Geithner: U.S. must live within its means!
This article looked like a joke when I first read it. Wrong. He is serious.
U.S. must live within its means: Geithner
By Glenn Somerville and Walter Brandimarte Glenn Somerville And Walter Brandimarte – 8pm EDT
WASHINGTON (Reuters) – The United States must live within its means once its economy recovers if it is to preserve global confidence in the U.S. dollar's status, Treasury Secretary Timothy Geithner said on Friday.
The comments came as the Obama administration reported a record U.S. budget deficit for the fiscal year ended September of $1.4 trillion. At 10 percent of gross domestic product, it was the biggest U.S. fiscal shortfall since World War Two.
Rescuing the economy and some of the country's biggest banks from the worst recession since the Great Depression took a toll on U.S. finances, and the White House has forecast deficits of more than $1 trillion through fiscal 2011.
"Future deficits are too high, and the president is committed to working with Congress to bring them down to a sustainable level as the economy recovers," Geithner said in a statement accompanying the fiscal data.
Separately, White House economic adviser Lawrence Summers said financial firms that helped precipitate two years of economic crisis are going to have to bow to stiffer oversight of their activities to prevent it happening again.
Geithner and other policymakers will discuss the U.S. economic and budget outlook, and prospects for financial regulatory reform, at the Reuters Washington Summit on October 19-21.
FISCAL OUTLOOK AFFECTS U.S. DOLLAR
On Friday, Geithner said the U.S. dollar's status as a key reserve currency carries special responsibilities that include keeping spending under control, Geithner said.....
http://news.yahoo.com/s/nm/20091017/us_nm/us_washington_summ...
This after being part of a 24Trillion Dollar Heist!
Jeez who is he kidding?
"Human beings with love and compassion are some of the most beautiful creatures in the universe... Those without are a plague on us all."
"Human beings with love and compassion are some of the most beautiful creatures in the universe... Those without are a plague on us all."
Democrats!
Democrats!
Smack.
right to the face. And you're going to like it.
Keeping spending under control is right. When's the next bailout and robbery of the people..
I sure hope this isn't one
I sure hope this isn't one of those messages that we need to read between the lines in order to see what is really meant...
Geither isn't exactly saying that the US must live within its means. There is a condition. The condition is "if" the US is to preserve confidence in the USD. So... IF that is their goal, then the US must live within its means.
I think the following is the real message of what they are intending for:
To bring DEFICITS down to a *sustainable* level. Any "level" of deficit means that there will be deficits. I'm not quite sure exactly what he means by sustainable deficits, but my guess is that they want the US to continue running further into debt (due to the continued use of "sustainable" deficits), but at a pace which is slow enough to not cause a panic type of inflation. That's what makes Geither's deficits sustainable. Not that they are truly sustainable, but that they can sustain continued deficits without destroying the dollar too quickly & causing the USD to drop like a rock in a panic.
So, Geither puts two conditions on the US living within its means. One is that it will begin only after the economy recovers and the other condition is IF the goal is to preserve confidence in the USD. His statements about "sustainable deficits" is the certainty here.
All they want to do is to keep running up debt but at a pace where they can keep doing it without completely destroying the currency in the process. That is, IMO.
...
Good analysis of the "code language" within this story.
Sustainable levels of debt may have to do with the total percentage of GDP. If the percentage gets too high, then the debt becomes unsustainable....but isn't it already!
But isn't that what Ron Paul has been saying?
Well, I'm glad RP tipped me off years ahead of Geithner geesh
WE ARE GOING TO WIN!
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Not exactly. Geithner qualified his "living within our means"
need with the proviso that the goal needs to be pursued: "once its economy recovers". In other words.....somewhere down the road or somewhere over the rainbow or whatever/whenever "once its economy recovers" means.
What measurements are to be applied in order to make the determination as to exactly when this "recovery" has taken place and "living within our means" becomes the economic goal du jour. According to some in the administration (including Geithner) this elusive recovery is already taking place, or so they want the body politic to believe. Such a qualification is quite distant from Dr. Paul's insisting that the U.S. stop attempting to live beyond its means, and that includes bailouts and so-called stimulus package(s).
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"An economy built on fiat money is a society on its way to ashes."
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"An economy built on fiat money is a society on its way to ashes."
I was thinking the same thing lol
Geithner's public image is ruined, so he has to steal Ron Paul's lines to look good. He knows Dr Paul is right. Could this be a tactic that the administration will use to try and improve support?
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So Goldman Sachs
earns 3.6 billion in profits in the last quarter..their 3rd best quarter in their history...after getting bailed out by the taxpayers...30 billion dollars worth. Then Goldman takes the bailout money buys up the devalued assets and shows record profits...without giving a single penny back to the taxpayers without whom they would have gone bankrupt....while millions of the working class lose everything. And Timmy G. thinks WE need to live within our means!
If I could get my hands around this a-holes skinny white neck I would squeeze it until his eyeballs popped out! Bastard! Excuse me...I must go puke....can't take this S#$% anymore!
Simple solution:
Use our military (oathkeepers) to take our money back from Goldman Sachs. While we're getting our money's worth from our military which will now be protecting us from domestic terrorists banksters, we should get our money back from the Federal Reserve banksters, aka Rothschilds, Rockerfellers, Warburgs, Harrimans, AIG, Bank of America....
R3VOLution
In other words
"Welcome to serfdom" we the centralized satanist communist loving bloodline has exploited the american people and there is nothing you can do about it. So now the average joe is screwed. Get ready for riots and marshall law because these b@stards are going to collapse the dollar.
The US Government must live
The US Government must live within it's means.. the constitutional means.
http://www.meetup.com/RP2012GrandJunctionCO
exactly
"live within our means"...hmm, I've heard this somewhere...oh yeah Dr. Paul says that all the time. The difference between RP and TG being, RP sees living within our means as a way to protect our liberty, I think Timmy uses the 'live within our means' terminology to protect the elitist bankers by shifting blame to the serfs. You know...you simple little voting people, you need to elect public servants that won't spend so much. OK Tim, which ones would those be exactly.
Miamisburg, Montgomery County, Ohio