Apr 01 2009
What Tim Geithner Doesn’t Want you to Know
Hat tip Political Base
So, what is it exactly that Tim Geithner is trying to do? It seems to be another bamboozling of the American people according to F.William Engdahl as he wrote in Financial Sense.
If you remember, Geithner was an assistant to Treasury Secretary Larry Summers during the Clinton Administration. Summers is now Obama’s Chief Economic Adviser. Now two things that Summers did that led to the present financial mess were: 1.) he convinced Clinton to repeal the Glass Steagall Act. This Act had been in place since the Depression that “prohibited mergers of commercial banks, insurance companies and brokerage firms like Merrill Lynch or Goldman Sachs. 2.) Summers proposed a law in 2000 that was an obscure but deadly important Commodity Futures Modernization Act of 2000. That law prevented the responsible US Government regulatory agency, Commodity Futures Trading Corporation (CFTC), from having any oversight over the trading of financial derivatives.”
So, you can see, that it is precisely Summers and his protege, Geithner, who were responsible for the current financial mess. Another thing that the public is unaware of is that just five banks control 96% of the money, namely “JP Morgan: 88 trillion in derivatives; Bank of America: 38 trillion in derivatives; Citibank: 32 trillion in derivatives; Goldman Sachs: 30 trillion in derivatives; the merged Wells Fargo-Wachovia: 5 trillion; Britain HSBS Bank USA: 3.7 trillion.”
The real solution is already in place with a method called a receivership in which the defaulted banks are audited and assets and liabilities are sorted out by an independent audit. The irresponsible management is purged and the purged banks are sold as smaller units to the public.
However, Geithner is trying to protect his friends by keeping this information from the Public. It has also been stated by a widely circulated youtube video called the “Obama Deception”, that Obama, himself, is just a Wall St front man.
