'Broken' Washington called threat to US economy

[Yo_Mama_Been_Loggin]

A decade after the financial crisis wiped out the home values and retirement savings of millions of Americans, the U.S. faces a new risk to the economy — Washington dysfunction — and has too few tools to withstand a future financial collapse, according to a trio of policymakers who steered the country through the 2008 crisis.

Timothy Geithner, a former Treasury Secretary under Barack Obama and one of the architects of the federal government's controversial bailout of major banks, called the current political system "broken" in an interview with CBS News correspondent Alex Wagner.

"No economy can be stronger than its political system. And the political system of the United States today has lost the capacity to govern and lost the core requirements not just to make people confident in the fairness of the system, but to buy into compromise on the tough challenges we face," Geithner said.

"Dysfunctional" political system

Political gridlock ultimately could harm the American economy, Geithner added. "It's not something we can survive indefinitely. We can't withstand the effects of a prolonged period of a system this broken, this dysfunctional," he said.

Former Treasury Secretary Henry Paulson, a co-architect of the bank bailout in 2008, told CBS News the kind of political dysfunction Geithner described also allows empowers a budding superpower, China, to rise at America's expense.

https://www.msn.com/en-us/money/markets/broken-washington-called-threat-to-us-economy/ar-BBQBGFS?li=BBnbfcN

[C_U_L8R]

1. Right where the Russians want us.

Thanks a fuckload, Rubumblicans.

[leanforward]

2. Broken is right.

First, the GOP has pitched a fit because of President Barack Obama (PBO). Then, Citizens United and the Tea Party/Freedom Caucus blocking anything for citizens, other than to barely let government work. Then, corporate money and the flipping of congress in 2010.

Yes, they broke the system. To me, it appears that everything the Congress has done is to benefit business/big business/corporations, and the 10 percent and above in income. The some time back Romney said "corporations are people too".

There is a lot I'd like to fuss/cuss about.

Something noted is their refusal raise revenue/taxes. PBO did what he could to expand benefits to citizens within constraints of the conservative spenders of the congress. ONE, item I noted early on is PBO brought on budget the prosecution of the Iraq/Afghanistan war. Yes, it did increase the budget deficit, but bring the war prosecution was the honest way to truly recognize the Budget Deficit.

Item to note, Clinton left office with a budget surplus and a downward trend line for the $3 trillion deficit, then Bush 43 came along and did everything he could to give business a break to include the banks. Once again, PBO and Advisor had to deal with that recession. Here we are ten years in recovery. But, that recovery has not extended down to those in poverty.

Trump's crap and the complicity of the GOP has caused severe erosion of public confidence of our elected Representatives/Senators/Executive. All of this crap in the political/business environment has/is causing the average citizen to lose faith our democratic system. Our elected officials are not looking out for the least of us.

Yes, the system as I see it right now is broken. I'm old, and the political system is not looking out for the youngsters. I've seen a beautiful country and have passed through every state. Business does not bleed or starve. Citizens do.

[Blue_true]

3. What is likely to happen.

Trump is going. In 2024, a democratic President is going to take over and he or she is going to face a real mess, an economy in freefall, massive joblessness, lack of hope that things can be fixed. The democratic President will gather really competent people around him or her and start fixing things by making wise but hard choices. The Greens and people that think like them, the very people that gave us Bush II and Trump, will get pissed and work to blow up the 2026 midterms for Dems. If they succeed, we are back to where we were in 2010, and will likely repeat what is happening now or worse. That cycle can't keep happening, we will be destroyed as a country.

I don't know how old you are, but I am around for several more decades if an illness dorn not fall me. I expect more hope and heartbreak. My own personal situation is good, but, I just can't detach myself from the suffering and setbacks by people that don't have decent foundations, the very people that a sane well managed government lifts up until they can move forward.

[roamer65]

4. April 2019 is going to be a real test of the republic.

Tax bills in CA, NY, NJ and New England will be due.

The SALT deduction cap may actually be the catalyst for secessionism.

[Blue_true]

6. Punishing blue states may backfire on republicans.

Blue states have strong educational systems and business base. Business was not affected. What could happen is that more educated people move to cities in red states, that has happened in North Carolina, Virginia, Texas and some parts of Florida and Georgia. What happens is those cities become blue and once they get large enough, affect statewide elections and once they grow enough, begin to change congressional seats. In short, the tax bill may turn more of the country blue.

[kimbutgar]

5. After the G20 world leaders and investors realized how much of an idiot the orange maggot is

And are dumping their stock holdings in US. They know the US has become unstable and could collapse under this horrible stupid selfish terrible leader. They hate the orange maggot and will not give us anymore telligence or cooperation. And they also know the maggot is Putin’s puppet. They also hate Putin because he is trying to destabilize their countries with his propaganda hackers. Expect the market to fall more with days of short sellers profiting by day trading. But the Dow is going down lower. When JP Fuckin Morgan says the orange maggot is lying about trade tariffs you know they know it’s going to get worst.