Federal Reserve refuses to disclose who they “lent” $2 Trillion of our money!

Treasury Secretary Timothy Geithner, coming off a rocky week in Washington, is trying to persuade the world’s other major powers that the Obama administration has the right prescription for what ails the global economy.

Geithner is meeting with finance ministers of the Group of Seven major industrial countries to sell them on the idea that Obama’s program of massive government spending coupled with tax cuts will help fix the worst crisis to hit the global economy in seven decades.

And to deal with the equally critical challenge of frozen credit markets, Geithner has advanced a plan to pump as much as ‘$2 trillion’ in government and private money into the troubled banking system.

Listen to the Vice Chairman of the Federal Reserve respond to questions pertaining to where he and Chairman Bernake (Fed Reserve Chair & Vice Chair) spent $2 Trillion…..keep in mind the ‘$2 Trillion’ Geithner mentions in this dog and pony show to G7 world bankers “just 3 days ago”. 

But both programs have run into doubts and criticism at home. The administration’s overhaul of a mammoth financial rescue program was met with loud catcalls from the markets on Tuesday, with the Dow Jones industrial average plunging by 382 points as investors showed their displeasure over major gaps in the program. On Friday, Republicans balked at the $787 billion economic stimulus bill awaiting President Barack Obama’s signature. Not a single Republican voted for it in the House. Only three Republicans voted for it in the Senate.

Despite skepticism at home, Geithner is likely to score a victory at the G-7 meetings, which bring together officials from the United States, Japan, Germany, Britain, France, Italy and Canada. Their final communique on Saturday is expected to endorse in broad terms the approach the U.S. is taking.

Geithner has significant credibility among finance ministers, having served in key international positions in the Clinton administration during the 1997-98 Asian currency crisis, when a U.S. effort led by then-Treasury Secretary Robert Rubin and then-Federal Reserve Chairman Alan Greenspan brought the global economy back from the brink of catastrophe after plunging currency values had pushed many countries into recessions.

As president of the Federal Reserve Bank of New York before moving to Treasury, Geithner also helped draft the original bailout plan last fall with then-Treasury Secretary Henry Paulson. Paulson’s approach was roundly criticized for its frequent revisions and reversals. Geithner readily admits he’ll have to make revisions, too.

“We are going to have to adapt our program as conditions change,” Geithner told Congress. “We will have to try things we never tried before. We will make mistakes. We will go throughout periods in which things get worse and progress is uneven or interrupted.”

Geithner flew into Rome on a military jet with Federal Reserve Board Chairman Ben Bernanke and went immediately into a series of one-on-one meetings to brief U.S. allies on U.S. efforts to confront the crisis.

If it was any consolation, Geithner had plenty of company in the woe-is-me department. In fact, the meeting of major industrial powers could well be dubbed the “Misery Loves Company” summit. No country has been spared in the painful economic downturn.

The new approach on the banking problems put together by Geithner would harness $1 trillion to $2 trillion in bailout funds, Federal Reserve support and private sector money to get credit flowing more normally.

At the G-7 meetings, Geithner was expected to defend, as he did before two congressional hearings last week, the lack of details in the proposal.

“I understand the desire for details, and I understand the appointment about the lack of details,” Geithner told the Senate Budget Committee on Wednesday. “But part of the disappointment is because people were hoping that we do things, that, in my judgment, would have been too generous and not responsible for taxpayers’ money.”  (like giving $4 billion to ACORN)

Aides said Geithner was ready to elaborate on those views in the G-7 decisions and defend the decisions the Obama administration has taken.

Btw, what are you planning to do with Obamas “tax cut” for the middle class.  $13 a week to the middle class – in a stimulus package with a price tag of  nearly $800 BILLION!  What a joke…. 

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24 Responses

  1. Fucking ass holes. We need to fight back.

  2. can you even believe these bastards? do the american people still not get what is going on here? do they still not get that the federal reserve and those who control it are stealing our money – and getting rich and powerful in the process! This IS NOT what the founding fathers had in mind – they warned us about this….and we are all too damn busy drinking kool aid watching american idol to do anything about it! WAKE UP, WAKE UP, WAKE UP, WAKE THE FUCK UP!

