6/2 Treasury Secretary Tells China To Calm Down, The Dollar Is Safe
Posted by Editor on June 1, 2009 · 133 Comments
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133 Responses to “6/2 Treasury Secretary Tells China To Calm Down, The Dollar Is Safe”The Restoring Honor Rally August 28, 2010
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HA HA he funny man he go to China he be comedian make people laugh.Oh wait he's there now and they did laugh.
HO HO having best good funny joke OK. Bye
http://www.truthin08.org/
great site
Disarming america, control of the banking system, control business, demand social health care at the expense of the tax payers, etc, etc. Now Mr. Obama has the nerve to tell China( The only country that has america's credit and buying power) to shove off, what arrogance!!! Welcome to the new USSR of America!!!
Speaking of money why are we paying for BO's date night? Doesn't he get a big salary for being Pres? If him and the mrs want to go out that's great, but it should be on their dime and not ours. If he can't afford to pay for all the security folks and airforce one, etc, then he needs to do things they can afford just like any other married couple. All these stupid political talkers are justifying his behavior as how important it is for people to see him doing date night with his wife. That's the biggest load of nonsense being sold so far. He is just showing off and showing his wife a good time on tax-payer dollars because he can. He's no different than Pelosi wasting our money on those flights she takes. They both need to pay their own way on anything that isn't true government business. and I mean real business not pretend government business.
and speaking of Pelosi. Just because she's third in line for the presidency doesn't justify her getting all that security. Name me 20 real Americans, (excluding her family and friends), who'd miss her if, (God forbid), anything happened to her.
The dollar is secure? Yeah right! Would you invest in the dollar, with Obamanomics in full swing? I sure wouldn't!! At the rate they are printing the dollar, in a few short months it'll be worth less then toilet paper!
I have to giggle a bit. lol! It would have been great to be a fly on the wall for this on! Just who did "Turbo Tax" Geithner think he was fooling? He might get away with his rhetoric in America, but the Chinese are very astute people. Mentally, they can eat him alive. A quote comes to my mind at this time by Abraham Lincoln "You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time" This whole administration talked down the economy since last year and people started believing it, the media reported it and goodness you can't let a good crisis go to waste and now all of a sudden we are in good shape just because the Chinese are getting nervous. If the Chinese are nervous, just imagine how nervous we all should be and all the money that we Americans invested in with our tax dollars. If the Chinese show up with baseball bats, I am going to point them directly to Washington DC.
Disarming america, contryol of the banking system, control business, demand social health care at the expense of the tax payers, tec, etc, etc. Now Mr. Obama has the nerve to tell China( The only country that has america's credit and buying power) to shove off, what arrogance!!!
Wouldn't that be the USSA (United Socialist States of America)?
Interesting that China bought the Hummer division of GM – Rush commented that it is yet to be known whether BH0 will allow China to import them into the US!
And with it they bought some really cool technologies that make the fuel efficiency of a Hummer on par with some of the smaller "efficient" cars.
I am not yet clear if production will be moved to China – my opinion is that it will. They can produce anything for far less than we can. It will be interesting to see who buys Saab and Saturn!
I trust the Chinese more than I do our administration. They know what is going on…..they've been through a 'cultural revolution' of their own before and know what it all implies.
Those students knew Geitners speech had about as much truth in it as a fortune cookie. Fortune cookies are fun, but you don't plan your financial future on what one says and right now China would be just as foolish to plan their future on our governments policies.
Bump
Obama continues to add to his dismal policy failures. Here are the nominees for his worst policy failures for last month.
1. Obama Failed Change Policy: Nominates a racist to the Supreme Court
2. Obama Failed Economy Policy: Monetizes the debt to finance the deficit
3. Obama Failed Jobs Policy: Forces GM and Chrysler into bankruptcy
4. Obama Failed Change Policy: Reverses policy of not appointing lobbyists
5. Obama Failed Homeland Security Policy: N. Korea & Iran developing nukes
There are hundreds of failures to choose from but we feel these are the five worst for May 2009. If there is a greater failure, please feel free to comment. http://ObamaFailedPolicies.com/
As for broken promises, which is somewhat the list above – he promised transparency, but that was only for Republican issues (such as alledged torture) but not for their successes (saving LA and Brooklyn) nor for his misdoings (Nancy Pelosi cover up and more. So transparency only when it gains him politically. He promised lower taxes for 95% (anyone remember that joke?). Today only 17% (rasmussen polls) believe it so that means 95-17 = 78% of Americans know he lied about taxes to get into power. He said he was bi-partisan but we know him to be uni-partisan and a homoparty (the political party equivalent of a homophobe). He said clean administation but has now 4 tax cheats? He has broken so many promises that I call him the super hero "oppostite man". World's fastest mouth, but he has no feet to walk the walk.
