Sunday, August 02, 2009

This Week with George Stephanopoulos, August 2 - Guest: Tim Geithner

This Week with George Stephanopoulos
August 2, 2009
Guest: Tim Geithner

Stephanopoulos: Timmy is the recession over?

Geithner: if I do say so myself I a most excellent miracle worker

Stephanopoulos: so you’re done

Geithner: no we want people to have a McNugget in every pot

Stephanopoulos: but people still are unemployed

Geithner: first we’re going to have growth and then people will start spending and companies will start making stuff and then unemployment ends around 2013

Stephanopoulos: sounds good - so what should I be worried about?

Geithner: a Republican comeback

Stephanopoulos: 1 million people are about to lose their jobless benefits

Geithner: sucks to be them

Stephanopoulos: you’re spending too much and the U.S. is taking on too much debt

Geithner: hey we inherited a 1.3 trillion debt and all we got to show for it was a craptacular war

Stephanopoulos: will you raise taxes?

Geithner: yes, as soon as America is rich enough again to afford it

Stephanopoulos: when will that be?

Geithner: Eleventy-never

Stephanopoulos: but America is broke!

Geithner: look people if you want a growing economy we have to raise taxes to lower the debts that Republicans are always going on about!

Stephanopoulos: will you enact health care reform that will please liberals like Grassley and conservatives like Max Baucus?

Geithner: momma always said congress is like a box of chocolates

Stephanopoulos: what does that mean?

Geithner: it means you can bite them all and it will make you sick

Stephanopoulos: stupid as stupid does

Geithner: right

Stephanopoulos: Talk TARP to me, savant

Geithner: it’s going great - I made a $6 billion profit

Stephanopoulos: but has credit loosed up?

Geithner: here’s ten bucks George

[ hands him $10]

Stephanopoulos: thanks Tim

Geithner: definitely ten dollars definitely ten

[ break ]

Stephanopoulos: Alan you presided over the worst economy since the Goths sacked Rome

Greenspan: yse but giving away free billions to rich banks was a great idea

Stephanopoulos: what else

Greenspan: making stock investors rich because that trickles down to the little guy

Stephanopoulos: did cash for clunkers work?

Greenspan: I love the concept of trading in old inefficient destructive duds

Stephanopoulos: can we trade you in?

Greenspan: can I have some pudding?

Stephanopoulos: what about housing prices?

Greenspan: I think we have some underlying possibilities of potential things happening

Stephanopoulos: you’re delightfully cryptic

Greenspan: I’m chance the gardner I like to watch tv

Stephanopoulos: awesome Chauncey

Greenspan: I am optimistic with many caveats

Stephanopoulos: Should we raise taxes?

Greenspan: if we really want to save money we should force all baby boomers live on a commune in upstate New York

Stephanopoulos: they might like that

Greenspan: they can bring those crazy rock and roll records with them

Stephanopoulos: Should we have a value added tax?

Greenspan: the beauty is it raises money without overly impacting rich people

Stephanopoulos: what do you see in the future

Greenspan: there’s a lot of latent liquidity in the system

Stephanopoulos: so we have to raise interest rates?

Greenspan: I was talking about my prostate
****************

4 comments:

filkertom said...

Fantastic. Two things:

Stephanopoulos: Should we have a value added tax?

Greenspan: the beauty is it raises money with overly impacting rich people


I think you mean "without overly impacting...."

Stephanopoulos: what do you see in the future

Greenspan: there’s a lot of latent liquidity in the system

Stephanopoulos: so we have to raise interest rates?

Greenspan: I was talking about my prostate


Yuck. Hilarious, but yuck. Now I've got Alan Greenspan's prostate taking up brain cells I coulda used for something else. Thanks, CoT. No, REALLY.

Maine Owl said...

The round table:

Malkin: Extending benefits to slackers is like giving vodka to drunks.

Snuffle-up-oulos: (dumbfounded) Huh?

Malkin: Not me sayin', a Clintononomist!

Tucker: Normally only slackers are unemployed, but the jobs have been nuked this time!

Malkin: It's not a moral judgment to call them slackers.

Tuker: Six thousand applying for twenty jobs says you're full of shit.

Hunt: Si! Si!

Shalom P. Hamou said...

But what do we do After The Crash?


I propose a plausible alternative solution to the Depression: I designed a System that will allow us, when The Crash will come, to get out of Credit Based Free Market Economy, Capitalism, and transfer to my Adjusted Credit Free, Free Market Economy and Abolish the FED:


To participate in our new economy you need to Enter Your €5 in The Cra$h R€gi$t€r. Before The Crash.


I.10.82

"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.


But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.


I.10.83

A regulation which obliges all those of the same trade in a particular town to enter their names and places of abode in a public register, facilitates such assemblies. It connects individuals who might never otherwise be known to one another, and gives every man of the trade a direction where to find every other man of it.

I.10.84

A regulation which enables those of the same trade to tax themselves in order to provide for their poor, their sick, their widows and orphans, by giving them a common interest to manage, renders such assemblies necessary."

Adam Smith
June 5th, 1723 – July 17tn, 1790
An Inquiry Into the Nature and Causes of the Wealth of Nations.
Inequalities Occasioned by the Policy of Europe.
March 9th, 1776


Buy Now The Tract That Will Be Published September 17th, 2009.


You will enjoy my popular articles:

:
Ron Paul vs. Bernanke.

Ben "Systemic" Bernanke.

Shalom P. Hamou said...

In my Tract The Age of Turbulence: Plea for a New World Economic Order, I explain the nature and causes of economic depressions.

It proves that sfter the inflation of the Mother of all Asset Price Bubbles the ominous fate of this economy is Keynes' Liquidity Trap.

Its consequences are a new, bigger Crash causing, this time, a real Great Depression II.


A turbulence in fluid mechanic is a chaotic state of a liquid.
It Owns Most of the Proprieties of The Liquidity Trap, Origin of The Crash,
it is a filled with Random Phenomenon and Discontinuities.



What do we do Before The Crash?


Preparing for the Crash, The Age of Turbulence. Proposes a way to profit from The Crash.

Using the yield curve as a predictor that strategy covers Treasuries, Corporate Bonds, Minerals (Oil, Precious Metals and Base Metals.) and Stocks.

Its aim is to profit from both the Asset Price Bubble and Irrational Exuberance and The Crash and Economic Depression that will necessarily ensue.

It tries, and for the time being very profitably, to accomplish Alan Greenspan Mission Impossible:


"That is mission impossible. Indeed, the international financial community has made numerous efforts in recent years to establish such oversight, but none prevented or ameliorated the crisis that began last summer.

Much as we might wish otherwise, policy makers cannot reliably anticipate financial or economic shocks or the consequences of economic imbalances.


Financial crises are characterised by discontinuous breaks in market pricing the timing of which by definition must be unanticipated - if people see them coming, then the markets arbitrage them away."


....

The clear evidence of underpricing of risk did not prod private sector risk management to tighten the reins.


In retrospect, it appears that the most market-savvy managers, although conscious that they were taking extraordinary risks, succumbed to the concern that unless they continued to "get up and dance", as ex-Citigroup CEO Chuck Prince memorably put it, they would irretrievably lose market share.


Instead, they gambled that they could keep adding to their risky positions and still sell them out before the deluge. Most were wrong."


Alan Greenspan
The Age of Turbulence: Adventures in a New World [Economic Order?].