imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles

Tim Geithner's Legacy of Shame

by Stephen Lendman Tuesday, Jan. 29, 2013 at 12:06 AM
l

grand theft

Tim Geithner's Legacy of Shame

by Stephen Lendman

From January 26, 2009 - January 25, 2013, he was Obama's Treasury Secretary. He and Fed chairman Bernanke engineered crisis conditions.

Bankers profited hugely. They still do. Ordinary people were scammed. Geithner's gone. His legacy speaks for itself. His background showed what to expect. He spent three years at Kissinger Associates.

From 1988 - 2002, he held various Treasury posts. He left to become Council on Foreign Relations international economics department senior fellow.

From 2001 - 2003, he was IMF Policy Development and Review director. He left to become New York Fed president.

He partnered with Treasury Secretary Hank Paulson and Bernanke. They planned the grandest of grand thefts. They implemented banker bailouts.

They looted the federal treasury. They stuck taxpayers with the bill. They debased the currency. They transformed America into an unprecedented money making racket.

As New York Federal Reserve Bank president/vice chairman of the Fed Open Market Committee (FOMC), Geithner helped engineer crisis conditions.

As Treasury Secretary, he exacerbated them. He turned them into a protracted mainstream depression.

In November 2008, Michel Chossudovsky asked "Who are the Architects of Economic Collapse?"

The "financial meltdown (wasn't) the result of a cyclical economic phenomenon." It was willful government policy. It was implemented "through the Treasury and the US Federal Reserve Board."

It was and remains "the most serious economic crisis in World history." Banker bailouts exacerbated crisis conditions. They "trigger(ed) an unprecedented concentration of wealth."

Economic and social inequality followed. Indebtedness "skyrocketed." Everything that happened was planned. Robbing poor Peter to pay rich Paul became policy.

Geithner and Bernake bear full responsibility. They partnered in crime. Neil Barofsky was Troubled Asset Relief Program (TARP) watchdog. He served as SIGTARP (Special Inspector General for TARP).

In July 2009, he estimated the initial $700 billion bailout could balloon to $23.7 trillion. He said Obama administration secrecy concealed what's essential to reveal.

Trillions were stolen. From $9 to $14 trillion is known. Estimates range to multiples that amount. Corrupt bureaucrats and crooked bankers alone know how much.

Five major ones matter most: JP Morgan Chase, Bank of America, Citibank, Goldman Sachs and Wells Fargo. They reflect more than too big to fail. What they say goes. They occupy Washington. They run America. They dictate policy.

Geithner and Bernanke are crime bosses. They're complicit in grand theft. They abandoned Main Street for Wall Street. They know where the bodies are buried. They know the harm they caused.

Bankers got bailouts. Ordinary people were lied to and scammed. Geithner and Bernanke exceeded the worst of Bush administration policies. Too big to fail became a license to steal.

They serve Wall Street giants. They engineering a financial coup d'etat. They created a fraudulent housing and debt bubble. They illegally shifted vast amounts of capital offshore.

Privatization became piracy. It was used is as pretext to shift government assets to private investors. They did so at below-market prices.

At the same time, they moved private liabilities to government. They did it at no cost to private interests.

They're waging war on middle America. They want social societies destroyed. They want banana republics replacing them. Labor is earmarked for destruction. Totalitarian neoliberal rule is planned.

Unaccountability is institutionalized. Crisis conditions remain unresolved. Much worse ahead looms. Expect Geithner to return to his ideological roots. He's heading back to Wall Street. Expect him to cash in for services rendered.

Days before he left, he called his bailout scheme doomed to be unpopular. "You look like you're giving aid to the arsonist," he said.

He claims history will judge him more kindly. He turned reality on its head. He wrecked the economy. He claims he saved it. He didn't avoid a Great Depression. He caused one.

He didn't save millions of jobs. He destroyed them. He engineered fake financial reform. He capitulated to Wall Street. He avoided real change. He advanced global monetary control. He did it at the expense of fairness.

He took advantage of a corrupted system. It's crisis-prone, unstable, anarchic, ungovernable, and self-destructive. It repeats boom and bust cycles.

Crooks run monetary and fiscal policy. Recessions and depressions follow. Ordinary people are hurt most. Bankers and other financial giants profit enormously. Add money laundering to their profit centers.

Money power controls America. Policy facilitates grand theft. Too big to fail banks consolidate. They become larger and more powerful.

They game the system for profit. They gamble with public money. They wage financial war on humanity. Massive fraud facilitates private gain. Reform is a figure of speech.

Last July, New York Fed documents implicated Geithner in rigging Libor (the London Interbank Offered Rate). It's a fundamental rate-setting benchmark. It's set daily between UK banks for overnight to 12 month durations.

It's produced for ten currencies with 15 maturities. It represents the London market's lowest cost of unsecured funding. It's the primary global short-term rate benchmark.

Last summer's scandal reflected a cesspool of financial fraud. Manipulating the rate up lets banks steal countless billions in inflated loan costs.

Downward manipulation deprives states, communities, pension funds, ordinary investors, and retirees of similar amounts from fixed income holdings.

