WOW! Must See TV: Congressional JEC panel ripping Geithner apart: Rep Brady (R-TX) first to ask him to resign: MiM starts Obama economic team “shake-up” watch…
If you look at UE Tim, the US is substantially WORSE off than it was when Obama took office to answer Timmehs whine….In fact someone should tell Tim, taking him at his word that he believes all measures, any measure of economic activity shows things are better since January, the measure of foreclosures and delinquencies has also more than doubled since Obama ‘took charge’:
Update: 12:10pm EST: uh oh. Kudlow says and Steve Liesman confirms, that Geithner is the most fiscally conservative member of Obamas economic advisers. No wonder we are in a world of hurt! CNBC just ran the Brady Timmeh back n forth so it should come up in a video post shortly. will get it up right away.
Update: 11:!5am OMG OMG Geithner just threw Seniors unda da bus!! He acknowledges to Brownback that yes the CBO score only works if Congress actually DOES the Medicare cuts and he insists they must and should and will DO THE CUTS. He says the costs have to be reduced, Brownback is saying but why cant we save Medicare? Good grief Geithner is a disaster, you aren’t supposed to tell Seniors they are getting thrown under there Timmeh, Obama will be displeased. Good ad for the GOP though!
WOW!! Excellent!!!! Live feed from CNBC here
I am starting Geithner Fired/Resigns Watch now, there will fer shure be some sort of ‘ Obama economic team shake-up’ to placate the rumblings as they get ready to ask for MORE STIMULUS…They can’t get away with it under Geithner IMO, looks like he is marked as sacrificial lamb, but the Progressives will be no happier with Larry Summers, lol….
Typos abound, getting ready while I do this- TImmeh is red and ranting and blaming Bush and Rep Brady made him acknowledge yes he was head of NY Fed when this collapse happened, and they are cross talking, Brady says the public has lost all confidence in Geithner and he reflects badly on his President, he says at some point Geithner has to take responsibility…ohhh excellent!!
Update: 11:04am EST: Rep. Burgess (R-TX) just said “I don;t think you should quit, you shouldn’t have been hired”. Is that a bus engine I hear idling??? This the Joint Economic Committee and is made up of both Senators and House members, double the fun!! Now Sen Brownback is going off about the health care plan and the Yuan peg…
(FD-MiM is a former AIG employee and shareholder and we have followed Geithner’s handling of the crisis as NY Fed-head closely for two years now, our posts on Geithner, Hank Paulson and AIG are legion. Our previous posts on Geithner and the troubled CITI bailout here and here and here and here and here and even here ….)
This is in keeping with the report in TheHill this morning:
A Congressional Progressive Caucus (CPC) member said there’s “growing consensus” among liberals that Treasury Secretary Timothy Geithner should step down.
Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore “Main Street.”“A growing consensus in the caucus [believe that Geithner should be removed],” DeFazio said on MSNBC this evening, adding that some lawmakers are “considering questions regarding him and other economic advisers.”
DeFazio said that lawmakers have not yet drafted a plan to remove Geithner. The lawmaker also took aim at top Obama economic adviser Larry Summers for furthering many of the same policies favored by Geithner.
“We need a new economic team,” said DeFazio…..
Hey man, live by the populist pitchforks, die by the populist pitchforks. Hard to put that class war genie back into the bottle and it was a HUGE mistake to embolden the populist rhetoric flame throwers in the House…
This drum beat is getting louder. Dodd thinks Geithner is a drag on his polling, lol, and Simmons, Dodd’s GOP opponent called for Geithner’s resignation already:
A former House Republican running for the Senate in Connecticut is calling for Treasury Secretary Timothy Geithner to be replaced over his handling of AIG’s bailout.
GOP candidate Rob Simmons reacted to a report by Neil Barofsky, the inspector general of the $700 billion bailout program, known as the Troubled Asset Relief Program (TARP).
Barofsky’s report criticized the Federal Reserve Bank of New York, which Geithner led during the bailout, for a series of missteps that Barofsky said ended up requiring the government to provide additional support to AIG.
“The report issued yesterday by the inspector general for the TARP program is a deeply troubling account of Secretary Geithner’s failed management of the AIG bailout in which he cost taxpayers $13 billion in unnecessary new debt,” said Simmons, who appears to be the only candidate or office-holder to call for Geithner’s replacement in response to the report.The federal government committed more than $180 billion to AIG, which was crippled by poor investments and trades in credit default swaps, a financial derivative.
Simmons also attacked his opponent, Senate Banking Committee Chairman Chris Dodd (D-Conn.), in the statement calling on Geithner to be replaced.
“The cozy relationships between the bailed-out financial companies and powerful politicians like Tim Geithner and Chris Dodd are exactly why Americans have lost trust in Washington, D.C., and why we need new leadership with the skills and integrity to clean up their mess and get our economy back on track.”…
More great housing news:
US mortgage delinquency rates and the percentage of loans that entered the foreclosure process jumped in the third quarter, with both reaching record highs, the Mortgage Bankers Association said on Thursday.
The percentage of loans on which foreclosure actions were started rose to 1.42 percent in the third quarter, an all-time high, up from 1.36 percent in the second quarter and 1.07 percent in the third quarter of 2008.
…The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.64 percent of all loans outstanding as of the end of the third quarter of 2009, up 40 basis points from 9.24 percent in the second quarter and up 265 basis points from 6.99 percent one year ago, the MBA said in its National Delinquency Survey. The delinquency rate broke the record set last quarter. The records are based on MBA data dating back to 1972.
…The percentage of loans in the foreclosure process at the end of the third quarter was 4.47 percent, an increase of 17 basis points from 4.30 percent the second quarter of 2009 and 150 basis points from 2.97 percent one year ago.
The combined percentage of loans in foreclosure and at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey….
JEC Testimony: Ron Paul asks Bernanke the 64Million dollar question: How will you drain all this liquidity out of the system when prices begin to rise?
Courtesy of VoiceofAmericans2008:
May 5, 2009
Bernanke testifying before Joint Economic Cmte in Congress