A Mini-Rant About Geithner and the Debt Limit

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Will someone please, please, get Tim Geithner away from our Treasury funds?  Can’t we just send him on a trip with Biden and hope that someone locks him in a closet for the next 17 months?   I don’t wish any serious harm to the man.  I just want him away from the U.S. Treasury!

Three things have set me off this evening.  First is this….

Treasury Secretary Timothy Geithner said on Wednesday that Congress will allow the country to borrow more by agreeing to increase the $14.3 trillion debt limit.

The second is this…

Pimco “has been selling Treasuries because they have little value within the context of a $75 trillion total debt burden,” Gross wrote in the report published on Newport Beach, California-based company’s website. Congress “must make ‘debt’ a four-letter word.”

The third is this…

The leaders of the world’s largest emerging economies started a one-day summit in southern China on Thursday, looking for a bigger role in global financial institutions and also welcoming a new member.

Thursday’s summit comes at a crucial moment for the expanded five-member bloc known as the BRICS, which groups Brazil, Russia, India, China, and, for the first time, South Africa.

These five nations (with the exception of maybe Russia) are up-and-coming economies where there is growth and development taking place.  I have little doubt that they see the handwriting on the wall where the current debt levels and economic future of G-20 nations, including the U.S., are concerned.  Even our own very successful investors have defined the U.S. government as being a bad financial risk.

Do Mr. Geithner and the current administration really believe that these nations are going to carry a burden of U.S. debt that could put their own economy and their own future at risk?  Just so progressives and the current administration can have their grand opportunity to join the “world-wide socialists club”?

That isn’t going to happen.  The leaders of these nations aren’t stupid.  Anyone who believes that they will take on that much risk is delusional.  Completely and totally delusional.

Maybe a psych evaluation with doctor-prescribed “down time” would work as well as the closet???

 

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Wisco Dave
April 14, 2011 7:33 am

Financial Times has an article that says the IMF feels that Obama lacks a credible strategy to stop mounting debt.
US debt is no longer a viable risk.
I agree with some that say the Govt wants to run this country down the debt hole. Look back at Obama’s campaign statements re: coal mining. Look at the lack of oil permits. All of theses are areas that are important to economic growth.
I hope that the Tea Party Republicans go ahead with their filibuster. This has got to stop before it spreads too far )the cancer of government debt/spending).

Queen Hotchibobo
Editor
April 14, 2011 8:56 pm

I wouldn’t want to have Geithner’s history footnote. He was confirmed in a flurry of tax-cheating scandal and has presided over treasury as the gov’t has systematically destroyed our economic future. And he never opens his mouth about it, other than to demand higher and higher debt limits.

As a Sec. of the Treasury, he’s at least as big a failure as BO is a failure as a President.

speciallist
Editor
April 15, 2011 1:26 pm

Timma Geithner is the number one Best liar of all-time, for speed, lies per minute and smirk-appeal…

Obama is a distant second