Chris Whalen: "Geithner Is Wrong! There Is No Downside To Not Raising The Debt Ceiling" (Video)

Video - Chris Whalen on Tech Ticker - June 6, 2011

A lonely voice of sanity from the world's best independent banking analyst.

Why Congress should vote no on raising the debt ceiling...

• "My view is that Congress should vote down any debt ceiling measure unless President Obama agrees to sign the balanced budget amendment. Even if Secretary Geithner has to run the US government on cash, like the good people of Iceland and Ireland today, it will be a good thing for America's political debate to default — at least for a few weeks. Then people will know that the once unthinkable is very possible."

More from Chris at Reuters:

Default, debt ceilings and democracy...

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And from the wayback machine, in 1992 Chris wrote...

Learn To Love A U.S. Debt Default: It Could Be The BEST Thing That Ever Happened To This Country

Comments

[john]

Hillary Clinton Seeks To Run World Bank

http://www.zerohedge.com/article/hillary-clinton-seeks-run-world-bank

[snip]

Secretary of State Hillary Clinton has been in discussions with the White House about leaving her job next year to become head of the World Bank, sources familiar with the discussions said Thursday.

[PG the PT]

http://www.youtube.com/watch?v=90jfQrb4wAE

[DailyBail]

z...rick perry has no chance...it's a waste of time...but i'm guessing you're not a fan either...

john...as you probably know, the hillary to the world bank is likely a false story...zh jumped the gun on that one...

[DailyBail]

here's more from whalen on the banks...this is an excellent clip and discussion...

Big Trouble for Big Banks: “It’s a Good Time to Be Cautious,” IRA’s Chris Whalen Says

http://finance.yahoo.com/blogs/daily-ticker/big-trouble-big-banks-good-time-cautious-ira-184354316.html

[john]

I couln't help myself DB, Reuters started it, Yahoo took the bait as did ZH and I put the story up as you never know but the headline is horrifying...... King Godmother To Rule World...... BTW at this time Reuters is still running it.

[john]

More from reuters....

http://www.reuters.com/article/2011/06/09/us-obama-clinton-worldbank-idUSTRE7586P720110609

[snip]

A spokesman for Clinton, Philippe Reines, denied Clinton wanted the job, had conversations with the White House about it or would accept it.

People familiar with the situation, told of the denials from the White House and State Department, reaffirmed the accuracy of the report.

Revelations of the discussions could hurt Clinton's efforts as America's top diplomat if she is seen as a lame duck in the job at a time of great foreign policy challenges for the Obama administration.

Under normal circumstances, names of potential candidates for the World Bank would not surface more than a year before the post becomes vacant. But the timing of the discussions is not unusual this year given the sudden opening of the top job at the bank's sister organization, the IMF, after Dominique Strauss-Kahn's resignation following his arrest on charges of sexually assaulting a hotel maid in New York.

Comment: I am with Reuters on this one. Waiting for Mcclatchey to weigh in on it but am willing to eat my hat if this is a bust.

[DailyBail]

you might be right john...i hadn't read the denials very carefully...i was just making conversation on a slow night...if the sources are sticking with it then there's definitely something there...

[PG the PT]

The Fort Knox Conundrum: Chinese say they received bogus bars of gold traced to U.S.

http://www.americanfreepress.net/html/fort_knox_conundrum__208.html

In October 2009, China reportedly received a large shipment of gold, containing some 6,000 bars, weighing 400 ounces each. When it was received, the Chinese government asked that tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holes were drilled into the bars, and the metal was analyzed. Officials were shocked to find the bars were bogus. They contained cores of tungsten, with only an outer coating of real gold.

[S. Gompers]

Well Gobie, you are coming up to speed, I posted something on that like a year and a half ago.

[PG the PT]

No Gomp, this is me lapping you AGAIN. This tiime I won't kick your cane old man.

Hey, for the wifey...

http://www.skinnybitch.net/

[john]

IMF Chief: Global Outlook Uncertain, Spain Won’t Need Rescue

http://www.canadafreepress.com/index.php/article/31661

[snip]

Dominique Strauss-Kahn
Dominique Strauss-Kahn was a member of the French National Assembly, is a member of the Clinton Global Initiative, and the managing director at the International Monetary Fund.

Note: Member of the Clinton Global Initiative..................

[john]

Notable members of the Clinton Global Initiative......

http://www.clintonglobalinitiative.org/membership/membership_notable.asp?Section=Membership&PageTitle=Notable%20Members

[DailyBail]

great links john...and spain won't need a bailout my ass...and as chris whalen has pointed out, a bailout for spain is going to very, very costly...

[S. Gompers]

No Gobie, you cannot lick or kiss my cane.

[Harrison J. Bounel]

If the people cannot trust their government to do the job for which it exists - to protect them and to promote their common welfare - all else is lost.

