Timothy Geitner is the financial overseer of a 9.7% unemployment rate. But, some economists has estimated it to be more around 15% -17%. That said, as chairman of the New York Federal Reserve Bank under the Bush Administration, Mr. Geitner advised, in error, then secretary Hank "Henry" Paulson on the 2008 Wall Street bailout, now known as TARP, Troubled or Toxic Asset Relief Program.
He knew or should have known that once bankers were bailed out, they'd return to their same old greedful ways. Believing that if they shored up their finances, they'd circulate the funds back into the economy via loans. Naivete.
Instead, bankers' advocates had the audacity to tell an unassuming public that financial institutions need not only be given billions, but their employees should also continue to be enriched, fearing that they'd leap to the competition.
Gee whiz.
These are some of the scoundrels that facilitated the economic downturn via massive fraud. Now, Mr. Treasurer reportedly made ANOTHER ridiculous deal with Citi last December when it agreed to sell the remaining $25 billion stake in 2010 after they (Citi) repaid $20 billion 4 months ago. This move was simply for bonuses that weren't eligible for 2009 because of specific bailout restrictions would be removed by year end of 2010. Cha ching!!!!
History shows that after a financial rescue, the violators tend to return to the same behavior, as simply evidenced in bankruptcy cases. You relieve the debt, the debtor tends to return to the very same negative behavior.
Further, Timothy is simply not savvy enough to oversee a $14 trillion economy. While cuddling with his fair skinned blue eyed cohorts near Manhattan's 23 Liberty Street, America's checkbook has dwindled within shillings of the former Rhodesian government.
President Obama, selecting an academician and a theorist as Treasury Secretary was not a good choice, a reach at best. But, there's a ray of hope. Albeit unlikely, with congress on break, make a bold recess appointment, along with the other 15 you're expected to make, a new Treasury Secretary.
