Senator Bob Corker from Tennessee member of the Banking committee does not want the American people to know how many trillions the Feds gave to foreign banks and countries. It was enough to pay off our national debt.
The debt ceiling was set at $14.3 TRILLION, and our national debt has already surpassed $14.6 trillion. Democrats told us that if we surpassed the debt ceiling that our entire way of life would be jeopardized, but, oddly enough, life goes on. Apparently, one man has sole discretion over the day of catastrophe and that man can’t seem to make up his mind. That man is Timothy “Tax Cheat” Geithner, the head of the Treasury.
First, Geithner told the American people that if an agreement wasn't reached by May, we were doomed. When it became apparent that his bluff had failed, he pushed the drop-dead date to July 8Th. Now he says the date that the United States begins defaulting on its obligations has once again moved… to August 2ND. This time, though, he is SUPER SERIOUS.
Why August 2nd? There has been no evidence presented that on this particular day we’ll reach a certain financial breaking point (remember— we’ve already surpassed the debt ceiling). We’re supposed to believe that because Tim Geithner says it’s July 8th, err, I mean August 2nd , it must be true. While no evidence has been presented that early August is some kind of financial tipping point (besides Geithner’s word), the date does have obvious political ramifications.
Congress takes a recess in August. It’s appropriately called the “August recess.” Our elected representatives return home from Washington DC, and with recent polling showing that a clear majority of Americans oppose raising the debt ceiling, those who support raising the debt ceiling without significant spending cuts may not like what they hear from their constituency.
The last thing Geithner and Obama want is to give us the opportunity to voice our demands to our elected leaders during the August recess. This would significantly weaken their ability to get the Republicans to cave. In order to prevent the reality check that members often receive when they leave the Washington bubble, they’ve created an artificial deadline.
Creating an artificial deadline for catastrophe is nothing new for the Treasury Department. Geithner’s predecessor, Hank Paulson, used impending doom to pass the Troubled Asset Relief Program (TARP) by allowing Lehman Brothers to fail and then immediately giving his former company—Goldman Sachs—access to the Federal Reserve “discount window.” Had Lehman been given the same access, they would not have failed a clear manipulation of the free market that consolidated power on Wall Street to his former employer. By allowing Lehman to fail, they created a crisis that allowed them to get panicked Members of Congress to pass legislation at the height of campaign season. Members of Congress were told that the hundreds of billions of dollars would be used to buy “toxic assets,” but the money was never used to buy the securitized bad mortgages. Instead, Paulson unilaterally decided to give the money to the banks to secure their liquidity. Rahm Emmanuel said “never let a good crisis go to waste,” and apparently if there isn’t a real crisis, the Treasury Department can just create one.
The Republican leadership needs to show backbone and refuse to make a deal until after they can speak to the people they represent. This will put them in a stronger position at the negotiating table, because we’ll make sure that when they come home they know we’ll not accept a compromise!
Defund Obamacare, send the balanced budget amendment to the states, make other serious spending cuts, and then we’ll talk about TEMPORARILY raising the debt ceiling.
Dustin Stockton
Media/Events Director TheTeaParty.net
AS we speak Obama just gave the Arabs 3 billion dollars when we have states that have been destroyed by floods!
This will destroy America and turn us into a third world country.
A world currency moves nearer after Tim Geithner's slip
US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China's central bank governor for a "super-sovereign reserve currency" run by the International Monetary Fund, but nevertheless let slip that Washington was "open" to the idea. Whoops.
As President Barack Obama - pictured with Geithner - put it, the US is going through a 'rough patch' Photo: AP
By Ambrose Evans-Pritchard 5:15AM GMT 26 Mar 2009 7 Comments
This is how matters quickly escalate in geo-finance. China's suggestion – backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week. 'Dollar-dämmerung' no longer looks so far-fetched.
China's paper, by Governor Zhou Xiaochuan, is couched in understated language – more a 'thought experiment' than a declaration of monetary war. His ideas could be mistaken for the musings of an academic theorist. Nobody should be fooled by decorum.
It comes days after premier Wen Jiabow demanded US action to safeguard the value of China's holdings of US bonds - $740bn of US Treasuries and a further $600bn or so of other debt. "We have lent huge amounts of money to the US. Of course we are concerned about the safety of our assets," he said.
China's Communist Party seems to fear that the Federal Reserve is orchestrating a beggar-thy-neighbour devaluation - and a disguised default on America's foreign debt - by resorting to the nuclear option of printing money to buy US Treasury bonds.
China's proposal is to activate the IMF's power to issue Special Drawing Rights (SDRs). The IMF would be groomed as de facto central bank for the planet. The SDRs would gradually become an "accepted means of payment". Call it the 'globo
WAKE UP AMERICA BEFORE OBAMA TRANSFERS ALL THE WEALTH OF AMERICE. If you don't believe me, look at the trillions he gave to foreign banks and countries while forcing us to borrow from China.