Thanks for the comments. Excellent points about other failures and especially about transparency. The above post are Obama top Policy Failures for May. His failure on transparecy came much earlier in the year and was included in earmarks. Help us keep up there are so many failures. See below
Obama Earmark Policy Shine Light on Earmarks and Pork Barrel Spending
Obama’s Transparency and Integrity in Earmarks Act will shed light on all earmarks by disclosing the name of the legislator who asked for each earmark, along with a written justification, 72 hours before they can be approved by the full Senate.
– Obama Policy Source: BarackObama.com
Obama Failed Earmark Policy: There is no transparency and no posting of bills on the internet 72 hours before signing the bill in Obama's first 100 days. It is business as usual in pork barrel spending and special interests lobbying as we accumulate massive deficits that will injure the economy forever.
ok, ok, ok ….. ALRIGHT PEOPLE!!!! I hear you, but we need real world solutions for real world problems. I'm not going to spout a bunch of crap like those guys in office so sit down and let's one shot this problem. i'll put my solution up and you YAY or NAY it, old school style.
I say convince the FBI and IRS to freeze the account of every senator, white house AID, and former politician to about the 70s. We Emmient Domain their properties for public auction sale …we put all that money together and say "this is all you are getting. our debt is clear … IF you want to take it".
"The dollar is safe…" are you kidding me?! This coming from a man who can't figure out Turbo Tax to file his taxes properly. Then again… paying your taxes isn't required to hold a high ranking government position.
With the massive bailout spending and billions of dollars for socialist programs being slipped under the radar without any discussion – our printing presses continue run 24/7. If you consider paying for a loaf of bread someday with a wheel borrow full of worthless dollars – then I guess our dollar is safe (in your own little world).
Wake up Timmy! those students who laughed in your face know something that Washington doesn't want to admit and that is China is the new economic superpower and they hold all the cards.
Our most effective way to show our disapproval of our governments actions is through the voting booth. We should also coordinate a campaign to contact our current legislature (Republican and Democrats) to show our diagreement with all of the spending and growing of the Government. If we are in sufficent numbers they will have to listen. Otherwise we are wasting our breath here. Let's make this a no whining zone and more of an action zone. Are we just going to sit by and watch as all of this spending and growing takes place? Actions speak louder than words and the Obama clan is doing alot of both. We need to educate those around us who are not politically minded and get them involved too. You know how hard that is! This is not the level of CHANGE anyone voted for and definitely not most of us!
I agree, but I really think we need to spend more time talking about potential candidates. Let's get that conversation going.
By the time election time is here will be too late and besides the sheeple that are starry eyed from Obama's great glow will just get ACORN to mumble a few voodoo words and raise a few thousand voters from the dead! Hell, being based in New Orleans they can probaly get Marie LeBeau to officiate.
Don't forget… they aren't worried about losing our purchasing powere FROM them… we only actually are approx. 5% of the total sales of thier products. They are probably just waiting a little longer before they put the hammer down and demand payment on all of those treasuries… then they will be the world's new superpower! This is a good thing for them actually,,,, Well them and the criminals who have stolen the American way of life!
The audiance also laughed at Geithner.
That Weasel probably thought they mis-understodd something he said and thought he was telling a joke… oh, Wait… that WAS a joke. I am once again disgusted beyond belief.
Something was left out of the story. A report on radio said that the professor teaching the class asked Geithner to show him the math to back up his assertions. Wonder how TurboTax Tim responded to that question.
Ya, he asked Gethiner what 5+10 was and smiling Tim said"21."
It was amusing that they laughed at him, because I laugh at his statements on a daily basis.
