One-on One With Jim Rogers- CNBC-12.10.09
One small but important correction to Jim Roger’s criticisms of Geithner and Bernanke, both are either intentionally incompetent or clueless tools of Obama’s crisis creating Cloward-Piven strategy, in wrecking the United States economy with massive government interventionism.
These people know exactly what they are doing and in my opinion both are intentionally incompetent.
Both should be fired today.
Will this happen?
As long a President Obama is leading this economy wrecking crew–no.
Only the American people can stop the progressive radical socialists massive fiscal and monetary government interventionism the result in a long and deep depression–The Obama Depression.
Stop the bailouts, stimulus bills, huge tax increases and deficit spending and reckless money and credit expansion.
These government intervention actions will only prolong the duration of the Obama Depression.
Expect double digit unemployment rates throughout 2010.
Expect double digit inflation rates throughout 2012.
Only the American people by direct action can derail these policies that will destroy jobs, wreck the US economy, and kill the American Dream.
Background Articles and Videos Tim Geithner Secretary of the Treasury
“…Timothy Franz Geithner (pronounced /ˈɡaɪtnər/; born August 18, 1961) is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
Geithner’s position includes a large role in directing the Federal Government’s economic response to the financial crisis which began after December 2007. Specific tasks include directing the allocation of the $350 billion of Wall Street bailout funds. He is currently dealing with multiple high visibility issues, including the survival of the automobile industry, the restructuring of banks, financial institutions and insurance companies, recovery of the mortgage market, demands for protectionism, President Obama’s tax changes, and relations with foreign governments that are dealing with similar crises.[1]
Geithner was born in Brooklyn, New York City and spent most of his childhood outside the United States, including present-day Zimbabwe, Zambia, India and Thailand where he completed high school at the International School Bangkok.[2] He attended Dartmouth College, graduating with an A.B. in government and Asian studies in 1983.[3] In the process he studied Mandarin at Peking University in 1981 and at Beijing Normal University in 1982.[4] He earned an M.A. in international economics and East Asian studies from Johns Hopkins University’s School of Advanced International Studies in 1985.[3][5] He has studied Chinese[3] and Japanese.[6]
Geithner’s paternal grandfather, Paul Herman Geithner (1902–1972), emigrated with his parents from the German town of Zeulenroda-Triebes to Philadelphia in 1908.[7] His father, Peter F. Geithner, was the director of the Asia program at the Ford Foundation in New York in the 1990s. During the early 1980s, Peter Geithner oversaw the Ford Foundation’s microfinance programs in Indonesia being developed by Ann Dunham, President Barack Obama’s mother, and they met in person at least once.[8] Timothy Geithner’s mother, Deborah Moore Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. Geithner’s maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as Vice President of Public Relations from 1952-1964 for Ford Motor Company.[9]
Geithner worked for Kissinger Associates in Washington for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the Embassy of the United States in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996-1997), assistant secretary for international affairs (1997–1998).[5]
He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.[5] Summers was his mentor,[10][11] but other sources call him a Rubin protégé.[11][12][13]
In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.[14] He was director of the Policy Development and Review Department (2001-2003) at the International Monetary Fund.[5]
In October 2003 at age 42,[15] he was named president of the Federal Reserve Bank of New York.[16] His salary in 2007 was $398,200.[17] Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.[18] In May 2007 he worked to reduce the capital required to run a bank.[15] In November he rejected Sanford Weill’s offer to take over as Citigroup’s chief executive.[15]
In March 2008, he arranged the rescue and sale of Bear Stearns;[10][19] in the same year, he played a pivotal role in both the decision to bail out AIG as well as the government decision not to save Lehman Brothers from bankruptcy, though claims were made after Geithner’s nomination that distanced him from both AIG and Lehman Brothers.[20] As a Treasury official, he helped manage multiple international crises of the 1990s[12] in Brazil, Mexico, Indonesia, South Korea and Thailand.[13]
