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Treasury Secretary Timothy Geithner is doing a great job, according to none other than himself. Geithner essentially patting himself on the back at a Bloomberg Breakfast event in Washington on Wednesday, saying: "The core of the American financial CRISIS is in a much stronger position than it was before the INITIAL crisis."
I expect nothing less from tax-cheat Tim Geithner. I mean how many other participants of Bilderburg meetings use Turbo Tax rather than an accountant.
Obviously, he is the most qualified Treasury Sec. ever!
<sarc.>
Don't pay attention to the fact that the FED is buying up our own debt. Nothing to look at here folks, there won't be any reprecussions of monitizing of our debt. QE3 here we come!
Geithner has a point: U.S. banks made $87.5 billion in last year, the highest since 2007, according to the Federal Deposit Insurance Corp., Bloomberg reports.
U.S. banks? You mean the super-mega-banks? It is definitely not small banks - because they are closing right and left.
Did anyone ask Timmy how they made the money? They aren't loaning anyone money and making interest as they used to.
A money loop has been formed between the US Treasury, the banks, and the Federal Reserve. The game is quantitative easing. Here's how it works.
1. US Treas sells debt (Treasury bonds) to the banks.
2. Bank sells debt to the Fed Reserve - who prints money to pay for the debt. Fed Reserve holds the largest amount of US debt.
3. Banks take money and invest in the stock market. This serves a dual purpose. Not only do the banks make money, but the stock market humms along, giving a pacifying effect to those who don't know or don't pay attention unless there is a drastic downturn. So the banks make money in the market and they don't have to loan money to businesses, home owners, etc.
It's almost like a roach motel. The money comes in from the taxpayers - but it doesn't go out.
The gov't gets money from the banks to spend on programs or union thugs. Banks get money from the Fed Reserve, invest it and make money. The people are allowed to eat cake.
I guess he should pat himself on the back for putting together a ponzi scheme that dwarfs anything Madoff did.
When the FED can print money to bail out the banks.. and in most cases the banks are the FED did they just give themselves money and did it legally with the congress. :-)
Think about it.
In short when you have your central bank the FED which is made up of Banks bailout the banks at the expense of the tax payer if it really doing anything other then moving from one bank to another and then charging the tax payer the cost.
When the FED can print money to bail out the banks.. and in most cases the banks are the FED did they just give themselves money and did it legally with the congress. :-)
Think about it.
In short when you have your central bank the FED which is made up of Banks bailout the banks at the expense of the tax payer if it really doing anything other then moving from one bank to another and then charging the tax payer the cost.
Solution End the FED!
The Fed never 'bails anyone out' - they just print more money and add it to our tab.
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