  3. There is supposed to be a very revealing show tonight on Frontline called “Inside the Meltdown”. If they are honest journalists HA some politicians should be exposed. I swear if I see someone wearing another Obama t-shirt I will scream at them. It seems to have worked in my office as no one wears them any more. HAHAHAHA. Now the fucking ass is going to fly to Denver to sign the rip off package. WTF?

  4. thanks for info on Frontline Puma SF. I cannot believe that in the current economic crisis, Obama is jet setting his nicotine stained ass to Denver for fan fare and photo ops. He is a pompous sob…..who needs to get back to his office and do some work….someone needs to give his sorry butt the memo, the campaign is over – for the first time, he’s gotta stick with something for 4 years — and DO SOMETHING (beyond photo ops and handing out taxpayer dollars to his wealthy campaign contributors). btw, the big story today….A ROD!!!! I don’t give a rats ass about his steroid use…..who the hell cares. Get real people, they ALL use em….move on we have much bigger fish to fry than some baseball player who cheats on his wife and take millions of dollars to play a game. C’mon now…..is there any doubt in anyones mind how america got into the shape we are……..A ROD & STEROIDS? good gawd!

  5. I know fuck AROD. He’s just another pampered jack ass who makes millions playing baseball for crissake. Okay so let’s see. Obama hasn’t even been in office for one month and he’s taken three vacations? One to the SPA, one to Camp David and one to fucking Chicago??? What a fucking jack ass! I hate his gust.

  6. You missed one, he and Michelle escaped from the Whitehouse to “read to the children”…..isn’t that special. Michelle they “escaped”. She escaped from a house where she has servants that do all of her cleaning, cooking and no doubt ass-wiping.

  7. Oh right, I fogot about that photo op. We need to get Ginny and the gang to come talk to us over here. We need more traffic.

  8. I agree…..post an article or comment on those existing.

  9. I almost think we need to bring back you controversial graphic. You know the one of Obama tossing money around?

  10. hey – what’s kick’en chick’en ??

  11. Maybe we should go road tripping to Sacramento on March 28th or whatever weekend that was.

  12. Yeah, I was checking out the emails but just didn’t have time to respond. I’d love to do a road trip but I need to make sure my Mom is okay and she should be home and causing trouble by then at least I hope that’s the case.

  13. i am thinking i would love to see our little friend — but that’s a long damn time in a car –even though I would be among some wonderful women

  14. Well, we could wait until the weather’s not so iffy. We need to get together soon. Don’t forget to watch that special tonight on PBS. How’s everything going?

  15. i hate my job — really hate it — my boss won’t return phone calls / emails

  16. Oh crap that really sucks and honestly for the first time I really hate my job, too. I need a bail out.

  17. me too — how can we make some money? at this point I don’t even care if it’s legal, hell, look at our gov’t — if they can get by with it why can’t I???

  18. Puma SF, hold on its Obama to the rescue, you won’t need a bail-out – Obamas stimulatin your economy to the tune of $13 a week…..simofish, your boss must have performed sexual favors to get where he is…..seriously, what does he do?

  19. Yeah, her boss is some kinda tool for sure. The Fresh Prince of Berlin is gonna be prezidenti’ in Denver, huh? Do you think he’ll have the colums resurrected?

  20. i have no idea what he does — every week he has an out of office on saying for the week of he’s tied up with customer meetings and will respond when he can — his phone number isn’t even listed in the company directory — who knows what he does — avoids me – that’s for sure — his counter part on the east coast helps me out when I reach out to him – but i try not to — i just sent my boss a list of questions about 10 of them — lets she how long it takes him to respond.

  21. non-profits are gettin’ lots o scratch from the obamamessiah…..therein lies the answer to your question of how to make cash. think four years from now…..who and or what group will obama want to prey on for votes. form a non-profit for those “folks” that’s an obama term i picked up……i remember lovely michelle sayin ‘barack and me are just regular folks”…..and that is a quote!

  22. Well, we’re just regular folk. We could provide a service to help people figure out how to get money from the government.

  23. grants…..grants and more grants.

  24. simofish, your boss needs to learn how to multi-task. I mean he has to have the ability to think and chew gum at the same time. Good thinking…documentation will get him on the stick. What pos….I’m sorry that you’re having to deal with that. Things are difficult enough – having a clueless and/or lazy boss doesn’t help.

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