Ivan, you speak in lots of generalizationa and don't come out and specifically state what it is that Geithner has not changed, other than a lack of a "strong dollar" policy, to which I will respond. I'm sorry, but anyone that has even the most basic understanding of macro economics during a deep recession/depressionary environment knows full well that the call out of the "playbook" is for a weaker dollar. The weaker dollar has been a policy move that has been used time and time again to deal with a weak domestic economy, going all the way back to the Great Depression. I'm not sure why that is so difficult to understand.
Much quicker to list what he HAS changed. Weak dollar policy is fine. I think the beef comes from him continuously touting a strong dollar policy, when in reality they are doing the exact opposite.
no one has any confidence in bootlicker timmy...........he is so pathetic ........who would ewver believe anything this moron says or does!!!!!!!!!!!!!!!!!!!!!!
Ivanovich, thanks for this thread, and thank you for supporting my Congressman, The Honorable Kevin Brady. Kevin started out pretty good ripping TIMMAY a new one, but didn't follow up by saying "You were in charge of the NY Fed, WTF happened THEN?"
Then perhaps it's time for a playbook change? I'm not so sure a weaker dollar as a policy move going back to the Depression had the same effect as it does today, with trillions of dollars in speculative money flying around in commodities, foreign exchange, etc, exacerbating the effect a weak dollar has on inflation. I'd also argue that with China pegged, and the creation of credit and leverage that you can't really compare what's happening now with the Great Depression or prior "playbook" reads. As far as being general, I mentioned two specific issues I had with Timmay - one was the stimulus package and all the phony jobs that were "created or saved". Timmay supported it right there in that clip above. The other was the AIG scandal, which continues to come to light as we speak. Regardless, Timmay is more of the same. What financial reform has come to play since the crisis? Where is the change? I'd politely throw that back on you, Landis. Where is the change Obama told us about? Should I go dig up the Obama clips of when he was running for election and all the things he said he'd change, yet somehow haven't happened? Again, the mess isn't his and his alone. It goes back to Bush, to Clinton even. But neither one of those guys are here to face the music now. And Change, certainly hasn't shown up.
Because he can't just come out and say he supports a weak dollar policy. The dollar would instantly fall off a cliff. So he's stuck in a hole that he and past Tres Secs dug.
Its funny how the Fed Chairman always seems untouchable and "seems" to do a good job by keeping rates low and pumping as much money as possible while the dollar cliff dives. Then everyone blames the Treasury secretary for the weak dollar when its Bernanke who helped cause it! Fed chairman is always looked up to as a deity, the Treasury secretary is looked on as a slimeball who favors bankers over everyone.
I don't think anyone (outside of Goldman) is looking at Bernanke as a deity. He's as crooked as Timmay as far as I'm concerned. But Ben wasn't up there in front of the Senate and Congress. Timmay was. Hence, this conversation is about how much Timmay got stomped.
Agreed 100% And as to Ivan's previous clarified point about Geithner supporting the "Pelosi/Reid" stimulus package . . . what else is he suppose to say? I'm sorry, but your logic is inconsistent. You make "allowances" for Geithner to keep saying that they are in favor of a "strong" dollar policy when in fact that is something that he actually has some responsibility for . . . but then you go on to hammer the guy for saying that he supported the Stimulus Package which he had very little (if anything) to do with! The FACT is that the Stimulus Package was Pelosi and Reid's spending spree from the get-go. Period. And yet you blame Geithner for the Administration's Stimulus Package? That's absurd.