Archive for the ‘Timothy Geithner’ Category

President Pelosi?

March 7, 2009

America has never had a woman President or Vice President but then again America has never had a woman Speaker of the House before either.

And Nancy Pelosi is unlike previous women to seek one of the nation’s top two spots, Geraldine Ferraro and Sarah Palin: Pelosi already has a mega-job that could easily catapault her into the White House.

Sarah Palin
Palin

Pelosi is feared by Republicans and Democrats alike.  Even Barack Obam has deferred to her twice already during his brief presidency.  Obama gave Pelosi and her team the job of crafting the economic stimulus package and now he has said she will spearhead creation of the health care reform measure.

Pelosi has also revised the rules of the House to preserve her clout and control.

So Pelosi is doing much of the heavy lifting in the Obama Administration; arguably more than Barack Obama, Joe Biden, Harry Reid, Rahm Emanuel, Timothy Geithner, Hillary Clinton or any of Obama’s many other czars and assistants….

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By Andrew S. Ross
San Francisco Chronicle

When San Francisco’s Chamber of Commerce-led delegation meets with House Speaker Nancy Pelosi during its stimulus-dollarhunting expedition in D.C. next week, members might want to ascertain whether the hometown Democrat is rowing in the same direction as President Obama. Recent media reports suggest not. Pelosi’s “snubbing” of Republicans as she fast-tracked the stimulus package, according to a Newsweek story last week, denied the president some measure of the bipartisan support he sought. “Pelosi was very publicly undercutting the president,” an administration official is quoted as saying. “Obama wants that to stop.”

Pelosi says the story “couldn’t be further from the truth.” “The speaker agrees with him on almost every issue, although there will be disagreements on some things,” Brendan Daly, Pelosi’s communications director, told me. But the story did leave some bruised feelings. “Some of the Obama people said things they shouldn’t be saying,” said another Pelosi supporter.

And the speaker did halt another Obama initiative in its tracks – the establishment of a blue ribbon-style Social Security panel to figure out how to keep the program from going bankrupt. “The speaker thinks a new commission isn’t necessary,” said Daly. “This can be done in Congress.” Pelosi has told House committee chairs to include Social Security reform in federal spending hearings she wants held.

One suspects the necessary changes to Social Security won’t be fast-tracked any time soon.

US President Barack Obama (R) sits with House Speaker Nancy ... 
US President Barack Obama (R) sits with House Speaker Nancy Pelosi (D-CA) (L) at a dinner for congressional committee chairmen at the White House in Washington, March 4, 2009.REUTERS/Jonathan Ernst (UNITED STATES)

US Treasury Secretary Attacks Oil, Gas Companies

March 5, 2009

If you still think the Obama Administration is dedicated to American prosperity, the creation of wealth and jobs in American; we not that Trasury Secretary Geithner is now contining the Administration’s attack on oil companies.  Long “Big Oil” and the evil doers Democrats loved to hate, oil companies are no under seige for making a profit and producing global warming…..

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U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.

Reuters

It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.

Read the rest:
http://in.reuters.com/article/oilRpt/id
INN0454844120090304

Biggest Beneficiary of U.S. Economic Stimulus?

January 30, 2009

Name one state, agency or program that will get more than $300 Billion from the $800+ Billion economic stimulus.

That would be China.  Nothing and nobody comes close.

China will reap over $300 Billion just by fincnacing the stimulus.  That will be U.S. dollars flowing from Americans to China as interest on the loan.

We’d be be better off borrowing from our credit cards.

A bank employee counts US dollar bank notes. The euro fell sharply ...

When America borrows, who pays?  First, I guess, and correct me if I’m wrong, China lends the money to the U.S.

China already “owns” as of October, 652.9 billion dollars in US Treasury bonds.

And China won’t just get the money: China will gain further in its already pervasive importance in the world.

And China may call the shots.

Just today, China said it didn’t like the “Buy American” provisions in the economic stimulus.

What else doesn’t China like?

When one country owes another country so much money, over $1 Trillion, what will happen?  We don’t know, because this has never happened before.

Like a Mafia, Boss, China will own the United States.  And, if real estate trends are any guide, China will also buy up any remaining valuable U.S. soil.

China will have all the money.  And in some places, money is power.

In the business deal called the economic stimulus, I’d rather be Chinese than American….

John E. Carey
Wakefield Chapel, Virginia

A Chinese customer shows off a handfull of hundred-yuan notes ...

The latest irritants to China from America are a “buy American” provision attached to White House-backed stimulus legislation moving through Congress and criticism of China’s currency policies by Vice President Joe Biden and Treasury Secretary Timothy Geithner….See:
China Starts to Set Limits On Its Biggest Borrower: Barack Obama and The U.S.

Related:
Economic Stimulus About “Soul of America”

Obama’s Open Records Pledge Tested

January 29, 2009

U.S. government guarantees on securities totaling $419 billion for bank bailouts provide an early test of President Barack Obama’s pledge to be open with taxpayers about what they have at risk in the credit crisis.

Bloomberg News asked the Treasury Department Jan. 26 to disclose what securities it backed over the past two months in a second round of actions to prop up Bank of America Corp. and Citigroup Inc. Department spokeswoman Stephanie Cutter said Jan. 27 she would seek an answer. None had been provided by the close of business yesterday.