Our WOULD BE CONGRESS started this mess.
They Deliberately opened us up for another 1929 Depression.
Read this. http://news.goldseek.com/GoldSeek/1209999600.php
Remember when we didn't have to tell anyone the dollar was good ? That is what scares the crap out of me! What other administration ever had to promise that the dollar was good …IT JUST WAS GOOD and that was a fact…SHUDDER.
Hey Timmy, show everyone the plan ON PAPER so we can study it. (sound of crickets) That's what I thought.
The end is coming and like someone on this forum once said, let's hope it collapses COMPLETELY so we can rebuild it correctly and throw the marxists out entirely.
Pitchfork and torch at the ready, I remain vigilant awaiting the signal to begin the rebuild.
actually all it will take is one brave state to start impeachment proceedings against one of their representatives or senators to scare the heck out of the rest of them. It is my understanding that a petition with enough signatures submitted to a state's legislature is how it's done.
Why aren't the liberals wringing their hands over this? They got into such a tither when the Europeans didn't like Bush, but now that the Chinese have literally laughed in our faces nobody's saying anything. Oh wait, the MSM hasn't told them yet that Geithner has humiliated us in front of the whole world. Or that Pravda is lecturing us on the dangers of becoming a Marxist state. What a difference 20 years makes…….
I'm so embarrassed. I have alway been interested in government, even more so know. I never thought this would happen to the USA. Our country is lost. We have run the greatest experiment in the history of the world into the ground and have nothing to show for it. Our representative's are corrupt weasel's who only care about how much power they can obtain. They have not moral compass (the same as a lot of citizen's). Laws are just word's on paper that only matter depending on your social status. We are bankrupt. Our leader's don't even know what the constitution is anymore. It's a sad, sad day. The Chinese can see the writing on the wall. The know that the US government is totally out of control and will continue down this path w/o listening to the people.
That would mean all those that fought for independence died in vain. I feel like the American Indian on the littering commercial, where he is standing overlooking the landscape and sees the trash, and a tear rolls out of the corner of his eye.
If what he says is so, then what type of dollar manipulation and strong-arming is in the works: bonds, stock market, inflation? And if GM is to come out smelling like a rose with this new "team" of genius' then what type of manipulation and stong-arming is in the works there? They have to create a crisis through manipulation, and they have to create another bubble somewhere. My question is will it be the dollar and if so, this should be a strong warning to all who use the dollar-even us folks, that the Federal Reserve is so massive, strong and powerful that any attempt to stifle it may have passed in the 60's. China will sit and listen to Geitner all day long, doesn't mean they believe a word he says, they will move forward and protect their assets. My vote is to watch China closely and pay attention to how they handle the next 12-24 months. Watch Gold and the dollar. I think inflation is going to slap us so hard our heads will spin, what better way to deal with the banks bad assets and consumer debt. Geitner is of the Federal Reserve and that is where his loyalty lies. If it benefits the Fed Reserve then it will see fruition.
Disarm, control of the banks, business, religion, auto companies, free speach, media, etc, etc. America is running towards socialism with break neck speed. Welcome to the new soviet union!!!
Our government has humiliated this nation. We are a laughing stock. I can't believe there are people in this country who voted them into office…. is there another country out there stupid enough to buy up more of our countries debt?
do our ememies like us yet ??
As long as we are being humiliated and disgraced they will like us and that must have been his intent. nuff said
Do you wonder if "date night" is preceded with Michelle asking"What the hell are you doing?" Then she quickly forgets when whisked off to New York.
TOTUS had to do something for his… lumberjack wife…
since he was leaving in a few days to go back ""home""
LOL!
America became a superpower after WW1 when we were in the business of loaning money to other nations…Are we that arrogant to think that we can continue to be so when we are no longer in the business of making money, but borrowing? I am growing more and more Libertarian each and every day. The progressive movement is to blame for this, and it has infected both parties. No. Mr Geithner the dollar is not safe, and the Chinese know it. What will you do when inflation hits? Fix prices? Take over more industry? The rodds are being tied, and the blacksmith is hard at work forging a new axe. Fasc-ism is at the door, and it has a smile on it's face.
