Tim Geithner, Chilling Interview

Posted by Jeff Carter
on July 18th, 2011

Steve Liesman interviewed Tim Geithner on CNBC this morning. Liesman is an ardent cheer leader for the Obama administration, and a cheer leader for very activist spending and government. I think it’s okay to note, he is a reporter and has no credentialed economic or business degree. His favorite foil, Rick Santelli, has actually traded in the markets.

If you are for individual liberty, and the American Dream it should be chilling. Shivers went up my spine. Geithner is a character straight out of central casting.

With regard to the debt ceiling, Geithner doesn’t offer up a compromise at all. It’s the administration’s way, or the highway. This means that there is only one way-vote out the Democrats by a significant margin in the House, Senate and get rid of Obama and his very left wing administration in 2012.

He also outright lies about what will get paid and what won’t.

Listen to his words on Dodd-Frank: “Don’t listen to the bankers because their interests aren’t aligned with the American people.” It could be a phrase right out of Atlas Shrugged.

Bankers need a healthy economy to make money. Geithner and Obama want a government directed economy where government de facto owns the banks.

Listen to him talk about the new activist “Consumer Financial Protection Agency” and avowed big government/public sector ownership advocate Elizabeth Warren. Geithner has no faith in the private sector, or the individual. He wants to trample individual rights.

Dodd-Frank has made us more vulnerable to default. It has/will make banking more expensive. Fewer Americans will have the security of using a bank, and thus become more dependent on government.

Hear his words when he speaks about the stimulus. Even in the face of the facts that the stimulus didn’t work, he lies to the public and defends it. We might not even be having the debt ceiling debate if we hadn’t passed a Keynesian fiscal stimulus.

Listen to him talk about tax increases on the wealthy. Geithner is all about using the heavy hand of government to redistribute wealth to the government. 71% marginal tax rates wouldn’t sate him. 100% marginal tax rights might.

Every single statement he makes is all government centric. I guess you should expect no less from a career bureaucrat. In the trading pits, we had one word for guys like Geithner, schmuck.

UPDATE

What is interesting is the way others on CNBC are spinning this. They are calling the Tea Partiers “anarchists”. Jim Cramer said exactly those words at 8:10am CT this morning. Ironically, it’s the Obama administration that is creating the anarchy by refusing any compromises at all. Plus, if you toss in the programs they have passed that are the antithesis of Americanism, like Obamacare, you have to wonder who the real anarchists are.

If you wonder what the market thinks, check the price of gold. ($GLD) S&P’s lower. ($SPY, $ES_F)

SPDR Gold Trust ETF Price Stock Chart by YCharts

I neglected to note above, Geithner holds out hope for a “big deficit reduction deal and the President has cut deficits.” Nothing could be further from the truth. Geithner isn’t even close to reality with statements like that. No President in the history of America has spent more than Obama. In addition, there is no way at this late date there can be a big deal on debt reduction. The debate is about who is going to own it, and how it will be spun. Obviously, Obama has the main stream media in his corner. Ducks are being lined up.

tip of the hat to Instapundit. Welcome to his readers.

tip of the hat to Ace of Spades.

thanks for the mention Transterrestial.

tip of the hat to Doug Ross, welcome to his readers.

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