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HUFFPOST COMMUNITY MODERATOR
ScreenName05
01:26 PM on 03/23/2010
Gee, its is amazing so many smart people can be so wrong on their fundamental point. The true crisis is not and never has been the increase in federal debt. The true crisis is 25 million people unemployed and 15 million people on the street homeless. The true crisis is the continuing downward spiral of the home market and the middle class. People have been snowed about the housing market, all that has changed from a year ago is that the rate of acceleration of losses as stopped - we are still having just as many foreclosures every month as we did 6 months ago, and more than we did a year ago. This isn't the god news that Geithner keeps preaching. We have saved the investor part of the banking system, but just as in the 1930s the mortgage portion of the system is in collapse, and is only limping along because Freddie Mac and Fannie Mae are buying up toxic mortgages to make the big banks look even better. We cannot solve these problems by making rich bankers even richer. The real answer to these problems is the same one that applied in 1933 - increases in short term capital gains, dramatic increases in taxes for corporations and the wealthiest Americans. That will solve the federal debt problem and force capital investment that will create jobs.
HUFFPOST SUPER USER
jeanrenoir
01:18 PM on 03/23/2010
No contest. Volcker is the greatest Fed chief in history, and the smartest, most honorable critic of Wall St. around. He knows their game inside out, and he cares about nothing, at 80+, but doing the right thing. The fact that Obama was strongly supported by BOTH Volcker and Buffett says it all about both of them, but, above all, about Obama. They were right. I hope Obama keeps the faith with Volcker and Buffett and saves America from another Wall St. debacle of greed.
01:40 PM on 03/23/2010
Obama virtually ignored Volcker until the day after Scott Brown's election.

Check my math, but I believe the 'crisis' happened in Fall 2008, and Obama came in Jan 09', and still no Financial legislation up to this point. None. Zip. Nada. etc. Hmm, 15 months?
04:17 PM on 03/23/2010
Volcker, Geithner, and Summers began collaboration on the Volcker Rule in the fall of 2009 - long before Scott Brown was elected.
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01:17 PM on 03/23/2010
Dodd the politician that took a drop on his mortage interest rate from a company is now saying that the bankers are criminals and they need to be regulated. Rangel took money from the taxpayers from not paying his taxes, and robbing families in NYC from a homeless shelter because he wanted four rent controlled apartments. He is not a criminal. The saints like Dodd and Rangel on the current admin are the ones making the rules for us and telling us that the bankers need to be regulated. Who is lobbying(giving moneys to) Dodd?
01:13 PM on 03/23/2010
This is a huge opportunity for Obama and dems.

Volker is saying we should reverse Sen Gramm's abolition of GlassSteagall in the nineties which Clinton signed.

Volker is absolutely right but then he is a happy recently married 83 year old with little to worry about in life. Of course there are different ways of going with the Volker rule, too.

Dodd is retiring to become a lobbyist. Geithner sees himsel on a Goldman Sachs yacth in the Caribbean when he leaves office.

If Obama doesn't open his eyes and get this right he will regret it big time in November.
HUFFPOST SUPER USER
jeanrenoir
01:21 PM on 03/23/2010
You're dead right. Volcker is offering Obama the perfect opportunity to get on the right side of public outrage against Wall St. If Obama comes out STRONGLY now in favor of Volcker and against the FAT CATS, he'll help himself and the Dems hugely in November. This is his perfect chance to build on the health care victory momentum and ROUT the Republicans once and for all. He MUST NOT snatch defeat from the jaws of victory, after having done the reverse so well with health care.
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01:10 PM on 03/23/2010
So we socialized the healthcare and automobile industries. Now they are going after the banks, energy industry. What other industry will be next? The progressives are a socialist group using a nice name. Do we have a second Hugo Chavez in this country. Hugo took over all the major industries in Venezuela.... The people will not tolerate the socalists for much longer. The everyday folks are starting to see what the current admin is all about and they will start throwing them out really soon.
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Try the truth
Reality has a well known liberal bias
01:13 PM on 03/23/2010
Obvious you don't have a clue what socialized means.
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01:27 PM on 03/23/2010
What did Al Shparpton say?
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HUFFPOST SUPER USER
sposton
right to tell what they don't want to hear
01:17 PM on 03/23/2010
Giving trillions to banksters with no strings attached is not socialism. Nationalizing a failed auto-industry is not socialism. Mandating citizens to buy for-profit health plans is not socialism. All of these are clear failures of your dear unrestrained market system. These may be good examples of corporate welfare but that ain't no socialism.

I don't think you know what socialism is because your main source of information is the right wing propaganda machinery. ;-)
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01:29 PM on 03/23/2010
Nationalizing a privately owned company is not socialism? Forcing people to pay for healthcare sounds more like communism not socialism that is true. Hey ask Al Sharpton who we voted for... he said we voted for a socialist president.
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HUFFPOST SUPER USER
old timer 37
Retired CEO, engineer
01:00 PM on 03/23/2010
The financial system is like the transportation system. Deregulating it has been as idiotic as it would be to turn off traffic lights, remove lane markers and stop signs, eliminate the Highway Patrol, tickets, traffic courts, driver education, etc. and tell everyone to let the “free market” decide what happens on the highways. Only a few big, well armed tanks would travel freely, total traffic would be a fraction of what it now is, and most people would use the roads with fear and trembling. Welcome to the deregulated financial system!

