TYT: Geithner Screws Us Again, Wants 'Self-Regulation'

[ihavenobias]

Run time: 04:54 https://www.youtube.com/watch?v=YuDSXBImINc   Posted on YouTube: April 11, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: April 13, 2009 By DU Member: ihavenobias Views on DU: 4096

 

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[pleah]

1. K&R

Should I be surprised? I think not.

[ihavenobias]

24. Thanks. BTW, I just realized I posted the wrong link for the Wes Clark Jr Rant

Here is .

[FiveGoodMen]

2. K&R

[phantom power]

3. K&R

[lumpy]

4. Self-regulating is like expecting a teenager to ignore the actions

of his peers.

[tbyg52]

28. Yep. Self "regulation" is what got us into this mess. nt

[LeftHandPath]

5. Credit Default Swaps are FRAUD...

Everyone needs to get this.

Our government is complicit in FRAUD. They support FRAUD, and they encourage FRAUD.

Every effort that has been made by our government up to this point is to re-start the FRAUD in our economic system.

Goldman Sachs is going to report $12 billion profit tomorrow. What have they produced? Nothing. How did they make this enormous profit? By betting with our tax dollars and sticking it to tax payers.

[alllyingwhores]

6. "I will not accept Geithner's resignation"--Obama

[florida08]

7. so we're relaying the broken foundation

for history to repeat itself. Imagine that. No wonder Wall Street loves him. Good thinking because when they screw us again we won't have the ability to bail them out because no one will have a job.

[Torn_Scorned_Ignored]

8. No Wonder

he self regulated on paying his taxes, OR not.

[alllyingwhores]

9. Again...can someone explain to me how Obama just doesn't realize what Geithner is doing and...

...Obama isn't really owned by Wall Street...and it's all part of his...OH, SHUT THE F__K UP!!!

[SpartanDem]

10. Where is he getting this info

I watched his testimony before the Finance Committee and there was no talk of voluntary or self regulation

[ihavenobias]

11. If I remember right he was talking about Michael Hirsh's Newsweek article at this point in the show

"...But it's unlikely this will do much to change Wall Street. Geithner's new rules would allow the over-the-counter market to boom again, orchestrated by global giants that will continue to be "too big to fail" (they may have to be rescued again someday, in other words). And most of it will still occur largely out of sight of regulated exchanges...

Meanwhile, up in Manhattan, the New York Fed has been conducting meetings on future regulation with a group of major Street insiders and their traditional regulators. At the most recent meeting, on April 1, they agreed on creating central clearinghouses for trading and "trade-information warehouses" that will track market data far better than before. But they have resisted anything more dramatic, like requiring all trading to occur on publicly recognized exchanges. Geithner has also put his stock in clearinghouses; he says he only wants to "encourage greater use of exchange-traded instruments." That has placed Geithner at odds with another Democratic senator, Tom Harkin of Iowa, chair of the agriculture committee, who wants all futures contracts traded on exchange. "The senator feels that what he's offering in his bill does include more integrity and transparency than the current Geithner plan," a Harkin spokesman told me.

Officials at the firms who took part in the New York Fed meeting and at the Fed maintain that there is little difference between clearinghouses and formal exchanges; both are regulated and both are industry-run, they say. But that misses a major point, says Michael Greenberger, a former top official at the Commodity Futures Trading Commission who has been a critic of the administration's reform efforts. Exchange trading gives the government authority over fraud and manipulation and emergency powers to stop trading, he says, and it creates the kind of public transparency that isn't possible in a privately run clearinghouse..."

PS---He may well have also been talking about other sources of information, this is just off the top of my head.

[florida08]

12. was wondering the same thing

the last report I saw was the CBS report here: http://www.cbsnews.com/stories/2009/03/26/politics/main4893759.shtml where Geithner says Let me be clear - the days when a major insurance company could bet the house on credit default swaps with no one watching and no credible backing to protect the company or taxpayers from losses must end....

The proposal on credit default swaps and other derivatives would require the markets on which they are traded to be regulated for the first time, and for the buying and selling of these instruments to be conducted in ways that will foster greater oversight.

[OhioChick]

13. K&R

:kick:

[20score]

14. God I'm pissed! K&R

[Lena inRI]

15. Hey, Cenk, here are my festering thoughts on this. . .

. . .whataya think:

1--When the Bush syndicate couldn't successfully get Social Security funds into the investing market, finance fraudsters (his base) put Plan B-Banking crisis into effect just as GWB left office pushing for emergency taxpayer bailouts, which have proven to be FAR MORE than any Social Security funds would have been, right?

2--Also, these same finance fraudsters knew the Democrats would win 2008 so they heavily bankrolled the candidates to insure Plan B would continue after GWB left; hence, the incredible Obama campaign fund raising breaking all records.

3--Yay, Obama the no lobbyist money campaigner. . .because all along he promised to deliver ONCE he became POTUS. . .yay, Obama himself IS and HAS BEEN ALL ALONG "THE lobbyist" for the finance fraudsters, he doesn't need any lobbying which he falsely claims to reject.

2008 WAS A WIN-WIN ELECTION FOR THE FINANCE FRAUDSTERS.

I'm devastated by these thoughts which I'm having more intensely with each passing day of Obama compliance with Geithner/Summers. . .OBAMA THE POPULIST POSEUR.

Thanks, Cenk, for being one of the the FEW media to call out these fraudsters . . . and Obama.

