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« Wednesday Morning Links (July 15, 2009) | Main | Fareed Zakaria Interviews Tim Geithner (GPS Clip) »

Sherman To Geithner: Can We Tell America Today That Capitalism Is Back?..Mr. Secretary, Please Answer The Question (Clip)

Right at the onset, watch how Timmaaay leans way to his right almost out-of camera and flashes a clown's grin. Charming the Sherminator does not work.  Sherman ("Capitalism Is Back!") has a simple question.  Tim Geithner will not answer it.  Geithner is hedging himself for future trouble.  He doesn't want to make any categorical declarations about future bailouts (because he knows they're coming).  It's the epitome of moral hazard.

Sherman's questions:

  • "Is it theoretically possible that a derivative issued today will be subject to a bailout tomorrow?"
  • "Do you want to use this opportunity to tell the financial markets that there is no more bailout?"
  • "Or do you want to use this opportunity to tell our constituents that derivatives being sold today might result in the bailout payments of tomorrow?"
  • "Mr. Secretary I can understand why you want to answer someone else's question, but I get 4 minutes..."

Commentary from James:

That "worthless piece of maggot shite" (2:20 mark on WalStreetPro link), Tim Geithner gets smart and sassy with the Sherminator (Rep. Brad Sherman, D-CA). 

Sherman asks Geithner if CDS sold TODAY may be subject to a bailout TOMORROW if the seller goes under.  Turbo refuses to answer and says it would be "irresponsible" of him to answer such a "simplistic" question given the "enormous complexities" of the situation.

Personally, I quiver with rage and indignation when I hear this kind of talk: "Things are very complex - we elites understand them and you peasants do not.  Trust us.  And give us some money." 

What cheek.  What obvious non-sense.  More evidence that your government doesn't give a shite what you or your representatives think.



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Reader Comments (4)

For newcomers (in fact 75% of our visitors every day are NEW...never had their IP recorded on our site even once)...here's what we do:

We cover all stories related to the institutionally dysfunctional, painfully inept and completely counter-productive taxpayer bailout of failed people, ideas, businesses, pensions, municipalities, states and ultimately, we fear, of our federal government.

Tell your friends about our site and what's going on in Washington. Help us spread the word about the immoral transfer of debt from failed, private banks directly onto the backs of your chldren. And to young people directly, seriously wake the f up, and realize that it's mostly your cash that's headed out the door.
Jul 15, 2009 at 7:00 AM | Registered CommenterDailyBail
the link to the video is not working
Jul 15, 2009 at 8:41 AM | Unregistered CommenterKathleen
try it again...kathleen...it just worked for me few times in a row...what happens is youtube will say it's not available if there's an overload.
Jul 15, 2009 at 8:43 AM | Registered CommenterDailyBail
Great links (including in post above) these days, Daily Bail. Thanks for all the work, as always.

I saw this and thought you might enjoy it, too: http://thinkmarkets.wordpress.com/2009/07/13/we-are-all-fascists-now/
(for your philosophical side).
Jul 15, 2009 at 12:08 PM | Unregistered CommenterSonic Ninja Kitty

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