‘Wear a wire.’
That’s Glenn Reynolds’ advice to anybody who feels obligated to attend a joint Treasury/HUD meeting called for July 28th to address the mortgage crisis. Given that the letter that was sent out is only ‘requesting’ attendance by the most charitable of interpretations (when two Cabinet Secretaries send you a letter about your presence at a meeting, you’re expected to show up), that should be pretty | Read More »
Adam Smith Lies to Obama; Result: Misery for Millions
Admittedly, it was an inadvertent lie. Perhaps Adam Smith’s publisher made him do it with an eye toward spurring sales of his book, popularly titled ‘The Wealth of Nations’. Had Obama been aware of the full title of the book, An Inquiry into the Nature and Causes of the Wealth of Nations, perhaps he could have penetrated the ‘lie’, but perhaps not. Obama has already established | Read More »
Cuts? What Budget Cuts? He Never Promised Cuts!
The following is a transcript from the 3rd Presidential Debate (10-15-08) between McCain and Obama on the topic of budgets. It is especially relevant now. SCHIEFFER: All right. Let’s go to another topic. It’s related. So if you have other things you want to say, you can get back to that. This question goes to you first, Senator Obama. We found out yesterday that this | Read More »
Tim Geithner’s Excellent Ponzi Scheme
As our Prompter in Chief loves to say, “Let me be clear!” This proposal to buy toxic assets by Treasury Secretary Geithner is nothing more than a huge Ponzi scheme! The banks will now be able to use our taxpayer money via the TARP funds to invest a fractional amount into the very assets that caused the taxpayers to give the banks TARP money in | Read More »
William Greider hopes Obama fails
I was working in the basement and caught a story from Bill Moyers on PBS. I can’t say I have much history watching him so I can’t comment much on his politics (although I have an impression of a pretty soft, non-confrontational interviewer). This evening, he facilitated a discussion with William Greider. I’ve never heard of Mr. Greider before the story so I’ll let Bill | Read More »
Today’s Headlines — March 24, 2009
http://www.washingtontimes.com/news/2009/mar/24/investment-firms-stand-to-profit-in-treasury-plan/ Investment firms stand to profit in Treasury plan — http://www.washingtontimes.com/news/2009/mar/24/hillary-the-movie-case-spurs-free-speech-debate/ ‘Hillary: The Movie’ case spurs free speech debate — http://www.washingtontimes.com/news/2009/mar/24/catholic-church-to-pressure-hhs-nominee-on-abortio/ Sebelius in trouble with Catholic Church — http://www.washingtontimes.com/news/2009/mar/24/obama-editorial-keep-dollar/ Obama writes global editorial — http://www.washingtontimes.com/news/2009/mar/24/investors-invited-to-buy-toxic-mortgages/ Investors offered toxic mortgages $1 trillion offer to revive lending arouses markets — http://www.washingtontimes.com/news/2009/mar/24/grassley-urges-budget-freeze-on-socialist-trend/ Grassley: Budget freeze to stop ‘socialism’ — http://www.washingtontimes.com/news/2009/mar/24/obama-breaks-own-signing-rules/ Obama breaks own signing rules Critics called mistaken | Read More »
Explaining the Fed Cash Infusion Comparing the US Mint and Franklin Mint
There was a barely reported news item last week about the Federal Reserve committing to buy $1 trillion worth of Treasury Bills. There was a light mention that the Fed knows they have to be careful to avoid this action leading to inflation. The reality is, a little inflation is the least of our problems when you are dealing with trillions of dollars. With so | Read More »
Are Bailed Out Companies Turning Into Spoiled Children
This morning there is an interesting story about the latest round of bail out begging from AIG. ABC News obtained a copy of a draft presentation for the Treasury Department about their need for more bail out money. The original story can be found here at the ABC News page. I have also downloaded a copy of the presentation to try to avoid the link | Read More »
Giethner’s Staffing Dilemma Explained
If anybody knows Tim Giethner, feel free to send him a copy of this. In one of the flashes of Jeffersonian brilliance, I think I have it figured out why he is having a hard time staffing up Treasury. We all agree that the economy is in dire straits right now. Just stabilizing the problem, more or less turning it around, is going to | Read More »
FBN gets judge to force more transparency on Treasury
Fox has been trying to get Treasury to release more info about TARP I and they have balked. Fox filed a lawsuit under the Freedom of Information Act and today a New York judge sided with Fox. Treasury has 30 days to turn over papers and 45 days to produce a Vaughn index which shows what was NOT disclosed and why it was withheld.
Geithner Is The Only Guy For This Job?
During his less-than-stellar press conference last night, President Barack Obama touched on the announcement of Tax-Evader-In-Chief Treasury Secretary Tim Geithner’s plans to get the American financial and credit systems back on track: And so tomorrow my Treasury Secretary, Tim Geithner, will be announcing some very clear and specific plans for how we are going to start loosening up credit once again. And that means having | Read More »
Inflation: the ultimate bailout
Those who cannot learn from history are doomed to repeat it. The Fed is just getting warmed up in its battle to reignite inflation. It has already doubled the monetary base: … and it will soon begin printing money to buy long-dated Treasury bonds, pushing down interest rates. It’s hard to wrap your head around the concept, but Congress can spend as much money as | Read More »
What Was It That Obama Promised Again?
Oh, that’s right: Section 1. Ethics Pledge. Every appointee in every executive agency appointed on or after January 20, 2009, shall sign, and upon signing shall be contractually committed to, the following pledge upon becoming an appointee: “As a condition, and in consideration, of my employment in the United States Government in a position invested with the public trust, I commit myself to the following | Read More »
Geithner Will be on a Short Leash
Rasmussen reports that Americans are evenly split on whether Tim Geithner should be confirmed as Secretary of the Treasury. Forty-one percent (41%) of U.S. voters say Geithner’s failure to pay Social Security and Medicare taxes in 2001, 2002 and 2003 should prevent him from being Treasury secretary, while the identical number (41%) disagree. Eighteen percent (18%) are not sure in a new Rasmussen Reports national | Read More »
“Is Your Checkbook Balanced, and Is It Black or Red?”
A universal question posed for every candidate of a treasurer position for any form of student government at Missouri S&T. A question that Steve Geithner, a candidate for the ultimate treasury job at a time of economic crisis could not answer honestly until he paid his back taxes. And yet people still want to give him the job. Schumer (D-NY) said the mistakes were not | Read More »