America became a superpower after WW1 when were in the business of loaning money to other nations…Are we that arrogant to think that we can continue to be so when we are no longer in the business of making money, but borrowing? I am growing more and more Libertarian each and every day. The progressive movement is to blame for this, and it has infected both parties. No. Mr Geithner the dollar is not safe, and the Chinese know it. What will you do when inflation hits? Fix prices? Take over more industry? The rodds are being tied, and the blacksmith is hard at work forging a new axe. Fasc-ism is at the door, and it has a smile on it's face.
This is not funny at all ! We have become a joke to the world, our gov make's me sick!!!!!!!!! Well maybe by 2010 all the illegal and dead voter's will have had enough!
Calm down Master Hu, We will take care of the problem. This is so embarrassing, how did it come to this? http://anti-msm-news.blogspot.com/ http://anti-msm-news.blogspot.com/
The dollar is safe alright…… in the pockets of the current criminals on the hill.
I agree with you GodHelpUsAll. Amen and Amen.
Thanks Robyn! I enjoy reading your posts too. Keep up the good work! : )
China owns the U.S. Dollar. Our legislators are the "collection agency".
A Tax Cheat meeting with Baby Killers ( poisoned baby formula )
Send a tax cheat over to China to tell them their money is secure….Hilarious
The Commies know more about economics than Geithner does!!
And China laughed all the way to the bank. Geithner's mouth is writing checks, his reputation can't cash.
This administration is writing checks that nobody can cash.
It is a disgrace that a Nation like ours needs to take money from the Chinese. A DISGRACE. The Chinese students who laughed out loud in Geitners face were right in there scorn.
<a href=”http://www.resistnet.com/group/wethepeoplemarchon…” target=”_blank”>http://www.resistnet.com/group/wethepeoplemarchon…
We have over 660,000 members here, and I've seen several ask what are we doing, just chatting? Well this is everybody's opportunity to actually do something. If Martin Luther King could have a march on Washington in the 1960's, and the 'million' man march, there is no reason the people in the forum cannot make a showing for this event.
LOL and I am sure the Chinese did as well!
I would have laughed to.
Tim Geithner uses a lot of words and takes a long time to say something. Usually, when you look back on what he said, you can't figure out what he really said. It's hilarious to watch certain congressmen start steaming out their ears trying to get him to directly answer a question in a short and concise manner. He would be great at filibusters. He says nothing while using a lot of words and dodges bullets.
In 1980 I moved to Spain with my family . My father was a active Marine at the time. We were required to take classes for two weeks. We were given strict instructions on how to behave in another country. You represented the United States and your behavior was a direct reflection of your country. Our neighbor's son was shipped back stateside when he got out of line. They really meant this.
Today there seems to be no pride in your country when traveling abroad. I remember the Spanish treating us like gold. It was a wonderful experience. Today we are laughed at as we should be. We took this gift for granted and we may pay dearly. I truly pray that we can turn this around. We must stay vigilant.
CHINESE STUDENTS LAUGH AT GEITHNER'S ASSURANCES ABOUT THE DOLLAR $$ 6/1/09
We need to get a Utube of this..
BEIJING, June 1 (Reuters) – U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency.
A major goal of Geithner's maiden visit to China as Treasury chief is to allay concerns that Washington's bulging budget deficit and ultra-loose monetary policy will fan inflation, undermining both the dollar and U.S. bonds.
China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China's total U.S. dollar-denominated investments could be twice as high.
"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
reuters.com/article/companyNewsAndPR/idUSPEK14475620090601
GREAT post!!!!
Chinese are less apt to accept BS. They are more spock-like in their logic than Americans. I heard they have a couple of trillion nearly in dollar reserves in addition to the 700 plus billion in our debt.
Maybe we should have the Chinese visit Congress and comment on the budget!!!!
boy we are in deep $%&* when the chinese come to collect !
Did he have any numbers to show them? With business going out of business, consumers being laid off and higher taxes would not be able to buy China's goods. If I was china this would worry me.
Funny how some people can speak all day long, but never say a thing!!!
(It seems to be contagious in this administration, doesn't it?)