:rant: :rant: :rant: :rant: :rant:

[truedelphi]

16. K & R for later viewing n/t

[truedelphi]

17. Cenk says these guys (ie Geithenr et al) are fundamentally wrong

Are they?
They are wrong in the same way that they have been wrong for over eight years.

The economy collapsed - and Geithner, whose track record is quite pathetic, has the nation's top position heading Treasury. And all his buddies at AIG/Goldman Sachs are gobbling up the feeding at the trough.

And when these "new" measures go down, when it all fails again, how will they be hurt?

Geithenr et al have alreadylooked over the benefit to risk numbers and they easily can determine by those numebrs that for them, there is only benefit, and for the nation and the global economy, there is only a world of hurt.

[MedioGringo]

18. If this is true...

It's going to mean a shit storm for Obama. I was under the impression that none of this was finalized and that ideas were just being tossed around. So in a way, I'm not too concerned, because if Geithner does go the self-regulation route, the administration is going to take such a hit from the left and the right, they'll have to reverse course. I have a hard time believing that Obama is so stupid that he doesn't realize that he can't sneak this kind of crap past the people.

[ihavenobias]

19. Keep in mind there is tough TALK about regulations.

The question is when people who know what they're talking about (say Elliot Spitzer) break down the proposed regulations and tell us they basically amount to window dressing, self regulation, etc.

It still might be *a little* early on the regulation front, but clearly there's a huge problem on the bank rescue front.

[MedioGringo]

23. Right....

It does seem that the Obama administration likes to talk up an issue to the point that the public starts to believe it's a done deal. Then he casually signs weak legislation into law and hails it as historic change.

On your second point, I think it's partially up to us to make sure as many people as possible know what Geithner is up to, if he does indeed decide on self regulation. We should be the first people in front of the White House or the NY Stock exchange protesting. Time to break some windows?

[alllyingwhores]

20. Geithner is on record in his testimony in front of Congress (before they swore him in)...

...decrying that "there is not a need for more regulation...is was that there was too much regulation"...and all the bought and paid for patsy's in Congress swore him in.

And then when he started (and continues to) make good on his F__K THE TAXPAYERS, WE'RE HERE TO FUNNEL AS MUCH MONEY AS POSSIBLE TO OUR RICH SUPPORTERS/FRIENDS ON WALL STREET", Obama boldly stated that he would not accept Geithner's resignation.

So..WTF did we expect?!!

[Seldona]

21. Self-regulation?

:wtf:

That is the reason we are where we are today! *$)@(#~!

[bvar22]

22. Anyone who believes that there will be effective regulation ...

...AFTER the Wall Street Bankers get their money is a damned fool.
The time to impose regulation is BEFORE the money is handed out.
It is already too late for that.

The failed "system" has been saved and is intact. No changes.
Their fortunes have been protected with your children's money.
The same people will who caused the collapse will retain their power.
:party:

[MasonJar]

25. Obama had better not go with this or he is finished. If he is so smart, then

he should be able to figure out on his own that the foxes are in charge of the hen house. If he goes along with this, it is purposeful, which means he is the DLCer I always thought he was. I will not support him again if he uses billions of taxpayer dollars to bailout companies and then allows those companies to do business as usual. Hopefully Congress will stop this dead in its tracks; if they do, I will never malign them again.

[alllyingwhores]

26. I'll hold my breath...

[matthewf]

27. k&r

[rollingrock]

29. DLCer, Blue Dog, neo-liberal hawk

Obama reveals his true colors. So much for hope and change.

[Kitty Herder]

30. K&R Geithner needs to go!

Summers, too.

[FlyByNight]

31. K & R

Friedmanism/Reaganism always ends up impoverishing the overwhelming majority of people wherever it's "applied" (usually at gun point - Chile being but one example). Geithner/Summers make me very nervous.

:scared:

[antimatter98]

32. Geithner is a total criminal, just like Summers and Greenspan. Notice how blatant they are..

about using their power. And Obama appointed Summers and Geithner of course.

We no longer have control, the banks do.

[ejbr]

33. Are the people in power really this stupid? n/t

[navarth]

34. K & R

[olegramps]

35. What the hell is it with President Obama and Wall Street?

This stuff is so damn discouraging, but don't dare say a critical word about President Obama on this board. When people on this board were critical of his choice of Summers and Geithner they were condemned for questioning His Omnipotence Obama. He had some secret plan up his sleeve, he was putting people in charge that knew where the bodies were buried, etc. I would never support another Republican for any office, but I am truly disappointed about this issue.

[MedioGringo]

36. Obama has cracked the political game, these guys helped

People are saying he'll have a billion dollars raised by the time he runs again in 2012. I think Obama is a pragmatist and he's willing to accept the corruption in the system if it keeps him and the dems in power. I think in his mind, he has to bow to the necessary evils of politics in order to stay in power to enact real change, ignoring the fact that real change would include fixing the broken system, no matter the political cost.

[rhett o rick]

37. I think Pres Obama is against this, but is powerless in the face of wall street. nm

[formercia]

38. Self-regulation does not work, it never has, never will.

To even mention self-regulation, is not just idiotic, it is criminal and shows how complicit Geithner and others really are.

[mod mom]

39. Self Regulation is what got us into this mess. These selfish thugs only look out for

their own enrichment at the expense of everyone else!