Archive for the ‘confidence’ Category

For Obama and Geithner: Action Would Speak Louder Than What We Have Now

March 27, 2009

“People have confidence in Obama and generally want him to succeed,” says Frank Luntz, an experienced pollster. “But they don’t necessarily translate that confidence into his policies or the government.”

Bingo.

Treasury is a confidence black hole.  Why?  Because despite many efforts to point the blame at Wall Street and greedy executives, nobody has said, “The regulaters screwed up.”  Instead we have been told “we inherited this Bush mess and Bush decreased regulations so we need more regulations — we need more government.”

We don’t need more government.  We need better government and more accountability: from the President through Barney Frank and the rest in congress and to Geither and all the other bureaucrats.

Who among us thinks Barney Frank and Christopher Dodd screwed up?  Who has trust and confidence that Barney and Chris and Tiny Tim Turbo Tax and even Obama can get us out of this?

Yesterday it looks like Mr. Geithner actually fired — or at least sent into the penalty box — one of his top deputies.  Now we are getting to the issue.

Scott Polakoff at Treasury’s  Office of Thrift Supervision  is on ice: and Treasury needs to explain why and take responsibility for him and his actions and fast.

Maybe we don’t need to make more rules: maybe we need to enforce the ones we have and enforce accountability.

Recovery will be about trust and confidence.  Without that, investors hold back, businesses don’t hire and workers don’t spend.

A government mea culpa would be a good first step: and continuing this line of “we inherited” is now more than paper thin it is a sign of impotence.

“What we need today is more optimism and more confidence,” Larry Summers said.

“Consumer confidence is slightly up. The market is slightly up,” Biden said.

“We need confidence to make this recovery work,” President Obama said.

Confidence can’t be produced with fairy dust or a magic wand.  We get it the old fashioned way: we earn it.

President Obama has to take dramatic action: not giggle through an appearance on Leno and “60 Minutes” or jabber on an Internet town hall.  That may work with tweens but it is not so good with real adults with real money.

Campaigning is for wannabees.  Those with real responsibility and accountability have to act to be credible and earn trust and confidence.

Now’s the time.

Related:
http://michellemalkin.com/2009/03/27/
the-strange-sacking-of-a-top-treasury-official/

Stumulus: Obama and Congress Sold Us A Lot Of Useless Swampland; Ready To Buy More?

Obama Buys Into Anger, Fear as Political Tool
Obama, Geithner, Summers Plan for “Toxic Assets” May be Toxic Itself

Obama’s public overexposure

Obama Still Thinks After Economy Recovers; Bank, Finance Good Times Can Return?

 Obama’s Economic “Rescue;” “The plan is very, very clever. Maybe too clever.”

 Stimulus: Way Fewer Jobs Than You Thought

 The Great Give Away of Taxpayer Money By Bigger and Bigger Government

 President Tries To Harness Public Anger To Move His Budget

Obama Dead Wrong On Stimulus, Caterpillar Company Jobs, Recovery

Obama Wants Confidence To Revive the Economy: But Hasn’t Earned Any

March 24, 2009

Am I supposed to have confidence when the president praches “You can have everything: health care and the rest.  Just let me give your kids this debt.”

Seems counter-intuitive….

Am I supposed to trust Turbo Tax Geithner?  YIKES.

Hillary, Rahm Emanuel, Robert Gibbs?

Am I supposed to trust the House of Representatives and Nancy Pelosi?

Pelosi is telling  illegal immigrats the law enforcers are anti-America.

Should I trust the Senate?  Chris Dodd has amnesia and a retirement spot in Ireland, thanks to his government “service.”

I feel like a farm animal who just got “serviced” by one of the bulls…

Has Dodd given back the AIG donations to his campaign —  after he wanted AIG bonuses repaid?

Senator Judd Gregg deadpanned today, “Americans started a revolution because a far off king abused his tax authority….”

HA!  A bit of hope from the Senate!

