US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

Read More

Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

Read More

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

Read More

E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

Read More

US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

Read More

Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

Read More

Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

Read More

Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

Read More

Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

Read More

World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

Read More

Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

Read More

US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

Read More

Content By: The Coming Depression Editorial Staff (dates cited below)
Copyright: include link to this article on top of reproduction if you use it.
Bookmark and Share
(No Ratings Yet)
Loading ... Loading ...

Guillotine Politician

“Tim Geithner has outlived his usefulness. He is too connected to the bailouts of ’08. Bear, Lehman, AIG, TARP and even QE are all part of his legacy. That makes Tim a lightening rod. Too many Americans hate that part of our history.”

For anyone who still doubts government and Wall Street or Bay Street involvement in the market action over the past year in particular, it is recommended to read an article titled “Fed posts record profit of $46.1B for last year” from Associated Press.


Quoting from the article:

“The Federal Reserve made a record profit of $46.1 billion last year, reflecting money made off its extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s, the central bank announced Tuesday.

The windfall gets turned over to the Treasury Department.

It marks the biggest profit on record dating back to 1914 when the Fed was created. The previous record profit — of $34.6 billion — was registered in 2007. In 2008, the Fed reported a profit of $31.7 billion.

The Fed says the bigger profit was primarily due to increased income from the securities it held last year.

Such income went up as the Fed’s holdings of securities mushroomed.”

End Quote.


Holdings of securites generally only “mushroom”; that is, grow fast, generally because of increased revenue and earnings or increased demand for the stocks. The former is lacking by the fact of just checking the price to earning ratio. It shows it must be increased demand. Indeed, the overriding theme of most “news” these days is about increasing demand for stocks.

Drumbeat to Boot Geithner Gets Louder, on Eve of Hearings on Disastrous Economic Crash
By Danny Schechter and Dylan Ratigan, AlterNet. Posted January 12, 2010.

Editor’s Note: Published below Danny Schecter’s article is Dylan Ratigan’s 5-point takedown of Geithner and why it’s time for him to go.

When a pitcher gets tired, starts throwing walks or being hit, most attentive managers take him out of the game. When policies break down, as in the case of the security system that failed to spot the alleged Christmas bomber, the president starts talking tough about the buck stopping here and orders to straighten out a failed system.

But when tens of thousands of workers, once again, lose their jobs, the people responsible get winked at, not wanked. The president is contrite, his rhetoric subdued, even as the recovery he keeps talking about goes south.

Yes, there needs to be a cabinet shake-up. It’s time to yank Treasury Secretary Timothy Geithner from the game, along with economic adviser Larry Summers. Their pro-bank, pro-Wall Street policies are failing. Isn’t it obvious? According to an AP investigation, their road construction projects have had no impact on the jobs crisis.

The establishment will lean toward a Republican to replace him like FDIC Chairman Sheila Bair, who has proven to be far more competent and outspoken than her counterparts.

Geithner acts like a stalking horse for the people responsible for the meltdown. It’s time to say sayonara, and appoint someone who has the people’s interests at heart. There is no shortage of capable and committed Democratic economists who can replace him. How about Elizabeth Warren or Joe Stiglitz or Brooksley Born or Simon Johnson or even, for op-ed’s sake, Paul Krugman?

Even Wall Streeters know Geithner is a dead man walking. Bruce Krasting, a foreign exchange and derivatives veteran writes on Naked Capitalism.com:

Tim Geithner has outlived his usefulness. He is too connected to the bailouts of ’08. Bear, Lehman, AIG, TARP and even QE are all part of his legacy. That makes Tim a lightening rod. Too many Americans hate that part of our history.

You can read the full story at Alternet

Related posts:

  1. Democracy could disappear, Europe’s head warns“Mr Monks, now head of the European TUC, said: ‘I had a discussion with Barroso last Friday about what can be done for Greece, Spain, Portugal and the rest and...
  2. History Repeating Itself: It's The 1930s AgainIs the 6-month Stock Market Rally About to End? By Bob Chapman What is going to happen next is that the 6-month stock rally is about to end. It took...
  3. Federal Reserve Secretary Geithner asked to resign“The public has lost all confidence in your ability to the do the job, and it is reflecting on your president.” Geithner and his Wall Street government insiders know exactly...
  4. Mainstreet in gutter while Wallstreet posts 17% profitBonuses on Wall Street rose 17 percent last year to $20.3 billion even as the industry faced a public backlash over pay practices. While it’s easy to blame the financial...
  5. Foreclosures: Worst 3 months of all timeThe fact is that many of these mortgages, people would never have been qualified for a $ 200 to 400K loan. These owners are too deep in water and even...
  6. Who Is Stimulus Money Going To?There is a large amount of the stimulus targeted for low income families. Two things are there: 1. Since Construction workers in the past had a substantial percentage of illegal...

This entry was posted on Wednesday, January 13th, 2010 at 1:47 am and is filed under Scams. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Comment

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.


Under the 'fair use' rule of copyright law, an author may make limited use of another author's work without asking permission. Fair use is based on the belief that the public is entitled to freely use portions of copyrighted materials for purposes of commentary and criticism. The fair use privilege is perhaps the most significant limitation on a copyright owner's exclusive rights. "