As New York Fed president and Treasury Secretary, Geithner was complicit in fraud. His mandate was to facilitate it. He didn't disappoint.

Instead of fixing a corrupted system, he advanced and exacerbated it. He turned crisis conditions into disaster. He and Bernanke share honors as public enemy number one.

They're world class scoundrels. They gave away the store to Wall Street. They laid foundational plans for greater grand theft. In real democracies, they'd be in prison. Washington will have to explain why not.

Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

http://www.progressiveradionetwork.com/the-progressive-news-hour

http://www.dailycensored.com/tim-geithners-legacy-of-shame/
Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

The Eagle Rock Peace Vigil Marks 15 Years N27 11:23AM

12/2-3 LA Binational Conference To Cancel NAFTA and Unite Workers Of Mexico and the US N27 3:44AM

Winter 2017 National Immigrant Solidarity Network Monthly News Alert! N26 9:22PM

Nuclear Shutdown News November 2017 N26 4:23PM

Report Back on November 18th Counter Demonstration Against Anti-Muslim March N20 10:57AM

Report Back on November 18th Counter Demonstration Against Anti-Muslim March N19 7:12PM

National US Gov as wellas EPA slow to act on Abandoned uranium Mines Cleanup in Southwest N15 10:50AM

OUR HOUSE Grief Support Center Hosts 9th Annual Comedy Fundraiser N14 10:47AM

BUSTED: Watch LAPD cops plant drugs in black suspect’s wallet – unaware body cams were on N10 5:32PM

lapd shootings 1998 - 2015 N06 11:21PM

“Oh Say Can You See” How the LAPD Singing the National Anthem Cost the Dodgers WS Game 7? N03 7:30AM

Car drives into immigration protesters outside Rep. Ed Royce's office in Brea N02 2:06PM

PACIFICA RADIO BOARD SECRETLY OK'S BANKRUPTCY FILING & SEEKS NY SIGNAL SWAP O25 4:49PM

LAUSD, Privatization, Charters And The Fight To Defend Public Education Education Conferen O04 12:10PM

Afghan Women Read RAWA.org founded 1977 S27 9:42PM

[France] The State Attacks Indymedia-Grenoble and Indymedia-Nantes… Solidarity! S25 5:18PM

Segregation in the City of Angels: A 1939 Map of Housing Inequality in L.A. A15 7:44PM

Justice Dept. seeking info, IDs on 1.3M visitors to protest website DisruptJ20.org A15 1:04PM

San Francisco Rally Protests Hate Crimes in Charlottesville A14 5:38PM

New Google algorithm restricts access to left-wing, progressive web sites A02 1:52PM

Tracking Twenty Years of Stockton Killings by Law Enforcement A02 1:27PM

Garcetti Cronyism - Why and How to Ignore Your LA Dog License A01 5:05PM

Nation's Worst Meltdown Was In LA J31 4:54PM

As RV towing resumes in LA, officials say program won't 'target homeless' J31 1:15PM

Class War on the Waterfront: Longshore Workers Under Attack J21 10:18AM

Limits to Growth Published Forty Years Ago J18 5:15AM

More Local News...

Other/Breaking News

Paraphysique de la prohibition D16 2:14AM

Philippines: We condemn extension of Martial Law in Mindanao D14 9:37PM

The Shortwave Report 12/15/17 Listen Globally! D14 4:27PM

What the State Can Do D14 5:50AM

November 2017 Honduras Pre-Coup Repeat Update: Part 1 D14 5:23AM

Le système, ses agents, ses exécutants D13 11:49PM

Police problem officers D12 11:13AM

Masturbatorium de capitalisation D11 10:15PM

Palestinians, Beware Jewish Days of Rage, Hanukkah is Coming to Israel! D11 5:28PM

Asian Superstar's Book Finding Julia, Based on the Movie, Goes on Sale D11 11:16AM

I am the victim of murder for hire and need help to file a police report D11 12:29AM

Modus operandi de l'apocope D10 10:04PM

Archbishop and Evangelical Leader Tell Congress to Protect Puerto Rico in Tax Plans D08 9:51AM

Fbi is Gestapo D07 6:12PM

The Shortwave Report 12/08/17 Listen Globally! D07 5:10PM

Paraphysique de l'argutie D06 10:18PM

Holiday Tips for Grievers D06 1:27PM

Stand Against Reem's. Stand Against hate. Stand Against Violence D06 8:44AM

Base Erosion and Profit Shifting (BEPS) D06 7:53AM

Philippines - Why there is nothing Revolutionary about the call for a "Revolutionary Govt" D06 2:04AM

Historicisme d'hybridation D04 10:08PM

Real filthy fbi D03 7:30PM

People in Uproar in West Virginia-US Public lands Hearings 2017 D03 10:42AM

Le capital ou la société des inégalités D03 12:11AM

Stop Trump's tax plan D02 3:10PM

Government Regimes Are On A Global Kill Spree D01 8:29PM

Global High Crimes By Government D01 7:47PM

The Right to the City and the Greed of the Rich D01 3:32AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy