Do you have confidence in Timothy Geithner?

[Dougie944]

Brian, this is your problem. You base all your arguments off this:

“As Geithner said”

Geithner stating things does not make them facts.

What about this option?
How about a government controlled bankruptcy where the bondholders lose everything since that is what you deserve when your bonds are attached to a bankrupt company?

The bank shareholders would lose everything because that is what happens in a bankruptcy.

The current banks would probably emerge from the controlled bankruptcy with new management and boards as we should have no confidence In those people. If new banks needed to form to take their place, there are mechanisms for raising capital through IPOs.

The books would now be cleaner, the right people would have lost their money, and we would have different management. If the gov’t had to kick in extra money to help smooth it out, then so be it.

The same people that are saying this couldn’t have worked, also said the same thing about the car companies going through bankruptcy. They were wrong.

Paulson and company did it their way because it saved the bondholders/shareholders (extremely wealthy people) from losing their money. These people were making the decisions for their benefit at the expense of the other 99.9% of the country. Paulson was one of those rich people. So were his friends. He saved himself and his friends.

Now Geithner has the audacity to spin it like he saved the world and the worst part is that some people are believing him.

Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.

[briansd1]

[quote=Dougie944]How about a government controlled bankruptcy
[/quote]

That’s essentially how the regulator resolved the S&L crisis over years.

The S&L crisis was regionalized and did not threaten to collapse the financial system of the world.

There was a lot of fraud and irregularities in how the S&L assets we divided up.

In contrast, the 2008 financial crisis threatened the world financial system. Something had to be done immediately.

Many have faulted Paulson for not acting quickly enough and letting Lehman collapse thereby exacerbating the crisis. Only after Lehman failed did the regulators see the contagion spread like wild fire. They had to act very fast.

[quote=Dougie944]
Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.[/quote]

I’m not absolving Geithner for being part of a corrupt financial system. But it’s the only financial system we have.

I’m giving Geithner credit for getting us through the crisis. All of our problems are not fixed and future crisis may still lie ahead.

But our economy is growing. World GPD is growing again after declining in 2009 for the first time since WWII. We dogded the bullet and avoided a Great Depression.

A World Great Depression would have thrown millions into poverty and created all sorts of political, social and security problems.

[briansd1]

[quote=Dougie944]How about a government controlled bankruptcy
[/quote]

That’s essentially how the regulator resolved the S&L crisis over years.

The S&L crisis was regionalized and did not threaten to collapse the financial system of the world.

There was a lot of fraud and irregularities in how the S&L assets we divided up.

In contrast, the 2008 financial crisis threatened the world financial system. Something had to be done immediately.

Many have faulted Paulson for not acting quickly enough and letting Lehman collapse thereby exacerbating the crisis. Only after Lehman failed did the regulators see the contagion spread like wild fire. They had to act very fast.

[quote=Dougie944]
Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.[/quote]

I’m not absolving Geithner for being part of a corrupt financial system. But it’s the only financial system we have.

I’m giving Geithner credit for getting us through the crisis. All of our problems are not fixed and future crisis may still lie ahead.

But our economy is growing. World GPD is growing again after declining in 2009 for the first time since WWII. We dogded the bullet and avoided a Great Depression.

A World Great Depression would have thrown millions into poverty and created all sorts of political, social and security problems.

[briansd1]

[quote=Dougie944]How about a government controlled bankruptcy
[/quote]

That’s essentially how the regulator resolved the S&L crisis over years.

The S&L crisis was regionalized and did not threaten to collapse the financial system of the world.

There was a lot of fraud and irregularities in how the S&L assets we divided up.

In contrast, the 2008 financial crisis threatened the world financial system. Something had to be done immediately.

Many have faulted Paulson for not acting quickly enough and letting Lehman collapse thereby exacerbating the crisis. Only after Lehman failed did the regulators see the contagion spread like wild fire. They had to act very fast.

[quote=Dougie944]
Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.[/quote]

I’m not absolving Geithner for being part of a corrupt financial system. But it’s the only financial system we have.

I’m giving Geithner credit for getting us through the crisis. All of our problems are not fixed and future crisis may still lie ahead.

But our economy is growing. World GPD is growing again after declining in 2009 for the first time since WWII. We dogded the bullet and avoided a Great Depression.

A World Great Depression would have thrown millions into poverty and created all sorts of political, social and security problems.

[briansd1]

[quote=Dougie944]How about a government controlled bankruptcy
[/quote]

That’s essentially how the regulator resolved the S&L crisis over years.

The S&L crisis was regionalized and did not threaten to collapse the financial system of the world.

There was a lot of fraud and irregularities in how the S&L assets we divided up.

In contrast, the 2008 financial crisis threatened the world financial system. Something had to be done immediately.

Many have faulted Paulson for not acting quickly enough and letting Lehman collapse thereby exacerbating the crisis. Only after Lehman failed did the regulators see the contagion spread like wild fire. They had to act very fast.

[quote=Dougie944]
Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.[/quote]

I’m not absolving Geithner for being part of a corrupt financial system. But it’s the only financial system we have.

I’m giving Geithner credit for getting us through the crisis. All of our problems are not fixed and future crisis may still lie ahead.

But our economy is growing. World GPD is growing again after declining in 2009 for the first time since WWII. We dogded the bullet and avoided a Great Depression.

A World Great Depression would have thrown millions into poverty and created all sorts of political, social and security problems.