In the Senate, the buck really has to stop now for conservatives…..

Read Michelle Malkin:
http://michellemalkin.com/2009/03/24
/the-senate-shows-a-little-sense-confi
scatory-republicans-show-no-shame/

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With the braying of 328 yahoos — members of the House of Representatives who voted for retroactive and punitive use of the tax code to confiscate the legal earnings of a small, unpopular group — still reverberating, the Obama administration yesterday invited private-sector investors to become business partners with the capricious and increasingly anti-constitutional government. This latest plan to unfreeze the financial system came almost half a year after Congress shoveled $700 billion into the Troubled Assets Relief Program, $325 billion of which has been spent without purchasing any toxic assets.

By George F. Will

TARP funds have, however, semi-purchased, among many other things, two automobile companies (and, last week, some of their parts suppliers), which must amaze Sweden. That unlikely tutor of America regarding capitalist common sense has said, through a Cabinet minister, that the ailing Saab automobile company is on its own: “The Swedish state is not prepared to own car factories.”
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Another embarrassing auditor of American misgovernment is China, whose premier has rightly noted the unsustainable trajectory of America’s high-consumption, low-savings economy. He has also decorously but clearly expressed sensible fears that his country’s $1 trillion-plus of dollar-denominated assets might be devalued by America choosing, as banana republics have done, to use inflation for partial repudiation of improvidently incurred debts.

From Mexico, America is receiving needed instruction about fundamental rights and the rule of law. A leading Democrat trying to abolish the right of workers to secret ballots in unionization elections is California’s Rep. George Miller who, with 15 other Democrats, in 2001 admonished Mexico: “The secret ballot is absolutely necessary in order to ensure that workers are not intimidated into voting for a union they might not otherwise choose.” Last year, Mexico’s highest court unanimously affirmed for Mexicans the right that Democrats want to strip from Americans.

Congress, with the approval of a president who has waxed censorious about his predecessor’s imperious unilateralism in dealing with other nations, has shredded the North American Free Trade Agreement. Congress used the omnibus spending bill to abolish a program that was created as part of a protracted U.S. stall regarding compliance with its obligation to allow Mexican long-haul trucks on U.S. roads. The program, testing the safety of Mexican trucking, became an embarrassment because it found Mexican trucking at least as safe as U.S. trucking. Mexico has resorted to protectionism — tariffs on many U.S. goods — in retaliation for Democrats’ protection of the Teamsters union.

NAFTA, like all treaties, is the “supreme law of the land.” So says the Constitution. It is, however, a cobweb constraint on a Congress that, ignoring the document’s unambiguous stipulations that the House shall be composed of members chosen “by the people of the several states,” is voting to pretend that the District of Columbia is a state. Hence it supposedly can have a Democratic member of the House and, down the descending road, two Democratic senators. Congress rationalizes this anti-constitutional willfulness by citing the Constitution’s language that each house shall be the judge of the “qualifications” of its members and that Congress can “exercise exclusive legislation” over the District. What, then, prevents Congress from giving House and Senate seats to Yellowstone National Park, over which Congress exercises exclusive legislation? Only Congress’s capacity for embarrassment. So, not much.

The Federal Reserve, by long practice rather than law, has been insulated from politics in performing its fundamental function of preserving the currency as a store of value — preventing inflation. Now, however, by undertaking hitherto uncontemplated functions, it has become an appendage of the executive branch. The coming costs, in political manipulation of the money supply, of this forfeiture of independence could be steep.

Jefferson warned that “great innovations should not be forced on slender majorities.” But Democrats, who trace their party’s pedigree to Jefferson, are contemplating using “reconciliation” — a legislative maneuver abused by both parties to severely truncate debate and limit the minority’s right to resist — to impose vast and controversial changes on the 17 percent of the economy that is health care. When the Congressional Budget Office announced that the president’s budget underestimates by $2.3 trillion the likely deficits over the next decade, his budget director, Peter Orszag, said: All long-range budget forecasts are notoriously unreliable — so rely on ours.

