Geithner Gets Slammed by Jim Demint (R-SC) Earlier Today

Take that! 

Here’s the transcript – no video yet:

Treasury Secretary Tim Geithner, who just finished testifying before Sen. Chris Dodd’s (D-Conn.) Senate Banking committee, said that “it’s not fair” that AIG counter-parties are getting paid 100 cents on the dollar by government bailout money but “if I felt there was a better way…I would support it.”

Geithner was responding to tart questioning by Sen. Mark Warner (D-Va.) asking why, when others owed money by the troubled insurance giant are taking “haircuts,” the counter-parties (such as Goldman Sachs) are getting all the money owed to them.

“It is an incredibly difficult balance and it is very hard to know if we’re going to get the balance right,” Geithner said. AIG has received or been promised more than $150 billion in bailout money.

Geither got his anger up at one point, saying that, “I would not give a penny to AIG to protect counter-parties” if he didn’t have pay them to reduce the risk to pensions and other taxpayer-related funds that have done business with AIG and that are owed money by the company.

GOP Senator Hammers Geithner

11:29 A.M.: Geithner was hammered by a Republican senator decrying Treasury’s growing power over the American economy.

“This is not mission-creep,” said Sen. Jim DeMint (R-S.C.). “This is a stampede of any traditional understanding of constitutional boundaries.”

DeMint called Geithner the chief executive of the American economy. And he didn’t mean it in a good way.

DeMint complained that “we hear very little talk about exit strategies.” He asked Geithner how much of the $700 billion government bailout will be returned to Treasury’s general fund within five to six years.

“That’s hard to say right now,” Geithner said, deflecting: “If we are successful, that money will come back with substantial interest.”

Geithner added that the way the bailout was designed, for each $1 that is paid back, $1 can be lent back out.

“So it’s your understanding that you have $700 billion to use permanently as you see fit?” DeMint asked incredulously.

Geithner wouldn’t take the bait. “I’m not quite sure ‘permanently’ is right,” he said.

Rest of the questioning from other Republicans can be found here

Later Geithner pulled a Clinton and asked what the definition of permanently is… j/k!

President Bush, Integrity; Barack Obama, Floppy Fish

If there was one thing you could always say about President Bush, it is that he always stood on his principles and values.  He had an enormous amount of integrity and did not compromise any of those things for political expediency.   He firmly believed every move and decision he made was based on what was best for the American people.  He did not rely on polling data or popularity statistics.  President Bush’s firmly held beliefs in a post 9/11 world are what guided him.

Now President Obama, on the other hand, stands on his teleprompter.  As he has “navigated” his way through the first 100 days in the Oval Office, we have yet to really see the characteristics of integrity or doing what is right by the American People.   At least two of his cabinet members should have been tossed; Turbo Tax Tim Geithner and Secretary Napolitano, both of whom have embarrassed the Oval Office and outraged the American people.  If he really stood on principle and integrity they would have been gone.

President Obama showed signs of this early in the election cycle when he said he would accept public financing of the campaign, but when the primary season was over and he was the nominee, he opted out of the system and continued to collect just shy of 3/4 of a billion dollars, most of which is untraceable.  That in itself goes against the Open Government Act by fully disclosing all donors.

President Bush walked his talk after the campaign.  He worked with the Democratic leadership, showing bipartisanship on the budget, FISA, immigration and other issues.  The only thing he would not compromise on (thank goodness) was a troop withdrawal time table.  Democrats tried in vain to force his hand as the Obama backing MSM flooded the evening news night after night with each road side bomb image they could find.  Very little attention was paid to the success we were having, only the carnage.  This unwavering stance against a timed withdrawal was significant because he did not want give the emboldened insurgency a window in which to “wait it out”, and to prevent these politicians from micromanaging commanders in the field.  True, there was pressures to change strategies in order to combat this issue, and the administration did just that; they initiated the “surge”.  And guess what, it worked!  Now Mr. Obama on the other hand has shown about as much bipartisanship as Iran has shown cooperation with the UN….Uh that would be none!  The GOP has been completely shut out of the administration, being told to basically shut up and sit down because “we” (the Dems) won.  So much for a new era of cooperation and open government.

