Geithner: Borrow Unlimited Money!
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-04-15 21:31
by Karl Denninger
in Editorial
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Geithner: Borrow Unlimited Money!
 

Oh boy..

U.S. Treasury Secretary Timothy F. Geithner warned Congress against repeating last year’s “very damaging” debate over the debt limit and said the economy is stronger than at any time in the past several years.

“It would be good for the country, if this time, they did it with less drama and less politics and less damage to the country than they did last summer,” Geithner said on NBC’s“Meet the Press” program today, referring to lawmakers’ reluctance to raise the debt ceiling until an 11th-hour agreement with the Obama administration in August.

So exactly what is the purpose of Congress, which is supposed to initiate all bills, if the Executive can just borrow as much as it wants without debate, pushback or refusal?

Should we just crown Obama now and call Timmy the chief extractor?

At exactly what point does Congress have the right to hold Obama accountable for his lies?  You know, the lie he told about cutting the deficit in half by the end of his first term -- when he instead more than doubled it!

What is the purpose of a Constitution and separation of powers that remains in our alleged "government of, by and for the people, with the consent of the governed"?

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User Info Geithner: Borrow Unlimited Money! in forum [Market-Ticker]
Azusgm
Posts: 2431
Incept: 2010-12-02
Green
East Texas
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"Very damaging."

That would be Geithner.
Bertdilbert
Posts: 2666
Incept: 2008-12-22
Gold
CA
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How hard will this be to figure out? They will once again have a giant circus play to prove that they are republicans and then spend the money... And the sheeple will fall for it once again.

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Dear Euroland: Relax, Germany has a plan for your money!

Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
Flappingeagle
Posts: 1229
Incept: 2011-04-14

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Our whole country is addicted to debt. I am not sure that we can elect a majority of politicians who will be responsible. Any politician who talks responsibly will be defeated by one promising the moon at no cost to the people.

We almsot certainly will have to have trama to change attitudes.

Flap

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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
Kylafoon
Posts: 2460
Incept: 2009-02-05
Gold
Zombie Portal Lookout
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Somewhere on Zerohedge today was a quote
"When a nation get's too stupid it should fail."

That is where I believe we are at.

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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
Mo
Posts: 12158
Incept: 2007-06-26
Silver
Pa.
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I would like someone to ask Timmy why anyone needs to pay taxes at all if it's ok to borrow an infinite amount of money.

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Welcome to Pottersville
Sailordeek
Posts: 553
Incept: 2011-06-08
Green
Boston
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Yes we should crown Obama. May he have the fate of many kings. Better to make him king than dictator.
Pay_lay_ale
Posts: 260
Incept: 2010-09-16

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Why do we even bother with the formality of collecting taxes when we can borrow unlimited amounts of Criminal Reserve Notes with total impunity?
Raftermanfmj
Posts: 3370
Incept: 2010-09-06
Green
USA
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Just finished watching the Back to the Future: 25th Anniversary Trilogy on Blu-Ray - they did a very nice job on the transfer and extras. Good clean family films.

Strangely, it gave me the power to predict what Timmy and Obummer will say when this S hits the F, and the F catches fire and burns down the house:

In unison, "No one could have seen this coming!"

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I have never wished to cater to the crowd; for what I know they do not approve, and what they approve I do not know. - Epicurus
Oderint dum metuant - Caligula & Police State USA
Trades50
Posts: 4218
Incept: 2007-10-30
Silver
Land of Tax and Spend
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We will all be billionaires at this rate. Trillions are the new billions.

inline

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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
Mortgageguymn
Posts: 1566
Incept: 2009-03-09
Green
North Coast
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I love how Obama tried to push the next debt ceiling battle out until after the election ( that's how it was reported in 2011) and couldn't even do the arithmetic right - apparently believing that the "booming" economy was going to bring in lots of additional tax revenue. If his people can't even do simple math, why do they deserve to in office? Coming on the heels of a Supreme Court smack down of Obamacare, he can't even pretend basic competency.
Vegasradar
Posts: 8668
Incept: 2007-07-11
Silver A True American Patriot!
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'Yeah...let's not make such a big announcement about stealing the American People's money'
— ****ING ********** TIMMAH SAYS
(paraphrasing of course)


