Geithner and Fed "Reverse" wants a a government-backed “aggregator bank to fix troubled securities at banks_Bankers More money mo money

the second $350 billion of the Troubled Asset Relief Program, released by Congress earlier this month, may not be enough to shore up lenders and pull the economy out of recession.

Lawrence Summers, director of the White House National Economic Council, said yesterday those funds would get the rescue plan started, while Vice President Joseph Biden and House Speaker Nancy Pelosi both said there may be a need for more money later.

“The president has made clear that our administration is going to be leaning forward, that we’re going to be proactive and that he is prepared to do what is necessary,” Summers said yesterday on NBC’s “Meet the Press.” “What ultimately will be necessary is something that will play out over time.”

More Funds

Appearing on the CBS program “Face the Nation,” Biden said Geithner, once confirmed, “will then report back to the president and me as to whether or not he thinks” the remaining TARP funds are sufficient.

Majority Leader Harry Reid last week said he wants the full Senate to consider Geithner’s nomination today around 6 p.m. His likely confirmation will be followed by nominations for other senior Treasury posts

look at his connections here


he is connected..........

[link to news.muckety.com]

here is a bit from the link..........

All civil servants can look at Geithner’s resume and realize that if they work hard, they, too, can rule at least part of the world.

At the same time, these civil servants can examine Geithner’s biography and realize that it also helps to make a few good friends along the way to power.

An apprenticeship with Henry Kissinger doesn’t hurt. Be sure, too, to get to know a few secretaries of the Treasury and a few Wall Street CEOs.

As a young man, Geithner spent many years living abroad, primarily in Japan and India, moving around because his father was a program officer with the Ford Foundation.

He graduated from Dartmouth College and John Hopkins University with an emphasis in international studies rather than economics.

“Since college, he has pretty much gone straight up the ladder,” Gary Weiss writes in Portfolio. “No detours, no backpacking around Europe, no internship fetching coffee.”

Geithner’s first job was with Kissinger Associates, where he worked with the former secretary of state.

From there, he went to the U.S. Treasury Department, where he rose to become an aide to Lawrence Summers and Robert Rubin, treasury secretaries under Bill Clinton.

He assisted these leaders in putting together bailouts, not of companies but of nations, including Mexico and Indonesia.

During the late 1990s, Alan Greenspan, then the chairman of the Federal Reserve, also noticed Geithner.

“That whole period was one long crisis,” Greenspan told Portfolio. “(Geithner showed) a general understanding of the nature of what the problems were and what was required to right the system.”

Geithner’s circle of advisers and mentors was expanded in 2003 when he became head of the New York Fed, the most powerful of the government’s 12 regional banks.

When Bear Stearns, an investment bank, began to bleed money earlier this year as a result of the collapse of the sub-prime mortgage industry, the New York Fed took on damage-control duties.

Geithner served as the point man in the talks that led to the Federal Reserve’s loan of $29 billion to assist J.P. Morgan Chase & Co. in its buyout of the assets of Bear Sterns.

Whether or not the Fed did the right thing is reflected in the title of Weiss’ profile of Geithner, “The Man Who Saved (or Got Suckered by) Wall Street.”

That profile and profiles in other publications depict Geithner as extraordinary well-connected.

His informal group of advisers includes E. Gerald Corrigan, a managing director of Goldman Sachs and a former New York Fed president; Treasury Secretary Henry M. Paulson Jr.; John Thain, the CEO of Merrill Lynch; Paul A. Volcker, the former Fed chairman; and Peter G. Peterson, the former U.S. secretary of commerce.

James “Jamie” L. Dimon, the CEO and chairman of J.P. Morgan Chase, is a Geithner ally and a member of the board of the New York Fed.

This connection has raised some eyebrows, for it meant that in solving the Bear Stearns mess Geithner approved a $29 billion loan to a company run by a member of his board.

But Geithner argued that J.P. Morgan met the Fed’s criteria, as it was “a sound institution” that could pay back the money. Bear Stearns did not meet this test.

He graduated from Dartmouth College and John Hopkins University with an emphasis in international studies rather than economics.

“Since college, he has pretty much gone straight up the ladder,” Gary Weiss writes in Portfolio. “No detours, no backpacking around Europe, no internship fetching coffee.”

Geithner’s first job was with Kissinger Associates, where he worked with the former secretary of state.


bingo.............



we hahve a winner..........


bingo...................................

the fed reverse

take money from you and give to them................

Why not liquidate all fed assets and reissue money backed by the government? The FED isn't insolvent, but they can easily make this and many other countries insolvent.

Anybody ever hear of the CEDE corp? Apparently every financial transaction relating to stocks goes through this entity that probably 98% of Americans have never heard of. If you own stock in anything, odds are that this shadow organization has first dibs on it. The FED is in on it, but why would they tell you that?

The government is just a system. The FED is a cult. Or a vehicle to separate the real money earners in our system from the fruits of their labor. The FED provides no real service to the public other than the faith the people have in their money printing abilities.

Even a bank doesn't provide much for services other than to lend other peoples money to other people. At a profit. Their determination of who is creditworthy and whether the lending of money will be a valuable trade is up to the loan officer. If you give someone 200,000 to buy a 50,000 home. That is probably not a responsible investment. Now these same banks, who are losing peoples money, need a bailout. Or absolution from their debt obligations. There is a much better way than usury based economics. How can you get ahead in this world without resorting to 'getting over on another'?

As blatant as it is, the people still trust that their money will be safe. Why do professionals, bankers, lawyers, politicians, etc. have more prestige in the workforce, yet contribute little to nothing beneficial to the rest of society? Economic doom is the basic result of putting on a pedestal those who have an unrealistic sense of entitlement. Something for nothing is very unrealistic and it takes alot of people to make that one greedy person happy. Yet, this deluded sense of entitlement is bestowed upon those who deserve it least.

Seriously, multimillionaires collecting medicaid and social security? CEOs of bankrupt organizations still getting bonuses? With taxpayer money, no less. Presidential candidates spending tens of million dollars a month? Real hardworking families getting thrown out of their houses? Unemployment? Somebody needs to take a hit and it definitely should not be poor people. I mean people who go to work and who pay their taxes every time they buy anything. Its inescapable. Only to prop up thieves and very sophisticated liars.