Fed News Friday: We Are WINNINGJanuary 27th, 2012
Treasury Secretary Timothy F. Geithner, the last member of the Obama administration’s original economic team, said he doesn’t expect to remain in office if the president is re-elected.
“He’s not going to ask me to stay on, I’m pretty confident,” Geithner said in an interview with Bloomberg Television yesterday in Charlotte, North Carolina. “I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury.”
Awesome. The Fed’s people are becoming a big liability to politicians, especially ones like Tim Geithner who was heavily involved in orchestrating the financial bailouts, and has had some issues with paying his taxes as well, exemplifying the culture of privilege and corruption in finance, as well as the “revolving door” between big finance and big government, Wall Street and Washington. The Federal Reserve and its puppet masters are finally the target of public outrage. Even the fact that they’re the target of public awareness is a sea change for monetary policy in America.
Now back to the good news:
Geithner, 50, has led President Barack Obama’s efforts to pull the U.S. economy out of the worst recession since World War II, including overseeing bailouts of automakers General Motors Co. (GM) and Chrysler Group LLC, which have since emerged from bankruptcy. Before joining the administration in 2009, Geithner was president of the Federal Reserve Bank of New York, playing a key role in the government’s rescue packages for banks such as Citigroup Inc. (C) and Bank of America Corp. (BAC)
In the interview, Geithner said he would do “something else” after leaving the Treasury Department, without specifying what that would be. In August, an administration official said Geithner would stay in his job at least through this year’s presidential election.
Hmmmm. I wonder what he’ll be doing after he leaves the White House? Lobbying for tax payer dollars? Consulting with financial companies to teach them how to lobby for tax payer dollars? Sitting on the board of some huge bank that got taxpayer bailouts and getting paid millions of dollars to do it? The possibilities are endless!
Why are Federal Reserve people becoming a liability in the world of electoral politics? Because voters are finally starting to draw connections between monetary policy and the general level of our economic prosperity and happiness and they’re starting to realize that the people who pull the strings of monetary policy in this country have been robbing us all blind while we weren’t paying attention. Americans are finally starting to realize that the endless printing, the endless easing, the endless bailouts, the endless subsidies, the endless money is suicidally insane and destroying our entire way of life. The Federal Reserve is mortgaging our future and signing its endless checks to Wall Street banks in our sweat and tears.
The interview with Geithner happened the same day the Federal Reserve indicated that it agrees with me on just how bad shape the economy’s in. The Fed’s solution? You’re NEVER GOING TO GUESS. More free money! The Fed’s going to keep holding down interest rates to stimulate growth. This is why people like Obama have to fire people like Geithner these days… the Federal Reserve system and its proponents have lost all credibility. The New York Times reports:
The Federal Reserve, declaring that the economy would need help for years to come, said Wednesday it would extend by 18 months the period that it plans to hold down interest rates in an effort to spur growth.
The Fed said that it now planned to keep short-term interest rates near zero until late 2014, continuing the transformation of a policy that began as shock therapy in the winter of 2008 into a six-year campaign to increase spending by rewarding borrowers and punishing savers.
The economy expanded “moderately” in recent weeks, the Fed said in a statement released after a two-day meeting of its policy-making committee, but jobs were still scarce, the housing sector remained deeply depressed and Europe’s flirtation with crisis could undermine the nascent domestic recovery.
Did you read that? The Grey Lady totally taking a shot at The Federal Reserve for “rewarding borrowers and punishing savers.” Let me tell you something, these are all very good signs! While our economy is in bad shape and there’s a lot we should be very worried about, public opinion and awareness is moving in the right direction and there’s a lot we should be hopeful about. We are winning!
Reading about the Fed’s “solution” to our economic woes in the article above, I can’t help but notice that the establishment’s war on America’s economic stagnation is starting to look a whole lot like its other wars: it’s dragging on for years and years longer than we were told it would take, it’s costing us trillions of dollars, and it’s not making anything better. And just like America’s other open-ended wars, Americans are getting pretty skeptical of what’s really in it for us. You can’t bomb the world into peace and you can’t print the world into prosperity. The damage from the printing is already done. It’s just a matter of time now. But the progress that accompanies so many people waking up to the kind of world they really live in is yet to come.
And that’s exciting.
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