This is but a partial list of recent lawlessness, situational constitutionalism and institutional derangement. Such political malfeasance is pertinent to the financial meltdown as the administration, desperately seeking confidence, tries to stabilize the economy by vastly enlarging government’s role in it.

President, Treasury, Congress “undermining efforts to shore up the economy”

March 21, 2009

“By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news.”

That from Joe Nocera in The New York Times.
http://www.nytimes.com/2009/0
3/21/business/21nocera.html?_r=1&hp

I agree with Joe 100% but he is a lot smarter than me!

Related:

Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

***********************

From Joe Nocera in The New York Times:

Yes, the $165 million in bonuses handed out to executives in the financial products division of American International Group was infuriating. Truly, it was. As many others have noted, this is the same unit whose shenanigans came perilously close to bringing the world’s financial system to its knees. When the Federal Reserve chairman, Ben Bernanke, said recently that A.I.G.’s “irresponsible bets” had made him “more angry” than anything else about the financial crisis, he could have been speaking for most Americans.

But death threats? “All the executives and their families should be executed with piano wire — my greatest hope,” wrote one person in an e-mail message to the company. Another suggested publishing a list of the “Yankee” bankers “so some good old southern boys can take care of them.”

Or how about those efforts to publicize names of individual executives who received bonuses — efforts championed by Attorney General Andrew Cuomo of New York and Barney Frank, chairman of the House Financial Services Committee. To what end?

How does outing these executives fix skewed compensation incentives, which have created that unjustified sense of entitlement that pervades Wall Street? No, it’s mostly about using subpoena power to satisfy the public’s thirst for blood. (In light of the death threats, when Mr. Cuomo received the list of A.I.G. bonus recipients on Thursday, he promised to consider “individual security” and “privacy rights” in deciding whether to publicize the names.)

Then there was that awful Congressional hearing on Wednesday, in which A.I.G.’s newly installed chief executive, Edward Liddy, was forced to listen to one outraged member of Congress after another rail about bonuses — and obsess about when Treasury Secretary Timothy Geithner learned about them — while ignoring far more troubling problems surrounding the A.I.G. rescue.

Oh, and let’s not forget the bill that was passed on Thursday by the House of Representatives. It would tax at a 90 percent rate bonus payments made to anyone who earned over $250,000 at any financial institution receiving significant bailout funds. Should it become law, it will affect tens of thousands of employees who had absolutely nothing to do with creating the crisis, and who are trying to help fix their companies.

Meanwhile, the real culprits — like Joseph J. Cassano, the former head of A.I.G.’s financial products division— are counting their money in “retirement.” Nobody on Capitol Hill seems much interested in getting that money back. (And the bill does nothing about bonuses that were paid before 2009, meaning that most of those egregious Merrill Lynch bonuses, paid at the end of last year, will not be touched.)

Read the rest:
http://www.nytimes.com/2009
/03/21/business/21nocera.html?hp

Obama, Geithner, Congress Squandering Confidence Needed For Recovery

March 21, 2009

“What we need today is more optimism and more confidence,” Larry Summers said.

“Consumer confidence is slightly up. The market is slightly up,” Biden said.

“We need confidence to make this recovery work,” President Obama said.

 Psst: Obama; Biden Was Supposed To Be the Gaffe Prone Guy

I believe all that.  I also know that the president, his team, Tim Geithner, Larry Summers, Joe Biden, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are frittering away the confidence Americans and many others in the world like China need to make the recovery work….

“The whole congress should have their income taxed at 90% because of their incompetence,” said former Arkansas Governor Mike Huchabee today on Fox.[Pelosi+Congress.jpg]
http://cristyli.blogspot.com/

And Mister President, do I believe “Nobody messes with Joe?”

“Give me a f &^*$% ing break.”

