Turbo Tax Tim goes all Rahm-bo on regulators
That’s #$%^&*!! Turbo Tax Tim Geithner to you!
I can’t help but think there were a few stifled giggles as the feckless Wonder Boy vented. Via the WSJ, here’s the scoop on how financial watchdogs are pushing back against Team Obama’s plans to consolidate their offices and give the Fed more power:
Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique last Friday as frustration grows over the Obama administration’s faltering plan to overhaul U.S. financial regulation, according to people familiar with the meeting.
The proposed regulatory revamp is one of President Barack Obama’s top domestic priorities. But since it was unveiled in June, the plan has been criticized by the financial-services industry, as well as by financial regulators wary of encroachment on their turf.
Mr. Geithner told the regulators Friday that “enough is enough,” said one person familiar with the meeting.
The story reminded me of a power shift I call attention to in Culture of Corruption away from the damaged Treasury Secretary to someone who really know how to drop the F-bombs — Rahm Emanuel. As the WSJ reported in May:
On Jan. 20, Timothy Geithner took control of the Treasury Department, directing the government’s response to the financial crisis.
Within three weeks, the White House tightened its grip, alarmed by the poor reaction to Mr. Geithner’s performance during the rollout of his rescue plan, government officials say. Since then, White House Chief of Staff Rahm Emanuel has been so involved in the workings of the Treasury that “Rahm wants it” has become an unofficial mantra among some at the Treasury, according to government officials.
Reuters sheds more light on the turf battle between Geithner/Emanuel and the regulators:
Top U.S. bank regulators will speak out on Tuesday against some key elements of the Obama administration’s plan to reshape financial regulation, saying parts of it were unneeded or could be disruptive.
The officials’ defiance, in prepared congressional testimony obtained by Reuters, came despite a warning given to them on Friday by Treasury Secretary Timothy Geithner.
In private remarks punctuated with expletives, Geithner urged the regulators to end their turf battles and show support for President Barack Obama’s plan, according to a person familiar with the situation on Monday.
But that seemed to have little impact on John Bowman, acting director of the Office of Thrift Supervision (OTS), an agency slated for closure under the Obama plan.
“We do not support the administration’s proposal to establish a new agency, the National Bank Supervisor (NBS), by eliminating the Office of the Comptroller of the Currency … and the OTS,” Bowman said in written remarks to be given to the Senate Banking Committee at a hearing…
John Dugan, Comptroller of the Currency, warned lawmakers in his remarks that the existing plan would wrongly give the Federal Reserve the right to ‘override’ the views of other regulators when it comes to supervising very large banks.
Such a move would “undermine the authority — and the accountability — of the banking supervisor” he said.
Stay tuned for more Bully Boy fireworks.
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Everything in this administration is a “top domestic priority.” Socializing health insurance… top domestic priority. Cap and trade … top domestic priority. Amnesty … top domestic priority.
The over-reach will be their downfall.
It would seem the coup de tat is starting to falter.
Poor Timmy. Rahm is just going to have to give him a Time Out.
If you think Timmy’s expletives are nasty, just wait until Al Franken gets angry. You aint seen nuttin’ yet, folks!
It seems like Rahm is being set up as the enforcer/scapegoat of the administration. I wonder if this is to give Obama plausible deniability come election time.
Kind of like Zero fiddles while Rahm burns.
Think like thugs – Act like thugs – Talk like thugs.
I’d make a comment about “birds of a feather” but I don’t want to call down the wrath of PETA… And I’d say something about monkey see, monkey do, but I don’t want to be accused of racism.
Wow, the thugs really do know how to stifle free speech…
And we have 3 1/2 more years of this?
Maybe 3 1/2 more years of Odumbo…but as for the moonbats in Congress??? Many of them have just one more year left. Count on it. They cannot survive the lunacy they are trying to force on the American people. Congress is going to turn around next year! And Obama’s power will be lessened considerably as a result.
The ultimate downfall of the arrogant is arrogance.
That’s the silver lining. However, we’ll still be stuck with the people he puts in these key positions like Geithner. This man should never have been confirmed. Then again, Obama can just make them all czars and skip confirmation hearings.
Ewww… and I REALLY hope he’s gonna get it, too…!!!!!
Oh yeah, he’ll get it in the end. Just ask Bawney Fwank. Oh, no, I didn’t just say that.
House Democrats Introduce Middle Class Tax Bill. That didn’t take long.
Hmmm…maybe that is why there is a question on the census form asking how many miles you drive to work each day…?
“Read my purple lips…no new taxes on the middle class!” Ha!
Rags, you beat me to it.
I sure hope Geithner was cursing in Chinese or Japanese and putting that Asian Studies degree to work.