What people fail to realize in Iraq, is that not only did we rid the world of a very evil dictator, who’s atrocities are well documented (so in fact there is you weapon of mass destruction), shut down Dr. Germ Rihab Taha (who was identified by UN weapon inspectors specifically), the mission also brought stability to the region as a whole.

If you look back, Moamar Kadafi quickly and quietly ended their rebellious ways and cracked down on terrorists in Libya.  Syria also became much more user friendly, and cooperative.  So there were broader positive effects.

Mr. Obama who was not a Senator when the Congress initially authorized action in Iraq, on the campaign trail he waved the “No More War” flag like the checker flag at the end of a car race.  The election was soundly anti-Bush, and all the rhetoric that goes with that.  ‘When he is elected president, we will be out of Iraq in 16 months at the most. There should be no confusion about that’.

Well as you all know, the mission (and I am not complaining about this) remains on target and is, in fact, in a winding down phase.  We have consolidated much of our operations to specific areas in Iraq, handed over control and security operations to the Iraqi Army and Police force in many areas, continue to train and equip those forces so when we do leave, there will be stability and peace inside the borders.  Mr. Obama’s rhetoric got him into the White House, but the reality of the situation on the ground in Iraq dictated his actions.  And if the people who were so hell bent on completely ditching the quote “Bush Doctrine” (as Charlie Gibson tried to nail Sarah Palin with) they would have realized that this notion of up and run out of Iraq was not plausible in the least.

President Bush was thrust into a situation that day in September, unbeknown to America or our intelligence agencies.  We went from a 20 plus year time of relative peace and suddenly thrust into war, against an enemy that does not belong to a nation or state, but operates in the shadows among innocent people whom they will sacrifice without any hesitation.  Yes, mistakes were made.  But this nation was kept safe, and still is, by those policies President Bush put into place.

Now we have a floppy fish in the White House.  Yes he was thrust into an economic situation that has not been pretty.  However, Mr. Teleprompter as not shown us anything except he is bent on a socialistic agenda and that he changes his word like we change underwear.

Now Mr. Obama wants to openly (yes there is that word open again) and without preconditions, have talks with these nations that simply hate the United States.  Iran, who is pursuing nuclear weapons and calling for the destruction of Israel,  North Korea, who has nuclear material but can not build a delivery vehicle,  Venezuela, who just yesterday seized American Owned and Operated energy sites and equipment, and Cuba, where money can now flow freely without using a 3rd and 4th party intermediary.  Oh yes lets not forget Mexico.  Yet, another apology from Mr. Obama and Secretary Clinton for causing the drug war along the boarder.

Mr. Obama and his economic team have showered the coffers with billions and billions of dollars in order to prop up the economy.  Thus far, nothing.  New jobless filings hover around 600K and overall, 6.5 million people are out of work, and counting.  Now that Chrysler and GM are making significant cuts, that is going to go up more this year. Not only does that effect line workers in the auto plants, but spills out to the suppliers and peripheral businesses that support them.

Mr. Obama, first week in office broke the most basic of his campaign pledges, saying that the practice of earmarks and pork spending would immediately come to and end.  Say what?  The first two things he signs into law are pork laden wasteful bills that did nothing.  The Stimulus package, which failed to stimulate the American people, was shoved through the congress by the new Dem Majority in the middle of the night in which no one was even able to read.  And what was in there (Mr.  Dodd)?  Bonuses for the executives at AIG, Fannie Mae, and Freddie Mac!!!  Next he signed an Omnibus bill that contained over 9000 earmarks, again pushed through on a Dem freight train in the middle of the night.

Now the administration continues to politicize national security doctrine as the administration stammers on what our evil interrogators did to terror suspects.  This emboldens the enemy, teaches them our techniques so now they can prepare for what little we actually do.   The September 10th mentality of the administration puts us in jeopardy. Many of the policies that Mr. Obama so vehemently touted against remain in effect. The naval prison at Guantanamo Bay was ordered closed yet remains open as Obama plans where to send its inmates; the president has yet to establish a coherent policy on Iran — following in the Bush administration’s footsteps and while American troops are being removed from Iraq, most will stay in place until 2010.