 

You can’t urge confidence while spending trillions of taxpayers dollars and then spend, waste, an entire legislative week on $167 million with nothing to show for the effort except for a loss of confidence.

Congress this last week sent a torpedo into confidence in banks, companies like AIG, the Treasury, the White House, truth, honesty and themselves.

Why wait?  Follow the Grassley and Japanese way, congress: kill yourselves and save us the expense of a revolt……

The pain of your living, moronic behavior in a time of crisis is killing me and it should be killing you.  The wrong guy is going to die if the economy worsens: the taxpayer.

After the mass Seppuku (切腹 ) on Capitol Hill, the president can fire Geithner in an attempt to bring back some confidence. Some iota of confidence.  At least firing Geithner will be a pro-active step.

But nobody seems ready to do the right thing; even though I did the right thing by sending in my professionally (no Turbo Tax for me) prepared IRS forms yesterday….

And are we expected to have confidence in the president’s budget and allow rapacious spending on health care, energy, climate change and education?

Not after yesterday’s CBO report and not after what we”ve seen since Barack Obama and this congress go into the act….

Please see all the goodies at Michelle Malkin’s house….
http://michellemalkin.com/2009/03/2
1/saturday-open-thread-7/


President Obama, Joe Biden, Tim Geithner, Larry Summers, Chris Dodd, Harry Reid, Nancy Pelosi, Barney Frank and a host of others are running off to spend our money too fast and we have lost confidence…..

Related:
Bonus backlash hits Wall Street

American Democracy With Checks and Balances is Broken; Media, Congress Failing

Obama’s Radicalism Is Killing the Stock Market

 Obama Spending, Tax Plans Likely Out The Window As CBO Predicts Much More Debt

Obama: Why Are We Saving Geithner and His Incestuous Relationship With Wall Street?

Finance, one of America’s great industries, being destroyed by Congress during crisis?

For Cuomo, AIG, Financial Crisis Is His Political Moment

 Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

[Commentary]
Martin Kozlowski, WSJ

Economic Recovery? “These guys are eating my lunch”

March 19, 2009

Obama, Geithner, Bernanke, Pelosi, Barney Frank, Chris Dodd, Harry Reid and every “lawmaker” : “These guys are eating my lunch.”

That’s from my friend who lost his job, will lose his home to foreclosure and has gained only a credit score that would bring Tiger Woods to tears.

He used “eating my lunch” instead of “breaking my heart” because he’s purchased a gun and a broken heart was getting him nowhere.

He’s getting kind of heartless.

“Eating someone else’s lunch is un-American, as Nancy Pelosi must know,” he told me. 

He has a lot of time to watch TV now that he lost his income and his job.

For those in the immigrant community that only habla Espanol, when the law is enforced at your door, that is the law, which most people, except for Nancy Pelosi, do not consider as un-American.  When someone eats your lunch, which is an idiom, it means to take advantage of you, as in “clean your clock,” cross the border illegally and stuff like that.

The President is eating my lunch beause he refuses to fire Tim Geithner — but now maybe he will rethink that after finding out that Turbo Tax Tim had many of the bailout recipients sign a form indicating, maybe even swearing, that they did not owe the federal government any back taxes — but Tim never asked the IRS to check.

Those that got billions in bailout money ate Turbo Tax Tim’s lunch and the lunch and tax money of every taxpayer.

But the president insists: “Nobody is working harder than this guy.”

My friend is working hard trying to get a real job: not a cushy do anything and get paid job.  Not a job with no accountability like Geithner’s job.  Not a job where you can lie like Dodd’s job.  Not a job where you can write a book and make $5 million, or get on Jay Leno, or fly in style like Obama’s job.

Bernanke is eating my lunch because his Fed action already caused the price of oil to go up and the value of the dollar to go down.

Every American lawmaker in Washington DC who did not vote against the stimulus ate my lunch because nobody read the stimulus and that is the law that allowed AIG to pay bonuses — while it gave away billions of dollars.

