Let Facts be submitted to a candid world.

2009-03-07T13:18:00.000-08:00

As in the Declaration Of Independence, Henry Blodget writes the indictment of ~~King George III~~ Timothy Geithner:

Before taking office at the end of January, Tim Geithner had many months to develop a solid plan for what to do. He had the opportunity to see what was working and what wasn't and to consult with dozens of experts, many of whom had no stake in the matter (unlike the Wall Street kingpins who seem to have shaped Geithner's inaccurate view of the situation). He had the opportunity to see and understand that what America needs most right now is clarity and decisiveness.

Then he took office. In the five weeks since, Tim Geithner has:

* Given a speech billed as the solution to the financial crisis in which he promised something vague, someday, that sounded an awful lot like the bad plan that didn't work in the past administration (which really isn't that surprising, given that Geithner was the one who came up with the earlier bad plan).

* Floated multiple versions of the same plan into the press hoping that one would be enthusiastically received by someone other than Wall Street (no dice.)

* Refused to seriously discuss the consensus opinion of most neutral economists and experts: That the banking system is insolvent and that the solution is pre-privatization.

* Given Congressional testimony in which his brusque, defensive manner and weak responses have inspired no confidence and served only to make people wonder again why Obama picked him for the job.

and, most importantly, Tim Geithner has:
* Refused to revisit or defend his almost certainly inaccurate view that this crisis is merely a temporary price decline caused by a lack of liquidity, rather than a collapse of a debt-driven economy. You can't cure the patient if you're treating the wrong problem.

With a few years of seasoning in a normal environment, Tim Geithner might turn out to be a fine Treasury Secretary. But this isn't a normal environment, and we don't have a few years.

The engines of the US economy just quit. We're losing altitude rapidly. And the co-pilot flying the plane clearly doesn't know what to do.

So it's time for the captain to take over again, before Geithner takes him and the rest of us down with him.

Dead on.

There is no time.

When In The Course Of Human Events...

2009-03-07T05:48:00.000-08:00

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

-- US Declaration Of Independence.

America is in dire financial straits. The "too big to fail" Banks have proven themselves to be too big NOT to fail, and it is time for the US Government to step in, take them over, tear them apart, and sell off the usable, solvent, functioning parts to the highest bidder, and liquidate the toxic assets in order to restore full faith and confidence to the Financial Sector.

President Obama made a terrible choice in appointing Timothy Geithner as Secretary of Treasury. He is an absolute insider, and way to friendly with the scoundrels who created this dire crisis. He refuses to upset his friends, let alone punish them, and he refuses to force them to come to the Confessional, and be honest about the scope and scale of their portions of the toxic asset shitpile.

A relatively small handful of extremely wealthy Shareholders of these Banks, who SHOULD be screaming for proper actions to be taken, are silent, and are now complicit in a massive crime being perpetrated against the American People. If they will not use their influence to force the Banks to be open and honest, it is time for them to be wiped out, so that American's can stop being bled dry, and to ensure America's economic viability. Mr. Geithner is also complicit in this growing rape of America's coffers.

As a result of Secretary Geithner's dithering, our economy continues to collapse, Taxpayers are forced to shove Billions of dollars, we do not have, into the gaping maw of a problem that will not go away without a massive and diligent undertaking, involving complete and temporary takeover of the Banks, a full accounting and liquidation of that shitpile, and the righting of those banks books, before putting them back into the Private Sector. Meanwhile the Bankers dole out obscene bonuses, throw extravagant parties, and fly around in private jets using the money that we are forced to give them. This must stop now.

As long as Mr. Geithner refuses to properly undertake his necessary role, it is vital that we Americans build a consensus, and demand that he either take proper and bold action, or resign immediately.

We can do this nicely, and civilly, or not so nicely and civilly. Every day, and week, and month that passes, that Mr. Geithner refuses to do what is right, and proper, and just, and responsible, moves us one notch away from a desire to be civil.

As Mr. Geithner shows no sign of doing what is proper, and as President Obama seems content to allow Mr. Geithner to continue to cover for his friends, it is time for We The People to build our chorus of dissent, and demand that Mr. Geithner be removed from Office, and replaced with someone who is not an insider, and will undertake the painful actions required to put this Ship of State back on an even keel.

The situation as it is, is no longer acceptable, and it will only lead to deeper problems in the coming weeks and months.

Time is wasting.

Tim Geithner must go.

Tim Geithner Must Go

Let Facts be submitted to a candid world.

When In The Course Of Human Events...