[InWestor]

Chris talks of needing a few more election cycles to get true reform in Congress. Something tells me that no one is going to push for true reform. I'd love to see all Congressmen give up their lifetime pensions and join a health care plan that I had to choose. That would surely help with some of our unfunded liabilities. I think back to this movie from the early 90's:

The Distinguished Gentleman
http://www.youtube.com/watch?v=FTsd3VUAiYg

[DailyBail]

Something tells me that no one is going to push for true reform.

---

Exactly. It will NEVER happen. Nice movie clip. I might have to post it.

[Norman]

This is more Washington "KABUKI" to reduce/strip social backstops, shift more of the burden onto the backs of those who can't carry the load. The U,S, can default, and it should, it should also start acting like a responsible member of the world community instead of an empire that's in decline. They want to cut, end agriculture, oil, special interest, business welfare, and any other subsidies, tax breaks, give a ways, etc. The greed in this country knows no limits, will push until the revolution rears its ugly head, which by that time all the dilettantes/sycophants masquerading as our elected officials, from the P.O.T.U.S. down, will do their collective "duck & cover" act.

[DailyBail]

Well said Norman.

[TR]

Slightly over budget?

http://www.businessinsider.com/costs-of-war-charts-2011-6

[Howard T. Lewis III]

So through mismanagement and a number of actual sellouts and thefts by Geithner and his shop, we find our school bus 300 miles (Or for you loners, your horse goes lame at the same location and there is no bus.) out in the desert with the engine overheating and showing a loss of oil pressure and no cell phone or traffic anywhere and we forgot the water.. What do we do?
1) Stop the engine so it isn't ruined by lack of oil or overheating (Or stop and get off the horse if it is going lame.)
Take stock in what is available.
2) Realize that the bus was designed to fail and promise to yourself that you will see that the shop who the mechanics on board see sabotaged the bus is fined and jailed for reckless endangerment.
3) Notice that another certified mechanic happening by has enough room for all passengers, though some baggage will have to stay for a later pickup. Realizing that to stay is to die of thirst. And those vultures can eat.
Folks, I am already out of the bus and headed for the certified mechanics car. The faster we get back, the more of our stuff will be conserved.

[TR]

IMPORTANT BREAKING NEWS !!!

I just found all the WMDs.

[DailyBail]

Great link TR...thanks for that...hadn't seen it...

[Cheyenne]

Whalen rules.

[DailyBail]

indeed...with all the debt ceiling madness of the past 2 days, which i am purposely NOT covering, i thought it was time for sanity from whalen...the minute they raise the ceiling, things will return to normal...borrowing and spending...cut the fucking military-industrial killing machine in half and we will have a good start...that would be $500 billion annually...at least...and end these ridiculous wars...

[john]

http://www.youtube.com/user/zedgehero

[DailyBail]

i've seen a few of his clips john...he does good work...

[DailyBail]

(Reuters) - Pakistan could pull back troops fighting Islamist militants near the Afghan border if the United States cuts off aid, the defense minister said on Tuesday in an interview with Pakistani media.

http://www.reuters.com/article/2011/07/12/us-pakistan-usa-minister-idUSTRE76B1YP20110712

[DailyBail]

Fed Officials Divided on Further Stimulus

http://www.bloomberg.com/news/2011-07-12/fed-officials-divided-on-further-stimulus-if-u-s-economy-remains-weak.html

[DailyBail]

California companies fleeing the Golden State

http://money.cnn.com/2011/06/28/news/economy/California_companies/index.htm?iid=Lead

[TR]

Here is where real problems can start whether anyone agrees with SS or not.
Don't piss off millions of OLD CODGERS Excuse me, BABY BOOMERS.

http://www.latimes.com/news/nationworld/nation/la-na-debt-talks-20110713,0,3527529.story

[Dave]

@TR I fear it's not in debate with the Prez at all. Here is a video link along with a news link that look really bad for August. Maybe it's just me, however if you pay close attention to the interview with the Prez on the subject.... he appears to take a position of "If I don't get my way... this is may or may not happen??" He surely appears to be using it as heavy leverage.

Obama: No guarantee on Aug. Soc. Security ...
3 hrs ago - AP 1:26 | 1,072 views
In an interview with CBS Tuesday, President Barack Obama seemed to back off his unequivocal assurances that the debt ceiling would be raised, thus avoiding a first-ever default. (July 12)

http://news.yahoo.com/video/us-15749625/obama-no-guarantee-on-aug-soc-security-checks-25926041.html


On the other end the outrage in this video appears genuine (to some degree if that possible) but certainly passionate. I just am in a spell if you will over why in gods name of all that would be sacrificed it would be that. I say this as a former CPR Instructor for almost 20 years... If you cannot breath you CANNOT give CPR.

Having said that it is either a Frontal Lobe issue or perhaps a serious cover up???.... making this decision as they are during such a time for everyone. Here is the other article and video I found. I hope you'll find them interesting.

Fury on the right as McConnell outlines new plan for Obama to raise debt ceiling

http://news.yahoo.com/blogs/ticket/fury-mcconnell-outlines-plan-obama-raise-debt-ceiling-204213811.html (Article with Video)

http://news.yahoo.com/video/us-15749625/25924034 (Video)