That’s not lunch money.  But maybe chump change to Obama: not to me.  I pay my taxes — and not with Turbo Tax — I hire a guy because that ensures it gets done better than Geithner can do.

And those “lawmakers” who gave billions of dollars to the likes of Obama, Geithner and Bernanke and a bunch of government agents who are eating my lunch and getting their clocks cleaned by those getting bailout money — I hate them all.  The entire lunch eating flock.

Barney Frank ate my lunch because he missed the looming failure of Fannie Mae and Freddie Mac and missed the arrival of the recession.  Isn’t he the guy that stampeded many to create the rapid fire stimulus?  Isn’t his stimulus the law that legalized the AIG bonuses — the same bonuses he offers to tax at 90%? (Which may be unconstitutional?)

He ate our lunch for sure.

I’ll just throw Charlie Rangel in here for eating my lunch too.  He’s trying to rush a 90% tax on those that got bonuses like the AIG guys.  But hey, Charlie: that might be unconstitutional.  And hey, Chalie, can you go though an audit for us, pal?
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Amnesia Chris Dodd ate our lunch and then lied about it: putting language into the stimulus to help his buddies at AIG to pay those now famous bonuses.

Then Judas Dodd threw his buddies at AIG under the bus.

Barack Obama hired Turbo Tax Tim and Joe Biden so he continues to eat my lunch every day.

As Biden says, “This was a stupid idea.”

“Give us a f &*^%$# ing break”

But the president wants ME, US, and YOU to be confident because that could help the economy improve.

No habla.  Habla Espanol.

Related:
Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
.
Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”
.
Pelosi, Rangel rushing to tax AIG and other bonuses 90%; This caused a revolution once…

http://michellemalkin.com/2009/03/1
9/audio-comedy-gold-bozo-the-vice-pr
esident-is-looking-out-for-you/

 AIG Bonus Snafu: Boomeranging Into the Faces of Democrats?

“Dodd The Dodge” — Senator Weasels Away The Truth; And Not Artfully

Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

US President Barack Obama (R) stands with Treasury Secretary ...

Darkened shadows: US President Barack Obama (R) stands with Treasury Secretary Timothy Geithner (L) as he makes remarks about AIG and his economic recovery package before departing for a trip to California from the White House in Washington, March 18, 2009. Obama on Wednesday assailed AIG’s hefty executive bonuses as an “inappropriate use of taxpayer funds,” saying the government needed tools to prevent a situation like AIG’s from ever again posing a risk to the financial system.  But Geithner paid those bonuses with taxpayers money….REUTERS/Jonathan Ernst

http://conservativemeanderings.
wordpress.com/2009/03/19/oba
ma-received-aig-bonus-time-fo
r-him-to-resign/

Obama On Geithner Sounds Like “Brownie, you’re doing a heck of a job”

March 19, 2009

Just like FEMA Director Michael D. Brown had to be fired after Katrina, just after the President of the Uited States said, “Brownie, you’re doing a heck of a job,” Treasury Secretary Tim Geithner also has to be fired.

He was head of the New York Federal Reserve when AIG got into real trouble and needed a federal bailout. He apparently has amnesia or slept through meetings where the AIG bonus money was discussed and allowed.  And as Tresury Secretary his performance has been lackluster.  He did know about the stimulus bonus exceptions early on and did nothing to stop them — which allowed AIG to pay the stimuluses in good faith, allowed a preventable presidential “outrage” moment and a congressional lynching on TV of AIG’s top man: who took the job last year when Treasury asked him and only accepts $1 a year in pay.

Geithner is the one man most responsible for voter lack of confidence in this economy.  And as the president has been saying: without confidence the economy may last a lot longer.

Yesterday, when President Obama likened Geithner to Alexander Hamilton all I could think about was Mike Brown and “Brownie, you’re doing a heck of a job.”
Geithner: AIG must return bonus money

Presidents have been wrong before.  The good presidents admit it.

