Wednesday, March 25, 2009

Geithner Is As Dumb As a Sack of Hammers

I'm so sick of government, and for you folks that live outside the Tri-state area (NJ,CT,NY) and would like to know how things turn out when Uncle Sam takes the reigns, please just visit the DMV in lower Manhattan or Brooklyn. If you walk out without having taken a life(maybe your own) you are one of the lucky ones. The government would screw up jello and f*** up the outcome of a winning lottery ticket. Yet they just------keep----on------talking.

The number one job/priority of the Treasury Secretary is to defend the dollar, kind of like waking up in the morning with he innate notion that we are to protect, love and feed our children, unless that Treasury Secretary is Timothy Geithner. Today at the Council on Foreign Relations, Timbo said this:

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.

"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."

The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United getting our fiscal system back to the point where people judge it as sustainable over time."

UPDATE: Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to return to the question, and asked if he foresaw a change in the dollar's centrality.

"I do not," Geithner said, adding several forceful promises, including, "We will do what's necessary to say we're sustaining confidence in our financial markets."

Let's face it, the man is an idiot.


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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.