It is important to note that all the enhanced interrogation tactics that we used actually yielded crucially important intelligence that helped keep this country safe,”  with the eight years of safety on the home front since Sept. 11, 2001.  Even though congressional leaders claimed to be left out of the loop on these techniques, it was revealed that the same Dem leaders, who bewitched President Bush, were duly informed of those methods.  But as Dems, true to color, they pretended to take the moral high road, and were thus outed as hypocrites using this issue for political expediency.
Obama’s own Director of National Intelligence, Dennis Blair, wrote an internal memo last week citing the “high value” information about Al Qaeda’s operations yielded by tactics such as water boarding, but its morality has been called into question by human rights monitors and many others both in and out of the Obama administration.

So therein lays the conflict with this administration. Integrity, direction, political expediency, governing by polling data, and letting Nancy Pelosi write its budget a mere 3 Trillion and some change.
So we as Americans have to wonder, where the transparency, openness, and new era of cooperation is.  Yeah, that is right, so sorry, we lost.

Speaking of Inciting Anger and Rage… Obama vs. Business and the Banks

As many of us are aware, you can incite anger and rage but ultimately, it is up to an individual to act on that if they so choose.  Nobody forces anyone to act insane or ridiculous but since I received a nice comment from a liberal blaming a republican for the recent massacre in New York let’s take a look at some recent words from Obama just to call a spade a spade.

The bankers struggled to make themselves clear to the president of the United States.

Arrayed around a long mahogany table in the White House state dining room last week, the CEOs of the most powerful financial institutions in the world offered several explanations for paying high salaries to their employees — and, by extension, to themselves.

“These are complicated companies,” one CEO said. Offered another: “We’re competing for talent on an international market.”

But President Barack Obama wasn’t in a mood to hear them out. He stopped the conversation and offered a blunt reminder of the public’s reaction to such explanations. “Be careful how you make those statements, gentlemen. The public isn’t buying that.”

“My administration,” the president added, “is the only thing between you and the pitchforks.”

So the next time I hear that a family friend in Connecticut has received another death threat against themselves or their family, I will most certainly blame it on Obama – how does that sound?  I will forget that the individual, him or herself, had a choice to act and just blame it on someone else’s words. 

I do not like Obama’s words here but I certainly will not say he forced someone to commit a crime either.  He has committed enough crimes against the constitution and has done enough damage to this country all by himself. 

There were signs from the outset that this was a business event, not a social gathering. At each place around the table sat a single glass of water. No ice. For those who finished their glass, no refills were offered. There was no group photograph taken of the CEOs with the president, which typically happens at ceremonial White House gatherings but not at serious strategy sessions.

“The only way they could have sent a more Spartan message is if they had served bread along with the water,” says a person who attended the meeting. “The signal from Obama’s body language and demeanor was, ‘I’m the president, and you’re not.’”

I believe this is grandstanding on Obama’s part since his stimulus signed into law compensation and bonuses for financial companies and he also gave AIG $30 Billion more dollars after his inauguration.  We also shouldn’t forget that Treasury offered to buy up long term assets and pump another Trillion dollars into the financial market.  You think that this doesn’t pad the pockets of big hedge fund managers or corporate CEOs? Are you kidding me?  It’s no wonder why so many of them have actually increased their portfolio gains in the last year while average Americans have lost more than half of their 401(k)s.

So, just as one person was recently killed in the G20 summit protests and banners that said kill a banker were hoisted into the air, I will blame their stupidity on those individuals and no one else – because that is what is beginning to happen in New York now.

Hundreds of people are marching on Wall Street in New York City to protest the billions of dollars in bailout money to big business.

Four people were arrested Friday on disorderly conduct charges after they tried to walk in the middle of Broadway in downtown Manhattan. Marchers plan to walk past AIG headquarters and several banks on their way to the iconic bull statue on Wall Street.

So, I will wonder if liberals will be hypocritical, as usual, and not blame any violence or retched actions on their own liberal representatives grandstanding and demonizing corporate America.  If someone gets hurt in any of this, or if, in the coming months, business men and women are harmed – I will be waiting to hear from you…  I know it’s convenient to always blame Republicans, but why don’t we try to look in the mirror from time to time ok? Thanks.

Discussing Federal Bailouts

Michelle Bachmann, Rep MN 6th, discusses AIG and Bailout post Geithner/Bernake Hearing 24 Mar 2008.

Michele Bachmann Scolds Geithner on Constitution

Next Page »