I recently read a Washington Post piece by our Treasury Secretary, Tim Geithner. Tim tries to dispel the "myths" about T.A.R.P. You can read the article in it's entirety at http://www.realclearpolitics.com/
I very nearly entitled this blog, "Tim Blows Smoke Up Our Asses."
The first rule of FED bankers is, Never Jeopardize the FED. You see, letting the FED's member banks fail was in fact the right thing to do. You see Tim, those are the same business rules that all of us peons have to play by. When we play fast and loose with the operating capital- leveraging non existent money and making loans to deadbeats- we generally fail.
We don't give a shit whether the banks pay us back or not. That's not the point and you know it. Letting those banks fail and be put into receivership may have exposed the entire FED to scrutiny. The same scrutiny they try very hard to avoid. At that point, the American people may have asked some weird question like, "Just why do we need this FED anyway?"
And somebody might have said, "We don't." We can print our own money, not charge ourselves interest, and we will be just fine.
We can't have that shit, huh Tim? That would ruin the whole FED monopoly. The entire 4th branch of government could have been eliminated. Kaput. Adios.
Tell me Tim. When are you going to force banks to adhere to the same accounting methods employed by rational people? That would mean putting those 9 million, unrepossessed and value chopped in half homes- on the ledger. All that make believe equity. All that shadow inventory could finally get counted and we could see just how healthy your member banks really are.
My favorite part of your piece was blaming Bush and carrying your bosses' water. We understand ass kissing Tim. Especially Obama's willingness to chop the head off anyone that doesn't attend worship services. I think of that Inspector General Walpin dude. I bet you remember that guy, the one who tried to have Obama's buddy, that Sac town Mayor brought to justice? We remember how well that worked out, don't we?
Here's the bottom line Tim. We are pissed off. I am not sure the American people are going to buy your bullshit much longer. It's not just you. We understand you are just trying to play by established rules. But we don't like those rules anymore. We are growing weary of a government that operates above the law and rationalizes and changes the rules as it sees fit. A government more than willing to lie to us and sell us out. A government that demands respect but shows its citizens none.
So go find some other drooling idiot and try to convince him or her how their eternal indebtedness and loss of economic freedom is a good thing. Get busy, you may be running out of time.