Geithner Hears Democrats' Economic Anxieties

[Purveyor]

Source: Associated Press

(03-09) 18:32 PDT WASHINGTON (AP) --

Treasury Secretary Timothy Geithner is beseeching House Democrats to be patient with a young administration as lawmakers convey voter frustration over the grim economy.

Geithner addressed House Democrats for nearly two hours Monday evening in a closed session in the Capitol. He sought to reassure them that President Barack Obama's administration has acted quickly to respond to the recession and the financial crisis.

House Democratic leader Steny Hoyer, D-Md., said lawmakers voiced concerns about the amount of money the government has spent and the effectiveness of the money in freeing up loans and saving jobs.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/03/09/national/w183250D92.DTL

[corruptmewithpower]

1. What in the world are the bankers doing with all that bailout money?

Why did the Bushies give it to them with "no strings attached"? If they don't make loans with the money, what business are they really in?

[readmoreoften]

3. Cocaine habits.

That's my guess.

[xchrom]

2. recommend -- it was reported on DU about where the TALF money

the gov. was providing was going first to institutions like hedge funds before it comes to us.

[dkf]

4. I'm glad the Dems are showing concern over the situation.

We will probably have to do a second stimulus and I hope they learn from the first.

[acmavm]

5. Geithner is a hack who's in over his head. And this administration has

said fuck off to the American people while it gives everything we have to lying cheats who stole thiefs who stole this planet blind.

Funniest part? They know they're lying cheats, the they're campaign contributing lying cheats so they know where their bread and butter lies.

Of course no peep out of 'em as the biggest sellers of toxic mortgages make a killing snapping up forecloese properties for pennies on the dollar.

[MannyGoldstein]

6. Geithner Is A Republican

He was a registered Republican before he switched affiliation to Democrat when he moved to Treasury. Then he become a Clinton crypto-Republican.

[No Elephants]

7. Why did Obama appoint him then?

[No Elephants]

8. People need to read Geithner's wiki, including the wikis of the two men who were reportedly his

mentors, Rubin and Summers.

[acmavm]

10. Why did he appoint Vilsack? Why did he want Daschle so badly?

Because he knows where the money for campaigns come from.

[MannyGoldstein]

11. In Obama's Defense, The Money's Not The Issue

If you look at a breakdown of Obama's contributions, financial industries were around 2% IIRC. Lawyers and employees of Uninversity of California were higher than that.

I think Obama's appointing DINOs to try to guard against his own tendency to move left. If he goes too far left too quickly, he'll be in big trouble politically.

[acmavm]

12. Obama has no tendency to move LEFT. If he moves at all, it

is to the right. Otherwise he sits right smack dab on the center line.

[apnu]

13. What I recall in the wanning days of the Bush Presidency...

... and all the talk of Obama's cabinet picks, Geitner was one of the first announced. The Stock Market soared at the news, the popular notion at the time, in the media, here and elsewhere was that Geitner had many problems, was way too close to banking and Wall Street, BUT, "he (was) the only guy who understood all this stuff."

That last bit was parroted by just about everybody who had a microphone.

So I hope that answers your question. I never liked the Geitner pick, but honestly, I couldn't think of anyone on the planet better than him. That's how bad our economic situation is. So I don't have a better suggestion. It is scary to think that, really, nobody is qualified to sit in that seat right now. I think the only real solution, is to basically erase the whole system, wipe everybody's debts and just start over from scratch. But that won't happen.

[acmavm]

9. When it all comes out in the wash years from now this appointment

will be one of the biggest reasons for dems to hand their heads in shame. This appointment was a betrayal of the American people, the chumps that have to pay for the crimes of Geithner's buddies.

[freemarketer6]

14. Excellent. Geithner is chiefly responsible for 53% of Americans

musing that we will enter a 1930's style depression. And, if Geithner is not replaced soon, he will be responsible for Obama entering lame duck status before the year is out. I can't remember what the pointers are for entering a depression, but if we get there, there could very well be a change in Parties in 2012. I actually think this is a Republican strategy, that if you look at Obama's declining ratings on a neocon hack site like Rasmussen, maybe be working. As far as elections go, Rasmussen has a pretty good track record for picking the winner. As far as between elections, a little less accurate. I usually take Rasmussen and Gallop polls and average them for public opinion. It works pretty well.