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
****************
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4 comments:
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.
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!
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?].
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