Timothy Geithner Biography
When attempting to write a Timothy Geithner biography, one is tempted to start off with the old Steve Martin skit about his (a white man) having been born a poor black child--after all, he so loves to help the mad Libs play up the Barack the Magic Negro propaganda. But, in reality, this white trash liberal was born in Brooklyn, New York to Mr. and Mrs. Peter F. Geithner of Larchmont, New York, on August 18th, 1961. He got a Bachelor's degree in government and Asian studies from Dartmouth College in 1983 and then went on to the Johns Hopkins School of Advanced International Studies, where he earned his master’s in International Economics and East Asian Studies in 1985. He has studied Chinese and Japanese and has lived in China and Japan as well as East Africa, India, and Thailand.
He joined the Department of Treasury in 1988, and eventually became the ninth president and CEO of the Federal Reserve Bank of New York on November 17th, 2003. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC) which is the group that puts together the nation's monetary policy.
On January 22nd, 2009, the "Washington Daily News" wrote: "Geithner said he was careless in failing to pay $34,000 in Social Security and Medicare taxes from 2001-2004 when he worked for the International Monetary Fund. He apologized to Congress. 'I have paid what I owed,' President Obama's Treasury pick said. He also paid penalties. A sheepish Geithner grudgingly told the Senate Finance Committee he 'used TurboTax to prepare my returns' in 2001 and 2002. The remark from the New York Fed boss drew laughs and guffaws in the Capitol Hill hearing room."
So much for higher education, eh? But the fact is that idiocy is all part of the Timothy Geithner biography and background0--which we can only assume is why Emperor Dumbo nominated him to Treasury Secretary, and why the mad Liberal Senate approved of that nomination.
Here we have a man who cannot use Turbo Tax software and cannot even hire competent accountants--for he went on to say that he did hire an accountant to help him do his taxes in 2003 and 2004 and they also failed to catch his error. This is the kind of person who should be running the entire federal government financial system? He isn't even competent to come up with a reasonable excuse for his so-called "error"--he used the brilliant mad Lib excuse that the Devil (that is, technology) made him do it. One can only imagine what the media would have done to this guy if he had been part of the Bush administration.
Well, another chapter in the Timothy Geithner biography simply must be all about his "cash for trash" plan. When Geithner announced that you--the taxpayer, without any say in the matter--would now be buying up all of those garbage CDS contracts that are worthless (for you have to since there is no market for them, because real investors are not interested in that junk), the very things that largely caused this economic "crisis", the Dow Jones Industrial Average jumped upward 497.48 point--its fifth-biggest single trading day in its history (March 23rd, 2009). Wow...the promise of more free money which isn't free, the very same free money that was never free that has caused the housing and lending debacle, gets more sheeple in there buying up hollow fantasy. Of course, there are also some shrew investors in there who are taking advantage of what they feel the government is forcing them to take advantage of these days--the irrational euphoria which is the other side of the typical trader's trading coin--opposite fear.
But Dan Greenhaus, an analyst at Miller Tabak said concerning Geithner's move in relation to the CBOE Volatility Index (an uncertainty measurement), which edged only a tad lower in response, “The VIX is obviously responding to the positive action in the equity markets, but the fact remains that north of 40 remains elevated in relation to where it was trading prior to the crisis. There is clearly uncertainty and nervousness in the markets irrespective of the short term move higher and as long as those general feelings continue, the VIX is going to have a hard time moving considerably lower.”
Timothy Geithner's biography should be titled 'Cash for Trash', should it not? After all, he does draw a salary.
Timothy Geithner biography