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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."

Get details here...

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Reader Comments (23)

May 15, 2011 at 12:40 AM | Registered CommenterDailyBail
Double dip, what happended to the cliff we were going to fall off of?
May 15, 2011 at 12:59 AM | Unregistered CommenterPatriot Games the Party Tribalist
'OMG OMG OMG OMG Corbin! Corbin my man! What are we gonna DOOOOO?!?!?!?!?'
Listen to the Answer here : http://www.youtube.com/watch?v=8PcKlI28wLE

May 15, 2011 at 1:16 AM | Unregistered CommenterChristian
Sounds like extortion to me.
May 15, 2011 at 1:25 AM | Unregistered CommenterThebes
Drop the hammer and default.
May 15, 2011 at 1:41 AM | Unregistered Commenterj r
I wonder how long it's going to take Obama to realize Geithner IS the reason he ain't gonna get re-elected.
May 15, 2011 at 2:37 AM | Unregistered CommenterBenny and the Talibanks
this is the shakedown they were hoping to get to finally. this is the 'making the CONgress and SENILEate an offer they "dare not refuse.."

Geithner must have watched Brando for days to get his teeny balls inflated enough to float this shit, eh?
May 15, 2011 at 6:43 AM | Unregistered CommenterGODFATHA GEITHNER
Geithner forgot to mention that a default would prevent the USA from funding anymore three trillion dollar wars for Israel and the handouts (financial tributes?) given to prop up Israel's immoral behavior.

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!

May 15, 2011 at 8:36 AM | Unregistered CommenterMichael Volz
I he is predicting a double dip recession unless......................
WTF have we been living through up until now?

May 15, 2011 at 10:39 AM | Unregistered CommenterSheila
"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." "-----EXACTLY. "...economic bebefits"?...to whom? A Ponzi is a Ponzi no matter what you call it Timmy
May 15, 2011 at 10:50 AM | Unregistered Commenterrobertsgt40
What "would" happen if this or that didn't happen. Let's break that down. "Would" is what's known as the subjunctive voice. It's an exacta ticket at the track, combining IF x and then y WILL happen. To assess the credibility of the bettor's opinion, consider his track record of predictions, i.e., what WILL happen.

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.
May 15, 2011 at 12:35 PM | Unregistered CommenterCheyenne
What happens in your house when you max out the credit card? Do you default? Didn't think so.
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.
May 15, 2011 at 1:02 PM | Unregistered Commenterstevein Iowa
cheyenne...have you read this one on geithner...very interesting...

May 15, 2011 at 1:29 PM | Unregistered CommenterDaily Bail
I am not surprised that most Americans don't trust their government anymore. Everyone knows that paying national debt with more debt is not going to lead the country out of recession. There must be something else to be done. For example cutting defense spending or abolishing subsidies for corporations.
May 15, 2011 at 1:48 PM | Unregistered CommenterLorne Marr
Give me 5 minutes with that guy and I'd wipe that smirk off that c__ks____rs face!
May 15, 2011 at 1:49 PM | Unregistered CommenterJerry
The debt will never be repaid....they are asking for the band to play an encore...ANYTHING but stop the music. "Just a little bit longer" as sung by Jackson Browne............AB
May 15, 2011 at 8:46 PM | Unregistered Commenterain't bullshitt'n
LOL Well said, AB.
May 15, 2011 at 9:02 PM | Registered CommenterDr. Pitchfork
May 16, 2011 at 11:44 PM | Unregistered CommenterWTH
YOU, Mr. Geithner are RETARDED!
May 16, 2011 at 11:45 PM | Unregistered CommenterWTH

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