Live Blogging Tim Geithner's Speech

When will the American people wake up and realize that these bailouts, or whatever terms you wish to use, is nothing more than an economic coup. It is taking wealth from the producing and tax paying citizens right into the public hands, which is nothing more than a voting block of democrats, civil servants and anyone who earns their living from any form of government.The train to the one party system has left the station and when reaches the end of the line the coup is complete.

This is unbelievable how we keep up the same practices of the last administrations. Eliminate the federal reserve, bring back the gold standard and save, dont spend... But for some reason our government doesnt want to realize that all this stimulus is doing is delaying the doom. Dollar will sink, we borrow too much, spend too much and dont save enough. We sent all production away and now we are left with no surplus, we owe too much, we lied and borrowed too much from too many countries. Countries will lose faith in the dollar as we have seen. We need to lower our standard of living so we can eliminate some of the money in circulation. Its the weimar republic all over again. All government knows how to do is spend money. Let the private sector fund the RIGHT institutions and let the other ones fail. Inflation here we come...

How is it that Obama can claim Tim Geithner to be one of the brightest minds in the country. Obama demaens everything and everone of the "Bush" administration but W. picked Geithner to be Governor of the New York Federal Reserve in 2003 and he was the major player in designing the TARP? By the way Geithner suspended having the banking entities quarterly statis report requirement and I assumed was stunned to find they were in financial collapse by August '08!

Unless the American People are willing to rally at each of our expense and go to Washington day after day until Obama and his entire team are ostrasized, our country is going down, fast really really fast. If spending will cause our economy to grow and increase jobs, why do individuals have to decrease spending to even surbibe.

What a great conspiracy movie this meltdown and the election of Obama would make. I'm sorry this is no longer the fault of the Bush administration and I'm not sure it ever was. The stock market has fallen since the empty suit was elected. He and his administration is very dangerous for this country. Was all this part of a broader plan, hatched years ago? As long as Americans continue to believe they are victims and that Gov. is the answer we will not recover. Again, congress caused this meltdown and now are expected to fix it, makes since. Geithner is under the tight control of Obama's controllers, he will say and do what they dictate. Well, we can fix congress and stop Obama mania by the next election. Can we, it may be to late. The dumbing down of America is paying dividends. In response to a comment about Obama's staff smoking weed. It isn't weed, it is something far more dangerous, A cause!

An article, "Do you Austrians Have a Better Idea", an article by an economist Robert Murphy, 2/2/2009, at the Mises Institute might be worth considering. 1."Eliminate the personal and corporate income tax", 2. Retain Social Security for later, 3. Stimulus... "cut..federal budget. (til) in the black", 4. "Reducing annual federal expenditures by $1 trillion (in phases)", 5. "Eliminate the DEA and the SEC", 6. "Cut the Pentagon budget in half", 7. "Eliminate the Department of Education", 8. "Cancel all the pending 'stimulus" and other bailout packages", 9. "Allow unrestricted immigration so long as....", 10. "Abolish the minimum wage". There is a lot more info in each of these ideas, and lots more articles at the Mises Institute site....like SOUND MONEY...........Anyone out there, read the Mises Institute site articles?.......

Geithner offers Political solutions, not Economic ones. To a politician, all problems are political, and therefore have only political solutions.

Why would a seasoned professional such as Geithner make a statement like ( I don’t know what we are going to do yet ),and drive the market into a free fall as he did today. Is he trying to drive support to the Stimulus package? Wouldn’t it been better for him not to even speak? It sure took my confidence level down to zero. What are they leading us into? Maybe someone can shed some light on it for me? Why is it, that no one is asking these questions? Wow what a “CHANGE” Now what do we believe in? Maybe he will change his bad tactics.

Absolutly INSANE ! That darn George Bush Must have walked out of the White house with 4 or 5 trillion dollars in his pocket. Is everyone on Obaba's staff HIGH on weed? The answer to this is to put barney frank, Pelosi and the rest of the authors of this sub prime mortage fraud in Jail and replace them with the real mafia. At least they would be able to balance the books.

Now what the morning interesting is when the market points dropped after SecTreasury annoncement. It plunge by 200pts.

Take out the banks that are bancrupt. Take over most loans and lower rates for borrowers in return for gov't guarantee of principal to the lenders. Lower rates stimulate economy. Enforce loans with IRS like collection service. Give borrowers and lenders choice in whether or not to participate. Have FED provide funds by buying government bonds if required. Make sure people pay back what they borrowed if they can using IRS if necessary. Banks borrow from others and relend. Their capital is in place to cover defaults. Many banks today have suffered defaults in excess of their reserves (capital)because they have lent into and fueled a real estate bubble which has now burst. Many of their lenders will also suffer loss of principal. Many banks are now bancrupt. The government is trying to dance around this with new acronyms and lots of money. Unfortunately the only way the government can really help is to take the loss instead of the equity and bondholders of the banks. The governemnt doesn't want to admit that they are going to do that. Love Your Show Ed Riffle