——-

Geithner also heads the IRS which has failed to collect from businesses getting lots of bailout money without paying their taxes?  Well, Geithner couldn’t figure how to pay his taxes correctly so what the heck.  He’s using everything in his means to solve these economic woes and as President Obama said, Geithner has been making “all the right moves.”

Time for a Mayflower Move for Turbo Tax Tim, Mister President….

“I have complete confidence in Tim Geithner and my entire economic team.”

My confidence is shot, Mister President.

“Brownie, you’re doing a heck of a job.”

Related:
http://michellemalkin.com/2009/
03/19/lovely-13-bailout-recipien
ts-owe-220-million-in-back-taxes/

Lawmaking by Stampede Made the Stimulus, Now We’ll Tax ‘Bonuses’ the Simulus Allowed?
Related:
Duke Coach Slam Dunks Obama: Go Fix the Economy

 Obama the centrist, pragmatic problem-solver is gone: now liberal spendathon, no accountability
.
News at eleven followed by Jay Leno and Barack on the National Barack Channel….

Obama, Pelosi: Anything to Win

Obama, Congress, Treasury, Fed: Shameful Mismanagement of Your Money, Recovery

Did Obama White House Fuel AIG Bonus Mess To Enact Tougher Rules With Public Support, “Outrage”?

Fed to pump another $1 trillion into U.S. economy “from thin air”

 Defining Moment for Obama’s Treasury Secretary

Obama: Here’s Why Geithner Has To Go: Credibility, Confidence, Competance

March 18, 2009

When reporters start asking “What did he know and when did he know it?” about a presidential appointee: the drimbeat has started.

The simple answer to the question, “When did Geithner know about the AIG bonuses?” is: last year.

“How the Obama administration was caught flat-footed by this controversy dates back to last Fall, when the New York Federal Reserve Bank — then run by Geithner — stepped in to give AIG a high-interest loan for $85 billion to help prevent the company from going under — which Lehman Brothers was doing at the time. As part of the deal, AIG CEO Robert Willumstad was replaced by the new CEO, Liddy,” wrote Jake Tapper of ABC News.

If Geithner didn’t know that his organization didn’t put any limits on AIG bonuses last year and he just shoveled them money without strings: shame on him.

And shame on Obama.  And shame on the Senate that confirmed Turbo Tax Tim.

Geithner: AIG must return bonus money

CBS news said the “White House is in full damage control mode.”

House Minority Whip Eric Cantor (R-VA) said the administration is in “disarray.” 

What few have said about Geithner is easy to see: he would be a handy blame guy for Obama and his Administration.

The AIG mess is not as much about corporate greed as the Administration and the liberal media want people to believe.  It is also about the ineptitude of government.  Turning around the belief that the top Obama people don’t know what they are doing could be resolved at least somewhat by sacking Geithner….

This is now about credibility, confidence, and competance. Without those things; investors won’t flood back into the markets, house buying will be depressed and the overal economic stimulus of buyers buying will not reboud as all of us would like.

The president himself has told us that confidence is the key to recovery.

And leaders like Warren Buffett have urged the president to take dramatic action — like making the economy the number one priority as if  we were in a war….

Well the presidnet is in a war now: a war of credibility, confidence, and competance.

And since Obama has repeatedly said he has no intention of backing away from his agressive spending ways and wants to move his agenda ahead with gusto (saying just yesterday, “I didn’t come here to pass on our problems to the next president or the next generation. I came here to solve them. “): Geithern and the AIG mess stands in the way of the president’s spending agenda and the speed he needs to execute that.

So executing Geithner makes a lot of sense.  It makes the only sense.

Making AIG repay millions after thy got billions may be dramatic to some.  But making the key responsible government representative accounable by firing him would be a necessary step in regaining the president’s own reputation for credibility, confidence, and competance.

