The Golden Truth: The Bell Tolls For Tim Geithner...

Monday, November 23, 2009

The Bell Tolls For Tim Geithner...

The NY Times is reporting that Jamie Dimon, CEO of JP Morgan, is being touted behind the scenes as a possible successor to Tim Geithner. The NY Post also had the story. The fact that this story has surfaced like this suggests that the end is near for Tiny-Brain Tim:

Mr. Dimon “would love to serve his country,” the newspaper quoted people familiar with his thinking as saying...here's the link: NY Times: Geithner May Be Done

If Obama really wants to clean up the mess in the financial sector, he would find a replacement that has absolutely no economic ties to Wall Street or the Fed. Since the primary purpose of the Treasury Department is to oversee the collection of tax revenues, the disbursement of those revenues and managing the liability side of the Government's balance sheet (i.e. issuing debt to finance the Government), perhaps someone with a solid background in accounting and bread and butter banking operations would be a good choice. Since regional banks are the backbone of small business lending, and small business growth is the backbone of job growth and econmic stability, perhaps a solid candidate might be the CEO/CFO of a successful regional bank.

The problem with Jamie Dimon is that he would be nothing more than a retread of Stuttering Henry Paulson - albeit a version of Paulson less the stuttering speech impediments. Recall that Paulson is the person who essentially hijacked $700 billion from the Taxpayers and shuffled a large portion of that money thru AIG to Goldman Sachs, JP Morgan and others. How can we possibly expect Jamie Dimon to act differently that Paulson did, which would be for him to act in the interests of the American Public and not the corrupt Wall Street Community?

This just in from a loyal reader: The overall strategy needs to be to avoid Wall St and anyone who may be connected to that avenue. The Treasury needs to be about protecting the taxpayers $ - Wall St is inherently set up to abscond with it.

My response: Putting Dimon in there would be nothing more than replacing a barking chihuahua with Godzilla dressed up as Florence Nightingale.

8 comments:

EdwardoMonday, 23 November, 2009
No change whatsoever should be expected with the installation of Dimon. He's merely the head of the other firm in the bankster crime syndicate's demonic duo. Tim is clearly earmarked for fall guy status and his may be a nastier fall than one might imagine since Tungsten Tim has quite a bit of dirt squirreled away in his tiny, little cranium.
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Dave in DenverMonday, 23 November, 2009
No doubt it would be worse if Dimon were put in there. Geithner has proven to be completely incompetent as a polical operative.

Putting Dimon in there would be nothing more than replacing a barking chihuahua with Godzilla dressed up as Florence Nightingale
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HalMonday, 23 November, 2009
I kind of like (please note sarcasm) when Timmy said on Capitol Hill the other day that by any measurement we are in a recovery.

Let's see--increasing unemployment, increasing govt debt and bankrupt states and munis is now a leading indicating sign of recovery?

I missed that class too.

Got gold?
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EconomicDisconnectMonday, 23 November, 2009
I thought this story was a joke, but it is for real. I just cannot see anything changing just by switching around the same players.
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Dave in DenverMonday, 23 November, 2009
gyc, it's more about turning a political hack into a sacrificial lamb, and replacing it with a polished operator. Geithner is nothing more that Robert Rubin/Goldman Sach's worn out dirty dish rag. Dimon is the "mini-me" of the ultimate Wall Street Mafia don, Sandy Weill. This also buys some breathing room for Obama.
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AnonymousTuesday, 24 November, 2009
Ah, the next looter to be rewarded with a Tax-Free cash out of his ill recieved gains. Ain't that some shit?
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BillTuesday, 24 November, 2009
Dave,

Check it out...the smart BIG money has been moving in. No surprise to us, but to Joe Public this is a huge article and may begin to ignite gold fever in the masses:

http://finance.yahoo.com/retirement/article/108218/gold-investments-barrel-into-the-mainstream;_ylt=AoVp1Fhp.qhgtT7I9bX51SYvBa1_;_ylu=X3oDMTBvaWY1ZjBqBHBvcwMxMwRzZWMDYXJ0aWNsZQRzbGsDMQ--?mod=retire-planning
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BobTuesday, 24 November, 2009
Jamie Dimon is a pretty smart guy. I like the fact that he told Congress to shove it. He has never been a team player so much as a "do what's right" kind of guy. You have to look at his career to really understand that. Jamie Dimon may be one of the few people that could actually do the job, assuming Obama lets him. More likely, he takes his tax free profits from liquidating his portfolio and quits in a year. He does not tolerate fools well and the Obama Gang is full of them.
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.