Geithner Agonistes–or Let’s Hope So
Talk about a harshed mellow.
Here’s what Mish–Michael Shedlock–writes about our U.S. Treasury Secretary 30-some days into his new job.
Tim Geithner’s Brain Is A Back Hole
Not only is Citigroup a black hole from which no taxpayer dollars can escape, but Geithner’s brain is a black hole from which no intelligent thought can escape.
How the hell can you preserve a system this way? The answer is you can’t. Nonetheless the Obama administration tries to end bank nationalization talk.
The White House on Friday insisted it’s not trying to take over two ailing financial institutions, even as stocks tumbled again. On Wall Street, talk of nationalization of Citigroup Inc., and Bank of America Corp., prompted investors to continue to balk, worried that the government would have to take control and wipe out shareholders in the process.
Spare me the sap.
Geithner is attempting to bail out his banking buddies, no more, no less, and he does not give a damn what it costs taxpayers to do so. And while everyone and their brother has hopped on the Nationalization Train (please see The Nationalization Train Has Left The Station), I think there are at a bare minimum a half dozen questions that need to be addressed first (please see Nationalization Revisited).
Citigroup is struggling to remain independent even as it knows full well, that without still more government intervention, it is worthless. In fact, Citigroup is less than worthless because without more taxpayer cash infusions it cannot survive.
To hell with Citigroup. Bust it up and sell it. It’s the best possible outcome for everyone involved.
Doesn’t exactly sound as if a good course in media training, which is what many of Geithner’s critics have suggested, is going to improve prospects much in Mish’s mind.
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