Related:
 AIG Bonus Money Is Not The Problem: Government Is The Problem

Obama: Fire Geithner

Jake Tapper:
http://blogs.abcnews.com/politicalp
unch/2009/03/obama-adminis-1.html

CNN:
http://edition.cnn.com/2009/POLI
TICS/03/18/aig.bonuses/index.html

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By LAURIE KELLMAN, Associated Press Writer

If not distancing itself from Treasury Secretary Timothy Geithner, the White House is placing firmly on his shoulders responsibility for how the government handled the $165 million in bonuses paid to about 400 executives and traders at American International Group Inc.

“Secretary Geithner last week engaged with the CEO of AIG to communicate what we thought were outrageous and unacceptable bonuses,” White House spokesman Robert Gibbs said Tuesday.

Then he volunteered the answer to a question being asked all over Washington: Did Geithner still enjoy President Barack Obama‘s confidence, given the whopping bonuses the failed insurance giant paid Friday after receiving taxpayer bailout money?

“The president has complete confidence” in Geithner, Gibbs said.
.

Is Obama satisfied that Geithner informed him of the impending bonus payments in a timely fashion?

“Yes, the president is satisfied,” Gibbs replied.

Those, of course, are statements that wouldn’t need to be made if Geithner’s status were clear. Not just a president’s confidence, but his “complete confidence” can be a well-worn political signal that the subject should start circulating a resume.

Read the rest:
http://news.yahoo.com/s/ap/2009031
8/ap_on_go_ca_st_pe/whither_geith
ner_analysis

Obama White House Issues “Lamest” Confidence Statement Ever for Geithner

March 17, 2009

  President Barack Obama has “complete confidence” in Treasury Secretary Timothy Geithner, and any suggestion he bungled over the AIG bonuses storm is “unfair” the White House said Tuesday.

That according to AFP.A twenty eight word article.

My years in government tell me this: Geithner: pack your desk.

House Minority Whip Eric Cantor (R-VA) said the administration is in “disarray.” 

Democratic Senator Chuck Schumer wants the AIG bonus money back.

“My colleagues and I are sending a letter to [AIG CEO Edward] Liddy informing him that he can go right ahead and tell the employees that are scheduled to get bonuses that they should voluntarily return them,” Sen. Charles Schumer said on the Senate floor. “Because if they don’t, we plan to tax virtually all of [the money] … so it is returned to its rightful owners, the taxpayers.”

We have been told that “a big hunk” of the bonus money was paid by AIG to people that are not Americans and not subject to U.S. tax law….

Sen. Sherrod Brown, D- Ohio, pauses in the elevator after arriving on Capitol
Geithner

Related:
Obama, Geithner Ties Go Way Back? People Are Talking….

AIG Bonus Flap: Lawsuit to Get Back $165 M Could Cost $300 M or More

Obama Dead Wrong On Stimulus, Caterpillar Company Jobs, Recovery

Amid AIG Furor, Dodd Tries to Undo Bonus Protections He and Geithner Put In

http://michellemalkin.com/2009
/03/17/hey-how-do-i-get-that-deal/

Fox News:
http://www.foxnews.com/politics/fir
st100days/2009/03/17/white-hou
se-voices-complete-confidence-geit
hner-aig-handling/

CNN:
http://edition.cnn.com/2009/PO
LITICS/03/17/aig.bonuses/index.html

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By PHILLIP ELLIOT, Associated Press Writer

The top Republican on the Senate Banking Committee is questioning whether Treasury Secretary Timothy Geithner responded appropriately to American Insurance Group’s payment of millions in executive bonuses.

Sen. Richard Shelby says that $165 million in bonuses have already been paid out by AIG and asks, “Will we ever get the money back.”

The Alabama Republican, interviewed Tuesday on CBS’s “The Early Show,” stopped short of calling for Geithner’s resignation. But he did say: “What I want to ask, where was the secretary of the Treasury? Where was Treasury before this money was paid out? Why did not Treasury step in and let the American people know, just try to block it.”

