Sunday, February 15, 2009

Geithner, China & Saudi sittin' in a tree...

As concerning as this economic downturn is... it's really a symptom of a much bigger issue - the redistribution of wealth from developed nations to developing nations.

The most noticeable factor for most of us has been the shift of manufacturing jobs to Asia and Latin America. More recently the service sector has been bleeding jobs from America and Europe to BRIC and elsewhere.

But the redistribution of wealth is now moving full steam ahead with a sellout of American interests under the auspices of the global economic crisis. Gone are the days of the G-7 (Britain, Canada, France, Germany, Italy, Japan, USA). Now America is sitting at the G-20 table.

As Bloomberg News reports:

The Group of Seven, whose finance chiefs convene this weekend in Rome, is ceding its traditional power to rebuild the world economy to a broader body of governments that now wield greater sway over global growth.

As U.S. Treasury Secretary Timothy Geithner and European Central Bank President Jean-Claude Trichet join their G-7 counterparts, it’s the Group of 20 that occupies the vanguard responding to the financial crisis.

The shift in influence to the group, whose membership ranges from the U.S. to China to Saudi Arabia, reflects the fact that industrial nations lack the resources to fix the world’s economic woes alone. That curbs the G-7’s scope to deliver new initiatives this week, say economists and former officials.

The internationalists will rejoice! But I fall into the camp that places America and freedom first.

While Geithner would love for me to forget about that little incident in Tiannenman Square, I won't. See I care about the "little things," such as transparency and freedom of speech.

Why should I trust China about anything?

But what I don't understand at all is... why does Obama stick with this guy?

Geithner has clearly demonstrated that he places himself before country. And now Obama is asking him to sit down at a table with China and Saudi... and come up with some sort of fair deal on economic policy reforms? Please.

Why should I trust Geithner about anything?

Someone needs to ask Obama that since he ran against "Bush's failed economic policies," what exactly is his vision of economic change? I mean, is Geithner a Bush guy or not? If so, what is Obama's change?

Of course, there is no change. And that's the way the billionaire bankers want it... with Bush, Obama and all Presidents - going back to before Obama was born - drinking their kool-aid.

Unlike his predecessor, I think Obama will admit it when he makes a mistake. I hope it's not too long before Obama realizes he made a huge mistake with Geithner... and gets rid of him on the spot.

Geithner has got to go.

Tim White


Anonymous said...


Obama will admit he made a mistake after the damage is done, when it is so obvious he has not other choice. The Daschle thing was a no brainer for him; oh geez, I am sorry, I made a mistake.

His own stimulus package is a mistake; no make that a death sentence for the US dollar. This is regardless if it is transparent or not.

Obama believes that his policies will work. He thinks more debt is going to help get us out of the debt crisis.

Lets start judging Obama by his actions and not his words.

"Hope" is a poor man's supper.

Best Regards,

Mike Ulicki

Anonymous said...


Here is the Joint Committee on Taxation's breakdown of the so-called tax cuts which are not tax cuts. As you will see, this is more endless tinkering with the tax code to push the liberal agenda. A $400 tax credit (which nets $8/week in 2010 for the average worker eligible) is not a tax cut. Even if we believe these numbers the total tax-related "stimulus" in 2009 is just over $90 billion -- a fraction of the total bill.

Sen. McConnell's office reports the following pork:
-- Tax Benefits For Golf Carts, Electric Motorcycles and ATVs:
--300 Million For Federal Employee Company Cars
--$1 Billion For ACORN-Eligible Block Grants:
--$50 Million For An Arts Endowment
-- $165 Million For Fish Hatcheries

Fox News readers have found the following pork (pulled directly from article):

--NASA is set to receive $450 million for "Science" and another $200 million for "Aeronautics."
--$198 million in pensions for Filipinos who fought alongside the U.S. during WWII.
--More than $28 billion is being provided to put kids in special education, Head Start and child care and development programs for disadvantaged children.
--$100 million for the Lead-Based Paint Hazard Control Grant Program
-- $200 million to the Leaking Underground Storage Tank Trust Fund Program
-- $300 million for "Violence Against Women Prevention and Prosecution Programs"
-- $900 million for the IRS for the "Limitation on Administrative Expenses"
-- $1 million for the Railroad Retirement Board for administrative costs
-- $2 billion for the Drinking Water State Revolving Act
-- $50 million for Health and Human Services to carry out injury prevention programs
-- $1.1 billion for studies on the effectiveness of different medical treatments
-- $200 million to upgrade labs and facilities for the Department of Agriculture "to improve workplace safety and mission-area efficiencies"
-- $10 million for urban canal inspection
-- $16 billion to pay for student financial aid
-- $1 billion to pay for the U.S. Census
-- $600 million to pay for a fuel-efficient federal auto fleet
-- $650 million for the Digital Converter Box Program to help the constantly delayed transition from analog television
-- $485 million to the Forest Service for "hazardous fuels reduction and hazard mitigation activities in areas at high risk of catastrophic wildfire"
-- Up to $1 billion for "summer activities" for youths as old as 24
-- $40 million for the occupational research agenda
-- $3 billion for the Centers for Disease Control wellness programs and vaccinations
-- $410 million for Indian health facilities
-- $2.4 billion for carbon-capture demonstrations