They aren’t buying the hopenchange spin:
“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
Of course Reuters has to deflect. What they are dancing around is the fact that it reflects skepticism at Obama’s reckless policies, and what it means for the strength of the dollar.
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Never let a good crisis go to waste. King Obama wants to give Prince Geithner authority to seize non-bank financial companies. Once the government has control of the nation’s entire financial apparatus, Obama’s socialist transformation may be unstoppable.
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
The government at present has the authority to seize only banks.
Giving the Treasury secretary authority over a broader range of companies would mark a significant shift from the existing model of financial regulation, which relies on independent agencies that are shielded from the political process. The Treasury secretary, a member of the president’s Cabinet, would exercise the new powers in consultation with the White House, the Federal Reserve and other regulators, according to the document.
The administration plans to send legislation to Capitol Hill this week. Sources cautioned that the details, including the Treasury’s role, are still in flux.
Let me be perfectly clear about this bill: it must be stopped at all costs. If such a bill passes, it will mean the end of capitalist(-ish) America.
Obama’s socialist ties were exposed during the campaign, but we were told we just couldn’t call him that. How dare we call him a socialist; why, that’s hyperbole! But now we have all the proof we need.
He wants the government to run the entire economy. That is socialism, and those who seek to advance it must fail. It is the obligation of those who believe in freedom to ensure that they do.
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Not content with spending the US economy into oblivion, Secretary Geithner is imploring the rest of the world to also destroy themselves in the name of “stimulus.”
Treasury Secretary Timothy F. Geithner yesterday unveiled a sweeping plan that calls on the United States and other nations to offer billions more to bail out economies in crisis and prods a reluctant Europe to prop up the reeling world economy with more aggressive government spending.
But the campaign is triggering controversy on both sides of the Atlantic. In Europe, some officials doubt the wisdom of falling deeply into debt to create jobs and halt the plunge in consumer demand, as the United States is doing. On Capitol Hill, members of Congress have grown wary of approving still more money.
Geithner said the administration will ask Congress to make $100 billion more available — nearly doubling the current U.S. commitment — to the International Monetary Fund to aid struggling nations. U.S. lawmakers said yesterday that they are already bracing for the administration to request hundreds of billions of dollars in more rescue funds for U.S. financial firms, and possibly a second massive economic stimulus package as well.
The IMF is pushing for more aid to Africa. The problem is, aid to Africa has never worked. But Geithener wasn’t done.
Geithner said he plans to press his counterparts from major economies to boost their fiscal stimulus and to sustain that spending for as long as the downturn lasts. “Forceful” actions by the world’s leading economies are needed because “the global recession is deepening,” Geithner said.
What was it Albert Einstein said about insanity? Oh, right:
“Insanity: doing the same thing over and over again and expecting different results.”
If “the global recession is deepening” despite all the “forceful” big government plans so far put into action, it may be time to start committing those who call for ever more.
Einstein also had another saying relevant to our current mess:
“We can’t solve problems by using the same kind of thinking we used when we created them.”
Tell that to the big government interventionists.
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I am a libertarian-conservative blogger living in the DC area. I have a Master's degree in Political Science and work in public policy, but please don't hold that against me.