Geithner believes, along with Henry Paulson, that the United States Department of the Treasury needs new authority to experiment with responses to the financial crisis of 2007–2009.[10] Paulson has described Geithner as “[a] very unusually talented young man…[who] understands government and understands markets.”[19]
On 10/27/09 it was reported by Bloomberg news[21] that while acting as president of the New York Federal Reserve Tim Geithner arranged for Goldman Sachs, Société Générale, and Deutsche Bank to receive full payment on credit default swaps they had purchased rather than 40 cents on the dollar insurance giant AIG proposed. A Fed-run entity called Maiden Lane III was used to shunt these CDOs, which cost American tax payers at least $13 billion dollars at the time. It is currently estimated that due to a decline in value, the total costs for this bank favoritism case cost the American tax payers $35.6 billion total. To quote Bloomberg: “the deal contributed to the more than $14 billion that over 18 months was handed to Goldman Sachs, whose former chairman, Stephen Friedman, was chairman of the board of directors of the New York Fed when the decision was made. …”
“…Bank bailout
Geithner has the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. He does not need Congressional approval, but went to Congress on February 10-11 to explain his plans. He proposes to create one or more “bad banks” to buy and hold toxic assets, using a mix of taxpayer and private money. He also proposes to expand a lending program that would spend as much as $1 trillion to cover the decline in the issuance of securities backed by consumer loans. He further proposes to give banks new infusions of capital with which to lend. In exchange, banks would have to cut the salaries and perks of their executives and sharply limit dividends and corporate acquisitions.[40][41] The plan has been criticized by Nobel-prize winning economist Paul Krugman[42] as well as fellow Nobel laureate and former World Bank Chief Economist Joseph Stiglitz.[43]
Timothy Geithner along with President Obama proposed a new bureaucratic committee to oversee operations by the FDIC, Federal reserve, and the SEC. The committee would serve to consolidate governmental control over financials. Geithner, states “with new laws in place government will be able to take control of troubled institutions before it’s too late.”[44]
]AIG bonuses Main article: AIG bonus payments controversyAlthough President Obama expressed strong support for Geithner, the outrage over the AIG bonuses has undermined public support. AIG paid bonuses to executives in its Financial Services division after receiving more than $170 billion in federal bailout aid.[45] Even prior to the election, senior aides to Timothy Geithner have closely dealt with American International Group Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as Treasury secretary. In early November, 2008, a committee concluded that the bonuses, which were in contracts signed before the government takeover, couldn’t be legally blocked. On March 3, 2009, appearing at a hearing of the House Ways and Means Committee Rep. Joseph Crowley, a New York Democrat, asked him about the bonuses that AIG would be paying to financial-products employees “in the coming weeks.” On March 11, Geithner called Mr. Edward Liddy, AIG chief, to protest the bonus payouts. Mr. Geithner and Federal Reserve Chairman Ben Bernanke attended a hearing by Congress on March 24, 2009.[46]…”
http://en.wikipedia.org/wiki/Timothy_F._Geithner
Ben Bernanke Chairman of The Federal Reserve System
Ben Bernanke
“…Ben Shalom Bernanke[1] (pronounced /bərˈnænki/ bər-NAN-kee;[2] born December 13, 1953) is an American economist, and the current Chairman of the United States Federal Reserve. Bernanke succeeded Alan Greenspan on February 1, 2006. He was nominated for a second term by President Barack Obama in 2009 as the Chairman of the Federal Reserve.
Born in Augusta, Georgia, Bernanke was raised in a ranch house on East Jefferson Street in Dillon, South Carolina.[3] His father Philip was a pharmacist and part-time theater manager, and his mother Edna was originally a schoolteacher. He is the eldest of three children, having a brother and sister. His younger brother, Seth, is a lawyer in Charlotte, North Carolina, and his younger sister, Sharon, is a longtime administrator at Berklee College of Music in Boston.
