  30. #705576
    On May 22nd, 2009 at 8:50 am, happy2behere said:

    TARP w/o exit strategy = Govt has your ATM card.

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