Bloomberg

As Congress debates an $875 billion economic stimulus bill, the guarantees represent a less publicized commitment. The public’s stake has grown along with assurances tying the Treasury to the fate of corporate loans and securities backed by home mortgages, car loans and credit card debt.

“Guarantees are only meaningful if there’s a real chance that someone will have to pay out for them,” said Representative Alan Grayson, a Florida Democrat and a member of the House Financial Services committee that is reviewing the bailouts. “The conception that guarantees cost nothing is a misconception.”

Obama promised a new era of government openness as he took office last week, issuing a statement telling agencies “to adopt a presumption in favor of disclosure” in responding to requests under the Freedom of Information Act. Treasury Secretary Timothy Geithner and Lawrence Summers, head of the National Economic Council, said they would emphasize accountability and transparency in using the second half of a $700 billion bank bailout fund.

Late yesterday, Geithner’s office put hundreds of pages about the fund on the department’s Web site. They did not include documents describing the guaranteed assets.

Read the rest:
http://www.bloomberg.com/apps/news?pi
d=newsarchive&sid=alINrCmj3dgU

Geithner, An Exception to a Rule, To Issue New Lobbying Rules; President Already Wants Exception To That?

January 27, 2009

“Here we are making an exception to the rule and I, for one, think it’s not the time to make an exception.”

Those words were spoken by Sen. Saxby Chambliss, R-Ga, about the new Treasury Secretary Timothy Geithner.

Four senators aligned with the Democrats voted against Geithner. “He made some serious failures in judgment,” said Iowa Democrat Tom Harkin. “I bode him no ill will personally . . . but how can Mr. Geithner speak with any credibility or authority?”

Now Mr. Timothy Geithner will order new rules to prevent lobbyists from doing certain things in the U.S. government.

But President Obama has already asked for an exception to his own rules on lobbyists with his appointment of William Lynn to the number two post at the pentagon….

Related (On William Lynn)…

On Transparency, Lobbyists, So Far President Obama Is “All Talk”

Obama Nominee For Pentagon Job Violates His Own Anti-Lobbyists Rule

This is an undated photo provided by the U.S. Department of ... 
This is an undated photo provided by the U.S. Department of Defense of William J. Lynn then Under Secretary of Defense. President-elect Barack Obama appointed William J. Lynn III, a defense contractor’s lobbyist, Thursday Jan. 8, 2009 to become the No. 2 official at the Defense Department, a choice that appeared to break with his self-imposed rules to keep lobbyists at arm’s length. Lynn, former Raytheon lobbyist nominated to be deputy defense secretary despite President Barack Obama’s ban on hiring lobbyists, will sell his stock in the military contracting firm.(AP Photo/DOD, File)

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By MARTIN CRUTSINGER, AP Economics Writer

Under orders to move quickly on the faltering economy, Treasury Secretary Timothy Geithner is expected to unveil new rules Tuesday to limit special-interest influence involving the $700 billion financial rescue program.

The new rules are designed to crack down on lobbyist influence over the rescue program, according to an administration official with knowledge of the changes.

This official, who spoke to The Associated Press on grounds of anonymity because the new rules had not yet been announced, said that they went farther than restrictions the Bush administration imposed.

The new rules will restrict the contact officials can have with lobbyists….

Read the rest:
http://news.yahoo.com/s/ap/20090127/ap_o
n_go_ca_st_pe/treasury_secretary

Secrecy In Bailout Runs Counter To Obama Transparency Pledge

January 23, 2009

O.K., this issue still belongs to George W. Bush, Hank Paulson and a bunch of stupid and crazy Republicans.  But a bunch of Democrats better get it ironed out and fast or they’ll earn a place in stupic and crazy lore…

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A massive backlog of bank applications for emergency federal aid has provoked widespread frustration over how the Treasury Department is allocating rescue funds and raised suspicions among executives that political connections are playing a role, industry officials and regulators say.

By David Cho and Lori Montgomery
The Washington Post

The delay is pushing bank executives across the nation to lobby their lawmakers, financial groups and friends within the federal government to try to expedite their requests.

“I think there is a suspicion among a large number of our members that it’s who you know rather than the merits of the application,” said Camden Fine, chief executive of the Independent Community Bankers of America. “I don’t know that to be a fact, but I know there is a strong undercurrent of suspicion among my members that you have to have some sort of connection before you get the golden touch or the blessing from Treasury to get money.”

Treasury Secretary Henry Paulson, seen here on January 12, 2009, ... 
Treasury Secretary Henry Paulson was once clearly to blame.  No more….(AFP/Getty Images/File/Mark Wilson)

Since the Treasury announced the program in October to inject federal aid into banks in exchange for equity stakes, about 350 banks have received the money, a fraction of the 1,600 institutions that have asked, according to regulators.

Treasury officials have been secretive about why certain banks received the money first…..

Read the rest:
http://www.washingtonpost.com/wp-dyn/content/
article/2009/01/22/AR2009012203930.html
?hpid=topnews

Timothy Geithner testifies before the Senate Finance Committee ... 
Clearly not an expert in taxes.  Can he manage banks, bailout? Timothy Geithner testifies before the Senate Finance Committee on his nomination to be Treasury secretary at the Dirksen Senate office Building in Washington, DC.(AFP/Mandel Ngan)

Rep. Barney Frank chairs the panel that wrote much of the bailout law.

Rep. Barney Frank chairs the panel that wrote much of the bailout law. (Mannie Garcia – Bloomberg News)