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Be the change you want to see in the world. ~Mahatma Gandhi
Frat
Posts: 1935
Incept: 2009-07-15
Silver
NKY
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**** it, I'm done. I'm over it. They're NOT going to listen, they're NOT going to do the right thing, and we're NOT going to fix the problems without crashing WAY TOO ****ING HARD first. You know what Tim-mah? Go ahead. Borrow ALL the ****ing money you want - have a bukkake party with Chinese cash, and have it spatter you up and down, left and right. ****, send EVERY SINGLE PERSON in the United States a $25k check - we all earned it, right? Hell, I'll pay all our "little" bills off and then we can blow our wads on NEW credit-purchased items. That's what y'all want, correct?

Jesus why do we even bother any longer? /rant

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We're ****ed. Where's Henry Bowman when you need him?
Visualcsharp
Posts: 343
Incept: 2009-12-19
Silver
Round Rock, TX
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I don't know. Why do you all bother? Too many people are dumb and emotional and don't use their brains. Logic will never reign supreme in this world and no amount of hope, voting or picketing will change that. Civil war won't change it. Violence won't change it. It is simply the nature of Man.

I've said it many times here and elsewhere: The best things anyone can do is invest in 3 things:
- Your own skills
- Your family
- Your neighbors

Want the best odds of surviving if the SHTF? Do those three things.
Glennb6
Posts: 481
Incept: 2009-03-02
Green
ne florida
Banned
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Mo,

a marvy idea and something I'm sure those in gov have pondered!
Aztrader
Posts: 6650
Incept: 2007-09-10
Green
Scottsdale, AZ
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Borrow to keep the bank ponzi alive. This is the endgame and nothing will change until someone forces change. Wait until the bond market calls them on this. The ****storm will be amazing............
Imustbenutz
Posts: 283
Incept: 2010-11-04
Green
Absurdistan, USSA
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This Venn Diagram explains it all:



from http://www.naturalnews.com/images/Federa....

Dashingdwl
Posts: 9764
Incept: 2007-06-26
Gold
los angeles
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Tim is only a tool. Intellect and skill are not required for the position.

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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
Sailordeek
Posts: 553
Incept: 2011-06-08
Green
Boston
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Bill Black was just on "Coast to Coast" radio, ended 2:00 am Eastern 4/16. He explains "it/fraud" almost as well as Karl.
Bertdilbert
Posts: 2666
Incept: 2008-12-22
Gold
CA
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Trades50,

Somehow in that pic of Obama in the trillion dollar bill you posted, I envision he is watching America burn....

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Dear Euroland: Relax, Germany has a plan for your money!

Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
Gen_maximus57
Posts: 4580
Incept: 2007-09-03
Green
Tampa
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Trades

Thats awesome...

You guys take this **** too seriously, it's long over, prepare and adapt. It's just entertainment now....
Mannfm11
Posts: 3557
Incept: 2009-02-28
Gold
DFW, Tx
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When you figure out it is only bank paper and not dollars, the truth will sink in. The Fed can't redeem a dime. Geithner watched the biggest fraud in history and saw nothing. He is only doing what JPM tells him to do through his former boss, Henry Kissenger.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Marvinmartian
Posts: 754
Incept: 2011-03-16
Green
Pasadena, CA
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Geithner is a perfect example to us all, one to be emulated.

Especially on April 15.
Bailout-funder
Posts: 1027
Incept: 2008-10-17

SF Bay Area, CA
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Sailordeek,
I heard that. He blamed the lack of indictments on the neutering of the OTS under...Bill Clinton (or was it Bush II??? Dunno---but pretty much same thing FAIAP). But honestly, it's a gawd damn shame to see Prof. Black relegated to an obscure looney show like Coast to Coast(often times talkin' 'bout alien abductions, etc.).

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"As we have now seen, one little lie, repeated often enough, becomes one gigantic mess."
"Someone clearly got the best government money can buy, but it certainly wasn’t us."
--Karl Denninger
Floridasandy
Posts: 634
Incept: 2009-08-20

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clearly, geithner and obama are unqualified for the positions they hold.

these people are traitors to our country, and history will look at them exactly that way.
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