After his usual supportive experiences with our compliant press it must have been a real shock to be laughed at by a room full of chinese students. The man is and has been an idiot and should do the Chinese, Obam, this country and most importantly the citizens a HUGE favor and resign.
The Chinese will soon come to realize that Geithner's promises of the U.S Dollars' viability, is equally as viable as the promises of love given from O.J. to Nicole.
How many yuan to the dollar these days ?
ROFLOLOLOL – Timmy "The Tax Fraud" " TurboTax" Geitner telling the chinese to calm down….. That is the best laugh I have had all day. Like the guy has a clue about basic math or economics. LOLOLOL
"For China, which he said was in "an enviably strong position", that meant reducing its dependence on exports." – Meaning that they have used their 'stimulus' to buy raw materials like ore and precious metal mines and invest in raw energy like coal mines and oil fields while we have wasted our 'stimulus' to fill potholes, save some mouse habitat, and build water slides. We have no investiture in the future from all the 'stimulus' which will raise inflation and weaken our position going forward. – "In China … growth that is sustainable will require a very substantial shift from external to domestic demand." – "In return, we expect increased opportunities to export to and invest in the Chinese economy." – Meaning the Obama administration is admitting there is no future in our markets, either in consumption or investment opportunity. They laughed at him because it is obvious to the world the damage Obama and the far left are doing to our nation as a whole. The whole thing I find just so damn irritating and distressing.
Tim Geithner is in China begging them to buy more of our debt. Someone will have to buy $1.7 Trillion of our debt by October of this year. This is Quadruple the amount of Bush's last year.
Geithner was trying to tell them our debt is secure, in a article today, and the Chinese broke out in hysterical laughter. They know we are going down the Obama tube
http://www.infowars.com/daniel-estulins-true-stor...
Believe Tim? I have a bridge for you and it's not going to cost you that much.
I would like to see the Abacus the Chinese use with trillions of those beads on them with million's of Chinese trying to keep up with how much they are getting ripped off every day, that alone would make me angry enough! There's no telling how much they have to pay people on a 24 hour bases to keep up with how much debt we owe them!! Thing is, we'll be the ones keeping up with it for them before long, and get paid nothing for doing it, they'll own us!! Better learn to use an Abacus, and speak Mandarin Chinese, quick!!
Chinese students laughing at Geithner………it says a lot for their education system.
"Treasury Secretary Tells China To Calm Down, The Dollar Is Safe"
And they laughed him out of the country…
for the love of pete, i haven't had a drink in 20 years and i feel like i have the bed spins anytime anyone from this administration opens their mouth. what was tiny tim thinking, did he think he was on china's version of a night at the improv. sure lets give china a bigger role in international policy making and a bigger role in the imf. like we really have a choice in the matter. thanks to this administration (i just love saying that) we are no longer the lead dog and when you are not the lead dog the view is always the same. what our comrades from the former soviet union are saying should scare the bat snot out of you.
How do you laugh in Chinese???
They have the luxury of laughing, we have the debt!!! What is offense to me is Timmy's statement about wanting a quick clean exit from the auto industry. Exit strategy please??? There is no exit strategy, Pres. Obama said five years to repay 50 Billion.Uh-Huh sure! What if the new plan they supposedly are not interfering with does not work will they give them more of our dollars to insure their success? What if the people decide they will not buy Government Motors,(which I won't) and they can't sell 10 million a year. We are not Stupid! If this Administration did not have my family and my children so in debt I might be laughing with the Chinese students!
10 million cars a year? I doubt it, they always have pie in the sky estimates that aren't even close to realistic. Why try to think of an actual plan when you can just throw tons of money at the problem and call it a "systemic risk" and then okie-rig a BS plan once you own the company? I'm just waiting for all of America to finally realize how stupid the actions government has been taking are, no one wants to believe they can do any wrong because they talk so pretty make all these promises.
They are claiming 10 mil is doable, I agree with you good luck on that one.Think we need a solid 55% who actually will go out and vote for no incumbents in 2010. We have to modify the power structure to limit the damage.
Don't hold your breath.
If you think our government is doing things that look insane enough to sink us: Read:
http://www.infowars.com/daniel-estulins-true-stor...
CULATR2, will do and thank you.
