Geithner: Disparity in recovery 'deeply unfair'

[The Northerner]

WASHINGTON – Treasury Secretary Timothy Geithner said on Thursday it's "deeply unfair" that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.

He acknowledged public outrage over that and said people watched with disdain as Washington protected high-risk banks and investment houses, even as the national unemployment rate was soaring to double-digit levels for the first time in a generation.

But in a nationally broadcast interview, Geithner also argued that President Barack Obama had no choice when confronted with a financial crisis.

"As the president has said, we had to do some very unpopular things," Geithner said. "People looked at what had happened."

"It's not fair. It's deeply unfair," he said. "He (Obama) had to decide whether he was going to act to fix it or stand back ... and that would have been calamitous for the American economy."

Read more: http://news.yahoo.com/s/ap/20100401/ap_on_bi_ge/us_geithner_jobs

[Tansy_Gold]

1. In other words

"Yeah, we know you working people got shafted royally, but we had to protect our filthy rich friends. It woulda been much worse if we hadn't. You still woulda been in deep shit, but SO WOULD OUR FILTHY RICH FRIENDS AND WE CAN'T HAVE THAT NOW, CAN WE?? THE HORROR!"

And of course, nothing is being done in the administration to address this tragic disparity. The banks are being given more and more money rather than the homeowners being given anything to help them avoid foreclosure (the ones who haven't already lost everything). The rich aren't being taxed on their obscene wealth for which they have not worked. (Oh, a little bit to fund health INSURANCE bailouts, but nothing really significant.) The ultimate in idle unearned wealth -- massive inheritance -- is FREE FROM TAXATION for a year.

Somebody has to get out there and scream that the wealthy are killing us, that obscene wealth is not a sign of God's grace but a sign of ultimate evil. Unless and until there is a sea change in America's attitude toward excessive wealth, we will continue on the same path as 18th century France and 19th century Russia. Anyone here know how those ended?


Tansy Gold, unashamed and unrepentant socialist

[katandmoon]

14. +1,000,000

[joeybee12]

2. I am long since past caring what this fool has to say...n/t

[Fleshdancer]

3. Is this an April Fool's joke?

:shrug:

[QC]

5. It's hard to tell, isn't it? n/t

[placton]

4. just remember one FACT

that says it all: with what we gave the banksters, we coulda paid off EVERY US home mortgage - and the banksters would have gotten their money that way. Imagine our economy now. So, spare me ObamaDems.

[dmallind]

7. Really? Got the math for that anywhere?

I'd sincerely like to see it.

The money we actually gavce to banks, that was not repaid, would have paid off all outstanding mortgages? That's a powerful argument if it's accurate.

[Lance_Boyle]

11. It is not even close to accurate.

I think the parent poster forgot to add "April Fools!" to the post.

[dmallind]

13. Hey I was trying to use honey not vinegar. I suspect you may have a point though. NT

[Starry Messenger]

6. Bwah.

What a comedian.

[Winterblues]

8. Just like Obama said "Main Street not Wall Street"....D'Oh

:shrug: I am fairly certain that seven hundred billion could have been granted to individuals to pay off their mortages and the USA would be better off. People would be out of Debt and the Banks still would have gotten the money.. But noooo, we gave it to the banks and huge bonuses were paid and people are still in Debt up to their eyeballs and millions more homes will be forclosed upon. I guess I took a different meaning from that statement of Obama's then apparently he meant. "Main Stree not Wall Street" must mean who has to suffer the most and not who gets government aid..

[KG]

9. Thank Gawd it Passed.

:eyes:

[90-percent]

10. well

I wonder how things would have gone with the bailouts if American had been informed from the beginning that these bailouts would be deeply unfair?

I mean, the sociopaths that engineered them had to have known what would happen from the onset, right? These guys are in their positions of public trust and responsibility because they REALLY KNOW WHAT THEY'RE DOING, RIGHT?

-90% jimmy

[gratuitous]

12. So, now that the fatcats are safe again, Tim

I mean, I'm glad that financial institutions (including your former - and future? - employer) are all better now. Truly. I am. No April Foolin'. So, what's your concomitant, unpopular plan for bailouts of working people? You sure took a PR hit for handing over the Treasury to your former - and future? - colleagues on Wall Street. Are you willing to put up with the same slings and arrows on behalf of working men and women?