Atlas, the Shit is indeed hitting the fan, and I'm not surprised given the continued coddling of Wall Street that has taken place over the past several months.
Timothy Geithner, Treasurer and Goldman Sachs 'pimp boy' is starting to feel the heat.
Yesterday it was Peter DeFazaio, a Democrat from Oregon who called for Geithner and Summers to resign. Today the call was from the ranking House Republican on the Joint Economic Committee, Kevin Brady of Texas.
Here is the 'heated exchange' on video:
This is going to be a short diary, but I wanted to get this news out to everyone.
This is obviously a 'highly charged' political move by Rep. Brady of Texas, however, I feel that it is time for a huge change in President Obama's 'economic advisers circles'.....
It is time to get the damn 'foxes' out of the 'hen house' because let's face it, nothing has been done to reign in the continued 'controlled fraud' at the SEC, NYSE, or other corruption that pervades Wall Street.
The argument that President Obama put Geithner and Summers in their positions because 'they knew where all the bodies are buried, were part of the problem and therefore could be part of the solution' no longer (if it ever did) makes any sense at all.
But let's consider the cold hard facts of how the TARP money (our tax dollars) has enabled Wall Street to make record profits and now insane amounts of bonuses this year, while more than 15 million Americans have lost their jobs and homes, because no one, including Congressional members or the White House, has held Wall Street or the Banks accountable for the financial meltdown that brought out nation to its knees. Instead, the financial reforms are currently being gutted, and Barney Frank has decided to 'ignore' the credit derivatives that are still being used as a 'Vegas type' tool to make billions everyday for Wall Street.
This is where we are at thanks to the 'dictatorship' of Geithner and Bernanke (and please, if you possibly can do not state that these two 'saved the country'....that is such a lie). These two were charged with 'regulating the financial sectors' and looked the other way as far back as 1999 so that their pals on Wall Street could 'rape and pillage.' The didn't do their jobs, and because of that they were 'rewarded'. Here is where we are at:
Consider these facts:
Bernankes Secret Debt Solution The U.S. government’s official debt is at an all-time high of $11.8 trillion. Every year, Washington has to make a staggering $335.3 billion in interest payments just to avoid default on that debt. In fact, just the interest on the national debt now equals 12% of all federal spending.
Bernankes Secret Debt Solution The Federal Reserve is also in hock up to its eyeballs — the liabilities on its balance sheet have DOUBLED — from $1.2 trillion a year ago to more than $2 trillion today.
Bernankes Secret Debt Solution Most terrifying of all — especially with the first wave of almost 4 million baby boomers reaching retirement age this year — unfunded government IOUs are coming due on Social Security, Medicare, and Federal pension payments. Those obligations are enormous: An estimated $104 TRILLION.
We are now the single most indebted nation in the history of the planet. We owe more to foreign investors, retirees and ordinary citizens than we could ever hope to repay.
And that’s not the half of it: Washington will add an all-time record $1.8 trillion to the national debt, pushing our budget deficits to almost 13% of GDP.
This year and every year for the foreseeable future, Washington will have to borrow 80% of the world’s surplus savings just to pay its bills!
Time and time again both Geithner and Bernanke have refused to answer questions regarding the 'hidden toxic' balance sheets and exactly who was the Banks and Companies that received the 'favored status' of the back door window of endless money that the Federal Reserve has provided. So much for transparency.
Other information you need to look into Rain - where all the 'hidden toxic off sheet money went to, its called Maiden Lane:
And the most critical conclusion presented by Neil Barofsky: The SIGTARP blasts the Fed's ongoing desire to keep everything hidden and under a layer of opacity, as it keeps on lying to taxpayers that all is fine with the US economy, and urges investors to part with their hard-earned dollars and "invest" in toxic husks of zombie companies, when it knows full well that the entire financial system is constantly on the cusp of yet another collapse, and the market ponzi scheme could collapse at any minute.
The now familiar argument from Government officials about the dire consequences of basic transparency, as advocated by the Federal Reserve in connection with Maiden Lane III once again simply does not withstand scrutiny. Federal Reserve officials initially refused to disclose the identities of the counterparties or the details of the payments, warning that disclosure of the names would undermine AIG's stability, the privacy and business interests of the counterparties, and the stability of the markets. After public and Congressional pressure, AIG disclosed the identities. Notwithstanding the Federal Reserve warnings, the sky did not fall; there is no indication that AIG's disclosure undermined the stability of AIG or the market or damaged legitimate interested of the counterparties. The lesson that should be learned - one that has been made apparent time after time in the Government's response to the financial crisis - is that the default position, whenever Government funds are deployed in a crisis to support markets or institutions, should be that the public is entitled to know what is being done with Government funds. While SIGTARP acknowledges that there might be circumstances in which the public's right to know what its Government is doing should be circumscribed, those instances should be very few and very far between.
http://www.zerohedge.com/...
The house of cards is falling apart, and it is time to come clean America. Stop protecting Wall Street, and put someone (Elizabeth Warren) that has the integrity to reestablish accountability and credibility in our financial markets again.
The 'outrage' that is out there is America is real, and the more President Obama ignores it, the worst it is going to get. Unlike FDR, who taped into the public outrage during the depression and created a real Pecora Commission that presented and implemented striking new solid reforms to protect Americans from Wall Street, and threw many well know Bankers and Robber Barons in jail where they belong, our current situation that continually 'protects' Wall Street is causing a huge backlash in our country, and I hope that President Obama will decide to finally take steps to 'clean house' and gain some financial experts who can bring back credibility to our nation.
God knows Geithner and Summers (and Bernanke) have failed miserably, and if this means that we have to face the pain of finally holding those accountable for what can only be considered the 'greatest financial crime in the history of our nation' then so be it.
Ignoring the problem, Mr. President is not an option any longer. Who do you stand with Mr. President? The people of Main Street who elected you, or the crooks and liars of Wall Street who brought this country to its knees, and are still being allowed to continue their nefarious and 'controlled fraud' on an epic scale.