[briansd1]

[quote=Dougie944]How about a government controlled bankruptcy
[/quote]

That’s essentially how the regulator resolved the S&L crisis over years.

The S&L crisis was regionalized and did not threaten to collapse the financial system of the world.

There was a lot of fraud and irregularities in how the S&L assets we divided up.

In contrast, the 2008 financial crisis threatened the world financial system. Something had to be done immediately.

Many have faulted Paulson for not acting quickly enough and letting Lehman collapse thereby exacerbating the crisis. Only after Lehman failed did the regulators see the contagion spread like wild fire. They had to act very fast.

[quote=Dougie944]
Brian, you never addressed the fact that Geithner oversaw the lending that started the meltdown.[/quote]

I’m not absolving Geithner for being part of a corrupt financial system. But it’s the only financial system we have.

I’m giving Geithner credit for getting us through the crisis. All of our problems are not fixed and future crisis may still lie ahead.

But our economy is growing. World GPD is growing again after declining in 2009 for the first time since WWII. We dogded the bullet and avoided a Great Depression.

A World Great Depression would have thrown millions into poverty and created all sorts of political, social and security problems.

[Dougie944]

Don’t take this the wrong way……but you are hopelessly lost. They have peed on your head, told you it was raining, and you believed them. Best of luck to you.

[Dougie944]

Don’t take this the wrong way……but you are hopelessly lost. They have peed on your head, told you it was raining, and you believed them. Best of luck to you.

[Dougie944]

Don’t take this the wrong way……but you are hopelessly lost. They have peed on your head, told you it was raining, and you believed them. Best of luck to you.

[Dougie944]

Don’t take this the wrong way……but you are hopelessly lost. They have peed on your head, told you it was raining, and you believed them. Best of luck to you.

[Dougie944]

Don’t take this the wrong way……but you are hopelessly lost. They have peed on your head, told you it was raining, and you believed them. Best of luck to you.

[CA renter]

[quote=briansd1]It’s all relative. Compare Geithner to Paulson, Rubin, Baker or Regan. The reference to Andrew Mellon is apt.

Geithner was never a banker. He’s been a policy maker most of his career.

Given the magnitude of the financial crisis, aren’t you pleasantly surprised at how the financial team was able to redress the world economy?

We now have renewed growth and stability in asset prices and employment. Isn’t that something to rejoice about?

Perhaps the corruption that you guys are perceiving is not the person but the system that we have?

flu, did you ever hear Geithner speak Mandarin?[/quote]

Can we honestly claim that he was never a banker when he was president of the New York Fed, not to mention his position at the IMF? Some would argue he was a banker’s banker…much more than just a “banker.”

And while he might have been concerned about “asset price stability” as prices fell, where was his advocacy for “asset price stability” when prices were skyrocketing?

[CA renter]

[quote=briansd1]It’s all relative. Compare Geithner to Paulson, Rubin, Baker or Regan. The reference to Andrew Mellon is apt.

Geithner was never a banker. He’s been a policy maker most of his career.

Given the magnitude of the financial crisis, aren’t you pleasantly surprised at how the financial team was able to redress the world economy?

We now have renewed growth and stability in asset prices and employment. Isn’t that something to rejoice about?

Perhaps the corruption that you guys are perceiving is not the person but the system that we have?

flu, did you ever hear Geithner speak Mandarin?[/quote]

Can we honestly claim that he was never a banker when he was president of the New York Fed, not to mention his position at the IMF? Some would argue he was a banker’s banker…much more than just a “banker.”

And while he might have been concerned about “asset price stability” as prices fell, where was his advocacy for “asset price stability” when prices were skyrocketing?

[CA renter]

[quote=briansd1]It’s all relative. Compare Geithner to Paulson, Rubin, Baker or Regan. The reference to Andrew Mellon is apt.

Geithner was never a banker. He’s been a policy maker most of his career.

Given the magnitude of the financial crisis, aren’t you pleasantly surprised at how the financial team was able to redress the world economy?

We now have renewed growth and stability in asset prices and employment. Isn’t that something to rejoice about?

Perhaps the corruption that you guys are perceiving is not the person but the system that we have?

flu, did you ever hear Geithner speak Mandarin?[/quote]

Can we honestly claim that he was never a banker when he was president of the New York Fed, not to mention his position at the IMF? Some would argue he was a banker’s banker…much more than just a “banker.”

And while he might have been concerned about “asset price stability” as prices fell, where was his advocacy for “asset price stability” when prices were skyrocketing?

[CA renter]

[quote=briansd1]It’s all relative. Compare Geithner to Paulson, Rubin, Baker or Regan. The reference to Andrew Mellon is apt.

Geithner was never a banker. He’s been a policy maker most of his career.

Given the magnitude of the financial crisis, aren’t you pleasantly surprised at how the financial team was able to redress the world economy?

We now have renewed growth and stability in asset prices and employment. Isn’t that something to rejoice about?

Perhaps the corruption that you guys are perceiving is not the person but the system that we have?

flu, did you ever hear Geithner speak Mandarin?[/quote]

Can we honestly claim that he was never a banker when he was president of the New York Fed, not to mention his position at the IMF? Some would argue he was a banker’s banker…much more than just a “banker.”

And while he might have been concerned about “asset price stability” as prices fell, where was his advocacy for “asset price stability” when prices were skyrocketing?

[Author]

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