Geithner Sends Doomsday Letter To Congress Predicting Double-Dip Recession If Debt Ceiling Not Raised
The global Ponzi must go on! Taking his cue from fellow terrorist Hank Paulson, Tim Geithner threatens Congress with all manner of disaster and destruction if they refuse to raise the debt ceiling.
Below is Geithner's letter to Senator Michael Bennet of Colorado.
“A default would inflict catastrophic far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment...Even a short-term default could cause irrevocable damage to the economy. A default on Treasury debt could lead to concerns about the solvency of the investment and financial institutions that hold Treasury securities in their portfolios, which could cause a run on money market mutual funds and the broader financial system. A default would call into question the status of Treasury securities as a cornerstone of the financial system, potentially squandering this unique role and the economic benefits that come with it."
Further reading...
May 15, 2011 at 12:05 AM
Reader Comments (23)
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Geithner must have watched Brando for days to get his teeny balls inflated enough to float this shit, eh?
A long letter, you would think he wouldn't have failed to mention these "important" items.
Senator Fritz Hollings of SC said the War in Iraq is a war for Israel and everyone in Washington DC knows it but is afraid to say it!
Mike
WTF have we been living through up until now?
Peace
Sheila
www.placeofrefuge2012.com
Bernanke, for example, has failed--over 10+ predictions--to lodge even one (1) successful prediction. He said housing prices wouldn't go down, that subprime would be contained, and that TARP would stop job losses, to name but three disastrously failed predictions. So why on earth would anyone put any stock in what Ben says WOULD happen? He's a complete failure at prognostication.
But at least Bernanke has a record. It's 0-27, but hey. Geithner is just a straight-up coward, no predictions. Rather, he opines on matters well outside his expertise (which is what, exactly, coming from a boy who grew up in Asia and came back to the U.S. to major in Asian Studies?), such as the so-called "legal" requirement to pay AIG executives bonuses, despite the fact that Timmy has no legal training at all.
No, when a bully-coward dumbshit like Geithner says "would," it's a naked threat. Like Bushama's Paulson, Obushma's Geithner serves the failed banksters exclusively. Anyone who thinks otherwise is asleep or just plain stupid.
Why is everyone on the fear-wagon thinking this means automatic default? They're going to have to learn to live
within their means, just as we do. STOP making deals that cost US money to get elected. STOP saying 'this' and doing 'that'.
I really hope the ceiling isn't raised, but I know it will be. The people who are holding out are using it as an election ploy.
When they say politics as usual, they really mean lying to the people to look tough for election day.
http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html