The Bernankes were one of the few Jewish families in the area, attending a local synagogue called Ohav Shalom;[4] as a child, Bernanke learned Hebrew from his maternal grandfather Harold Friedman, who was a professional hazzan and Hebrew teacher.[5] His father and uncle co-owned and managed a drugstore that they bought from his paternal grandfather, Jonas Bernanke.[3] Jonas was born in Boryslav, Austria-Hungary (today part of Ukraine), on January 23, 1891, and immigrated to the United States from Przemyśl, Poland (part of Austria-Hungary until 1919). He arrived at Ellis Island, age 30, Thursday, June 30, 1921, with his wife Pauline, age 25. On the ship’s manifest, Jonas’ occupation is listed as “clerk” and Pauline’s as “doctor med.”[6][7][8][9] They moved to Dillon, South Carolina, from New York in the 1940s.[10] Bernanke’s mother often worked there as well, having given up her job as a school teacher when he was born, and Bernanke also assisted from time to time.[11]
Bernanke was educated at East Elementary, J. V. Martin Junior High, and Dillon High School, where he was class valedictorian. Bernanke achieved a near-perfect SAT score of 1590 out of 1600.[13] He was also an All-State saxophonist, playing in the school’s marching band.[14] Bernanke spent his undergraduate years at Harvard University where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named “Long-term commitments, dynamic optimization, and the business cycle” and his thesis adviser was Stanley Fischer.[15]
A notable contemporary at Harvard University was Lloyd Blankfein (A.B. 1975, also Winthrop House), Chairman & CEO at Goldman Sachs. …”
“…Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005, and was Chairman of the President’s Council of Economic Advisers, from June 2005 to January 2006. On February 1, 2006, he was appointed as a member of the Board for a fourteen-year term and to a four-year term as Chairman.[18]
In one of his first speeches, entitled “Deflation: Making Sure It Doesn’t Happen Here,” he outlined what has been referred to as the Bernanke Doctrine.[19]
In view of his current position as Fed chair, Bernanke also sits on the newly established Financial Stability Oversight Board that oversees the Troubled Assets Relief Program.
Bernanke’s future as Federal Reserve chairman became uncertain on November 21, 2008, when it was announced that President-elect Barack Obama would name Tim Geithner as Treasury Secretary over Larry Summers, leading to speculation that Obama was positioning Summers as Bernanke’s successor. Summers was picked to run the National Economic Council. Two Obama advisers said that Summers would be the leading candidate to become the next Federal Reserve chairman should President Obama choose not to reappoint Bernanke when his term ends January 31, 2010.[20][21] White House sources announced on August 24, 2009 that President Obama would nominate Bernanke for another term in 2010.[22] During Bernanke’s first term as Chairman, he oversaw the Federal Reserve’s largest increase of power since the bank’s creation in 1913.[23] …”
Merrill Lynch merger with Bank of America
In a letter to Congress from New York Attorney General Andrew Cuomo dated April 23, 2009, Bernanke was mentioned along with former Treasury Secretary Henry Paulson in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America. The letter alleged that the extent of the losses at Merrill Lynch were not disclosed to Bank of America by Bernanke and Paulson. When Bank of America CEO Kenneth Lewis informed Paulson that Bank of America was exiting the merger by invoking the “Materially Adverse Change” clause Paulson immediately called Lewis to a meeting in Washington. At the meeting, which allegedly took place on December 21, 2008, Paulson told Lewis that he and the board would be replaced if they invoked the MAC clause and additionally not to reveal the extent of the losses to shareholders. Paulson stated to Cuomo’s office that he was directed by Bernanke to threaten Lewis in this manner.[24] Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Ken Lewis. Under intense questioning by members of Congress, Bernanke said, “I never said anything about firing the board and the management [of Bank of America].” In further testimony, Bernanke said the Fed did nothing illegal or unethical in its efforts to convince Bank of America not to end the merger. Lewis told the panel that authorities expressed “strong views” but said he would not characterize their stance as improper.[25]
[edit] Renominated for Fed ChiefOn 25th Aug 2009, President Obama announced that he would nominate Ben Bernanke to a second term as chairman of the Federal Reserve. In a short statement in Martha’s Vineyard, with Bernanke standing at his side, Obama said Bernanke’s background, temperament, courage and creativity helped to prevent another Great Depression in 2008. “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic free fall”, the President said.[26]
Senate Banking Committee hearings on his nomination begin December 3, 2009. …”
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