Read the rest:
http://news.yahoo.com/s/ap/20090
317/ap_on_go_co/obama_economy_122

 Obama: Fire Geithner

Obama’s Honeymoon In Hell

March 8, 2009

On the most important issue of the day, the NEWSWEEK Poll shows that close to two thirds (65 percent) of the public say they are very or somewhat confident that Obama will be successful in turning the economy around. That’s down just a little from the 71 percent who felt that way before he took office. Still, overall perceptions of the economy remain solidly negative, with 84 percent saying the national economy is in poor shape and just 3 percent viewing things positively.

From Newsweek

Read the rest:
http://www.newsweek.com/id/188002

Related:
Stimulus Too Late, Wasteful, Reckless; Toxic Assets and Banks Still Unaddressed

Recession on track to be longest in postwar period

Obama’s Next Challenge: Iran, Israel, Russia? It’s Here Now

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March 7, 2009
This has the feel of a full scale assault on capitalism….

Some investors and pundits blame Obama for the market’s dismal performance. He inherited a mess, but his rhetoric isn’t helping.
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Obama’s Radicalism Is Killing the Stock Market

NYT: After March 6 Economic News, “2009 is Probably a Lost Cause”

Tom Petruno, Market Beat
Los Angeles Times
March 7, 2009
The stock market is supposed to be a bet on the future.

The market’s verdict so far this year: There is no future.

The continuing meltdown in share prices, the worst since the Great Depression, now has become Exhibit A in the political battle between the Obama administration and its harshest critics.

Conservative pundits including Rush Limbaugh and CNBC-TV’s Larry Kudlow assert that the president is waging war against capitalism itself, with his tax-hike proposals, social programs and banker-bashing rhetoric. That has sent disillusioned investors fleeing, they contend.

Well, something has. After diving 38% last year, share prices are down 24% just since Jan. 1, as measured by the Standard & Poor’s index of 500 big-name issues.

Despite a slight uptick on Friday, stocks plummeted 7% this week alone.

An outside view of the New York Stock Exchange on Wall street. ...

The decline from the market’s peak in October 2007 now is 56.3% — the steepest drop since the plunge of 1938 to 1942, when no less than the future of democracy was at stake.

“I think everybody is afraid of Obama,” said Todd Leone, a veteran stock trader at Cowen & Co. in New York. “They’re afraid he’s a socialist.”

Yes, the S-word.

Others say the market is more upset with the administration’s failure to stabilize the ravaged banking system — a Herculean task that Wall Street had hoped would be the first major challenge the White House tackled.

“Every time Obama talks about something like healthcare, the market’s reaction is — ‘No, the banking crisis!’ ” said Jeffrey Schappe, investment chief at BB&T Asset Management in Raleigh, N.C.

Treasury Secretary Timothy F. Geithner still hasn’t provided specifics on his plan to get rotting loans off the balance sheets of major banks, a step seen as crucial to jump-starting new lending.

For his part, the president this week advised investors to look beyond what he called “day-to-day gyrations” in share prices.

He then ventured into territory where few other presidents have gone. Perhaps taking a cue from fellow Democrat Warren E. Buffett, Obama offered an opinion on whether stocks were bargains.

“What you’re now seeing is profit and earning ratios are starting to get to the point where buying stocks is a potentially good deal, if you’ve got a long-term perspective on it,” he said Tuesday.

He didn’t get the lingo right, assuming he meant to say “price-to-earnings ratios,” a measure of stock prices relative to earnings per share. That flub caused snickering among market pros.

Read the rest:
http://www.latimes.com/business/la-
fi-petruno7-2009mar07,0,869176.column

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Obama’s Radicalism Is Killing the Stock Market

NYT: After March 6 Economic News, “2009 is Probably a Lost Cause”

Obama’s First Weeks: Economic Disaster, Socialist Agenda,