I love his statement "There will be no return to buisness as usual…Americans must pay down their debts from years of living beyond their means"…Who is this directed to?…He must be speaking for the government…my wife and I have been living within our means for quite some time now.
They will be promissed all govm't contracts and auto unions have just become wellfare recipients. What else could you ask for?
Priceless: But Geithner said there could be no return to business as usual either for the United States or China: both must change their growth strategies as U.S. consumers pay down debt after years of living beyond their means. And: "Purchases of U.S. consumers cannot be as dominant a driver of growth as they have been in the past," he said.
To the former, belt tightening is for the consumer not the government, a sort of "Do as I say, not as I do". To the latter, Geithner giving advice or caution to the Chinese on their economy? Wow…..
The market will make the determination if our dollar is safe, not Timmy Geithner.
It would appear the Chinese know a lying weasel when they see one.
AMEN! You have this one right on! He's either lying or delusional. Either way, we're screwed.
He's a combination both likely…..
Geithner sucks eggs. In my opinion he has colluded with the crooks who started this mess and deserves jail time. But as we all know, he's never going to pay for being an idiot.
Nah – not eggs.
whats wrong with this, OUR US Treasury Sect, appeasing the Chinese government and laughed at by its citizens.
QUESTION:
did Geithner also discuss a back-up plan of a "world currency" if we get hit with hyperinflation? Geithner has placed global interests over American interests.
Yeah the dollar is safe ust like his tax documents are all correct…..give me a break, this guy has no clue what he is talking about.
The lack there of leadership! They are taking us down with them.
Tiny Tim, with hat in hand, walks before the Chinese masters and with down turn eyes quietly crys, "More please, sir." (Thanks Glenn) The Chinese headmaster, sternly looks at Tiny Tim and says,"You want more!", and room erupts in laugher. (Sorry Charles Dickens). It is amazing that in less then 6 months, a community activist with no experience, has brought the most powerful economy down to become the laughing stock of the world. As the running joke goes, "How is this hope and change work out for you?" Face it America, with the leadership (lack of) of BH0, America is completely over the cliff, and unless Congrewss wakes up, a throws a line to stop us, we will hit bottom in a crash that I'm afraid we will not recover from, at least in my lifetime. The worst part of it all, is that BH0 and his gang and special interests groups will come out smelling like roses, while us hard working people will become slaves to the government.
You're right – BH0 has never run anything and thinks he is going to run 2 of the big 3 auto companies. For someone who says he is not interested in running them, he sure has a funny way of showing it. If that were really the case, why did he (BH0) make the announcement rather than the CEO? That was a statement that should have come from the CEO, so will the real CEO please stand up? Oh, BH0 is already standing.
We are only over the cliff now. Get your pitch fork and follow me…..
The Chinese are shrewd bunch. I do business quite often. They have no interest in destroying anyone. Throughout Chinese history they have always had a strong military defense. Simply because they have been beaten down and rebuilt more than most. They are an insecure bunch. But, I will say their insecurities are far less apparent now. They are emboldened by their own success. Instead of offering a trade or backing, he should have asked for some finance training. Maybe then he could be qualified to be CFO at a Kinder Kare.
I can't blame the Chinese on this, they are playing it perfectly so far. I don't know if the whole world is laughing at us, the rest of the world is in pretty bad shape itself.
Obama and almost every president back to Woodrow Wilson will be known a 100 years from now as the corrupt politicians that ALMOST brought America to it's demise.
It must be safe we printed so much of it right??
Anybody care to play Monopoly?
I alway win. Still wanna play?
It's a shame when the most powerful country on the planet becomes a laughing stock of the world. China doesn't stand a prayer of seeing their money back unless they take it by force. Its appearant that the chinese know this.
Is it the country or the leadership? (Or lack there of)
At least some believe as us 9/12's do – too bad it is the Chineese and not the US Government.
What Tim meant was, the ONE dollar he saved from his confirmation was safe in his sock drawer. Typical media coverage, leaving out pertinent facts…..
I want to know what control TurboTaxTimmie thinks he has over BH0's spending! Who is he to promise 'very disciplined' future spending? And what is this nonsense about 'reintroducing' pay-as-you-go? That statement infers that it had actually been more than campaign rhetoric!
