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July 22, 2011

More incompetence

by beaufou

About a year ago, Tim geithner, the head of treasury penned down of the most self gratifying pieces of garbage one only witnesses in science fiction movies – welcome to the recovery – let’s take a look at where those delusional government characters come from.
Starting with his eminence, aforementioned the treasury secretary Timothy Geithner.
Tim was head of the New York Fed when they failed miserably at regulating banks and let them accumulate billions of bogus sub-prime “assets” on their banking books
The now departed Larry Summers played an even larger role in the 2008 meltdown. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.
During the Clinton years, with his acolyte Robert Rubin – another genius in Obama’s team – Summers managed to repeal the act that would eventually destroy the world economy.
It is no surprise only Geithner and his little friends are proud of this disastrous non-recovery, they were the ones who caused it in the first place; but not to worry, like 80% of members of the government after they leave it, they’ll find a job lobbying Congress for one stupid reason or another.

Read more from economy, politics

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