Thanks A Lot, Timmy!

Another current Washington lie that needs repeated exposure: Timmy Geithner and his boss saved the American economy. Every time US Person hears that one being repeated by the CMM, it makes him want to gag. When the banksters came to town in 2007 with bombs of financial kryptonite strapped to their chests demanding money, Washington bent over and asked "how much?". TARP was the biggest giveaway to Wall Street in history. The government lent the banks and their reckless executives trillions of dollars at vastly discounted rates. To claim that the government has made money on these transactions is quite simply more lying. Every $100 the Treasury spent bailing out Wall Street, it got back assests worth on average $66. Even people who "can't do the math" realize these transfers of wealth amount to a massive subsidy of $78 billion on the top ten TARP transactions. This figure was calculated by the Congressional Oversight Panel in its February 6, 2009 report. The banks used the windfall to grow bigger and more difficult to regulate: J.P.Morgan took over Bear Stearns and Washington Mutual; Bank of America took over Merrill Lynch and Countrywide.

To add insult to injury, a government audit released Monday found that firms receiving TARP money paid their executives excessive amounts of compensation. The Special Inspector General's office wrote executives of bailed out firms, "continue to rake in Treasury-approved multimillion dollar pay packages that often exceed guidelines" established by the TARP program. Treasury signed off on 18 pay raises for executives at General Motors Co., Ally Financial Inc. and American International Group (AIG). By the end of 2012 the government owned about 19% of GM. Two of GM's European top executives got pay raises despite the fact that division has lost more than $16 billion over the last 13 years. US Person wants to know, what "fresh talent with critical skill sets" do these executives possess? Also, can he get a job with GM? Obamados has nominated a former Citibank executive to replace Geithner at Treasury. His former bank received more government assistance than any other company, $476.2 billion

We can't know for sure what would have happened if we had political leaders with their conjones still intact who stood up to the financial terrorists threatening to blow up the world's financial system. We can only look at history. Argentina really did experience a financial meltdown in 2001. For three months its economy plunged. Banks shut and people could not get their money out. But two years later Argentina made up all the ground lost in the crisis. Then, there is the "miracle" of Iceland. Iceland told its banksters to take a walk and protected its citizenry from their cupidity. Pundits derided Iceland's audacity, predicting doom in the bond market. But four years later Iceland is thriving again. How was this accomplished, asked President Olafur Ragnar Grimson at the recent Davos bacchanal. He answered his own question, "We didn't follow the traditional, prevailing orthodoxies of the last 30 years in the Western world...We let the banks fail." Like the Good Book says more simply, "Ye cannot follow both God and Mammon." So keep watching those banksters, Mr. President, until they appear in your office with new, larger bombs of economic terror.