Monday, February 16, 2009


Seems that President Obama has dropped his plan to appoint a so-called "Car Czar" to oversee efforts to throw money out the window revamp the auto industry. Instead of appointing someone who actually knows something about the auto industry, the NY Times is reporting that Obama will place Tim Geithner and Larry Summers at the head of the presidential panel on the auto industry, to supervise distribution and monitoring of the $17.4 billion in loans already in place (H/T Naked Capitalism).

This makes sense because, as you surely know, Geithner worked a second job last summer as a welder on a Chrysler assembly line (withholding no taxes in the process as he desperately tried to supplement his paultry NY Fed income), while Summers taught a Harvard seminar called "How To Run A Detroit Industry From A Mexican Factory," when he wasn't insulting female faculty at his old university. So don't sweat it folks, we're in good hands here. If any duo can be trusted to do the right thing with seventeen billion, it's Tim and Larry.

Rumors that Obama will soon appoint Geithner as Ambassador to Iraq and Summers as Babysitter to Malia and Sasha have not been confirmed.

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Blogger Toast said...

It must be difficult walking around all day with that GIANT hard-on you have for Tim Geithner sticking out. Do you ever get stuck in doorways with that? ;-)

9:43 AM  
Blogger Mike said...

Yeah, Timmy's my hero. Anyone who can be such an obvious shill for a loathsome sector of our economy, yet rise to prominence in the "Change" administration, is obviously a special kind of guy.

9:59 AM  
Anonymous Applesaucer said...

Yeah, I don't get it.

Some people advocate the wait-and-see approach re: Geithner, Summers, etal.

These are people who probably never heard of "Geithner," "New York Fed," etc. until very recently. Some of us have been watching Geithner at least since he handed Bear Steanrs over to JP Morgan...right before he opened the discount window to everyone else.

Geithner was at the NY Fed nearly the entire time the financial sector got completely out of control. In other words, this massive catastrophe grew into a monster and unfolded under his watch.

Funny how many of the people who cream and shout about capitalism run amock and the evils of deregulation look the other way when it comes to Geithner.

Well, they don't look the other way because they never bothered looking in the first place.

Yet, they remain confident.

But, in any event, while they wait to see what we see, money will flow from the Treasury to Geithner's Wall St. friends.

And then one day we'll all come to the realization that all these plans short of nationalization won't work. Then we'll nationalize.

All of these bailout "plans" are phony.

But the Ostrich Obama worshippers say "any plan is better than no plan." [ironically, Geithner shocked his Wall St. bosses when he failed to at least propose some sort of phony plan]..."let's wait and see...let's give it a chance."

That's what they said about TARP I. They were wrong.

By the time we finish "waiting and seeing" the time we realize just how wrong we've been and we sieze or nationalize some of the major banks the money will be GONE.


11:47 AM  
Blogger Smitty said...

If I were a conspiracy theorist, I would downplay any mention of Obama being simply naive and being outmaneuvered by more insider-y insiders, and instead make him complicit in all of this; that all of this is indeed part of a plan, but not one that helps us.

And now excuse me while I shout at black helicopters.

3:07 PM  
Blogger Mike said...

I don't think it's a "conspiracy" in the way we think of the word, for one main reason: none of this is hidden, except by people not wanting to see what's in front of their faces.

I'm sure Obama has many good intentions. But for whatever reason, he's completely beholden to Wall St and big banking interests. As are many politicians, I suspect, especially those on the national stage.

3:14 PM  
Blogger Smitty said...

BTW...mad props to Mike at my place today. Thanks for following this...

5:15 PM  

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