People who can’t understand the tragic magnitude and scope of the "deregulation myth" shouldn't be involved in financial regulation. Deregulation has been a religious myth for unthinking people, not an evidence based theory. Apparently Geithner is still among the believers, as was Alan Greenspan until his recent evidence-motivated apostasy. Unfortunately the unthinking believers still include a significant part of Congress and the Executive Branch.

Tim Geithner and Larry Summers (the Donald Rumsfeld of finance) should be dumped… they are too limited by their blind faith and membership in the Wall Street tribe. Mr. President, let Paul Volker and Elizabeth Warren replace these Wall Street stand-ins; they know how to think and what to do based on evidence and system’s thinking.
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HUFFPOST COMMUNITY MODERATOR
ScreenName05
01:29 PM on 03/23/2010
Absolutely right. Fanned.
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01:47 PM on 03/23/2010
What membership does Tim Geithner have in Wall Street. I agree with much of what you said but why the statements about Geithner?
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HUFFPOST SUPER USER
old timer 37
Retired CEO, engineer
02:31 PM on 03/23/2010
He spent years at the New York Fed working with the Wall Street crowd. His experience is Wall Street centric, and he has built up personal relationships in Wall Street that affect his judgement. I'm not suggesting perfidy in his outlook, rather a Wall Street centric view of how the world works, which is clear from his talk. Furthermore, he is relatively young and inexperienced in other areas which might expand his view; a few years dealing with small banks in Oregon would have helped. I've held out for a long time, hoping he'd wake up, but he clearly hasn't.
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HUFFPOST SUPER USER
Jannsmoor
12:59 PM on 03/23/2010
The major problem with Tim Geithner is that he cannot escape the prison of free market capitalism being the ultimate system. He cannot shake free from his deregulationist roots.
President Obama either needs to break free from Geithner and Summers or he needs to go before the American people and tell them "You are slaves to the forces of international free market capitalist finance. I am NOT going to change that."
12:49 PM on 03/23/2010
when volcker is the more "radical" option, you KNOW we are in trouble.

elizabeth warren for prez in 2012.
HUFFPOST SUPER USER
Okieborn
Equal Rights For All !
12:48 PM on 03/23/2010
Mr. Volcker and Elizabeth Warren should be heading the overseeing all of the banking business for Obama, but the President is still sticking with the underhanded Geithner, Summers and bernanke !!
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12:37 PM on 03/23/2010
I don't believe a word that comes out of giethner's mouth. If he says right it must be wrong, if he says up it must be down, if he say day it must be night. All I see is a crook with Goldman $ach$ stamped on his forehead.
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hrc04
put on your pants and go home.
12:36 PM on 03/23/2010
You have about a foot on Geithner, Volker! Put him in a headlock until he relents.
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HUFFPOST SUPER USER
ClarcKing
Citizen
12:23 PM on 03/23/2010
No nation can escape the irreversible, accelerating, collapsing operation of the international monetary financier debt based market system. It can not be regulated, fixed, bailed out etc. Unsustainable usury and speculation in every sector of the population's economy has wrecked the greatest nation in history. Geithner and Volcker play politics with our lives, while serving the doges of finance.

Statecraft demands the termination of the monetary system: put the Fed into bankruptcy protection, recover the bailout trillions, banks that qualify will join the U.S. National Bank under Glass-Steagall standards. Assert the national authority and create the long-term debt capital that refinances industry. Counteract market forces that demand expansion of the unemployment roles; Credits and currency will be issued into the population's physical economy with the executive of creating the necessary facilities that enhance our standard of living. The attendant job mobilization and infrastructure projects will activate actual economic recovery.

If we continue to wait with patience for some miracle to emanate form this Administration, Geithner, Volcker, Bernanke, Summers et al, we will suffer a horrific economic catastrophe; a threat to the population as all out war.

The world economy is in such a state that every nation must put its' finances through a Glass-Steagall standard reorganization.

A new political organization must create the necessary economy formation measures that will counterattack the collapsing operation of the monetary financier system.
12:18 PM on 03/23/2010
When there will be a real investigation of Wall Street captains?
The same estate that created Madoff has been working hard to evade any responsibility for the financial banditism - for which the whole country must pay, except the financial bandits.
We need hard data: profit, bonuses, and first of all, the names of the executives.
12:14 PM on 03/23/2010
It's business as usual,nothing will change,once you realize that the better,FED making America the 21st century third world country,need to compete with the world so have to make our standard of living lowered too do that,NWO,it took awhile but their getting to the finish line and taste blood so too speak,so nothing is going to derail them,and those that didn't follow the rules by the FED once in office,JFK,so puppet masters running the country have a final solution and were seeing the final stage of the plan.
12:14 PM on 03/23/2010
Thanks to Simon Johnson for dissecting Geithner's position, and nailing down exactly where the flaw in this upstart's reasoning lies.

What a horrible choice for Obama, to choose a Wall Street insider and recovering deregulation addict for this position. This choice more than any other shows how "change" was just a superficial slogan.