And part of the payback for buying our debt?
'Geithner offered U.S. backing for a higher-profile role for China in running global institutions including the IMF — a controversial proposition since it raises the sensitive issue of reducing Europe's voting share in the global lender.'
Just how much will Europe love us now?
This administration is funny – they spend faster than a teenager with credit card in an IPod-Apple store and then they have an economic responsibiltity summit the next day. Now they have increased the debt by over 8 trillion in a little over 100 days and they tell the Chinese that there money is safe. He must think he is speaking to a bunch of liberals in congress that don't understand balance sheets or finance.
It would be a whole lot funnier if what you replied were not the truth!
But wait a minute, Obama did warn us that the level of debt was now unsustainable, right. Oh, yeah,
that IS like lighting your house on fire and then calling the fire department.
In order for pay-as-you-go to work, the tax payers would have pay off all debt. It's not pay as you go if you must print fake dollars to pay for something. It's simple math. You must have money, to pay as you go. This country is in debt up to our eyeballs.
And for all those who still think China needs us. Wrong. They just want their money back. Understandable. I buy and sell to China. It used to be a buyers market. Couldn't keep track of the constant sales calls from them. In the past 3 years, those calls have dwindled to a single email from a form email machine.
Right now their biggest clients are in South America and Africa. Next is the Middle east.
Realistically, they could forgive our debt and never trade with us again without even sweating.
At this time the US is a non-factor in the overall global economy since we owe everyone. It's like having the ugly kid tag along to a party. You don't want to hurt his feelings but he just makes it hard to get laid.
When I was in college in the late 60's my economic professor, a former economic advisor to the president, said that we as students should never worry about the supply of money because the government owned the printing press and we would never find money in short supply…..evidently this gang had the same teacher…you know I tried to get my Dad to buy into that philosoply and keep sending me money because you could always get more from the government is your supply ran low!!!!!!!!!! Somehow I believe that the Chinese see it slightly different.
The Captain of the Titanic also said "not to worry, it was only a wee bit o' ice we hit".
I believe he said "the dollar" is safe. The rest haven't been accounted for yet. I wonder if the ink's dry on the batch they made today??
Geithner was only joking around right ? Please don't tell me he was serious.
Of course they laughed. They understand math. Any person with a good understanding of finance and math understands that if you spend too much (porkulus, omnibus, healthcare for everyone, bailouts for banks, car companies, $8,000 for first time homebuyers, mortgage cramdowns…) and your general obligations are over 63 trillion and tax receipts are only 2.4 trillion knows we are bankrupt and that our treasury bonds will have to have an increased interest rate and decreased value for the creditors to continue to buy. This means spiraling interest rates, hyper-inflation and decreasing value of the dollar.
Maybe they been usin' that newfangled "new math". Shucks them folks couldn't be lying. Again??
Maybe they been usin' that newfangled "new math". Shucks them folks couldn't be lying. Again?? Maybe if they dumbed it down abit we could all understand what they be doing.
I would laugh too is Geithner came into a room I was in and started spouting off that their money is safe. I would laugh period, if he walked into a room and just stood there and said nothing. Im sorry, but he missed his calling to appear in Star Treck as Spock's brother. He must think that China is stupid.
Tim says a lot of words and takes forever to answer a question, which he rarely does. By the time he finishes, the person that asked the question is brain dead. The Chinese probably ran out of the meeting begging for air.
I cant watch him for more than a few minutes. He makes my skin crawl.
I have to agree with the Chinese students here. It is laughable that their money is safe in this country.
No one's money is safe. My so-called retirement fund is through the floorboards…
So very true – the only people who have not taken a hit with their retirement fund are probably the politicians.
I always get mad and tip over the board!!!!
And I'm sure he will continue to blame Bush even after he quadruples the debt he inherited – I mean volunteered for.
Poor sport!!!!!!
The absurdity is now to absurd levels. Here's what we have now. He makes absurd statements like the debt is unsustainable even though he knows we know that he created more of it than Bush. But he knows that we expect him to make absurd statements in defense of his policies so he continues to do it. Is this Wonderland and the Queen of Hearts is in charge?
i lost all the pieces, so i use bullets, im the .50 browning