Lowbar

Little Timmy Geithner

Little Timmy Geithner, Obama's 48 year old Secretary of Treasury, wants to "give the Federal Reserve new powers to oversee systemic risk in the banking system and grapple with companies “too big to fail." This is akin to giving a drug pusher control of your morphine drip. Just for review: The Federal Reserve is The Big Banks. Think OPEC but for banking, not oil. OPEC sets the price of oil. The Fed sets the interest rate (or the cost of money). They can do this because they are a cartel. Wikipedia tells us that a cartel is

"A formal agreement among firms that agree to coordinate prices and production. Cartel members may agree on such matters as price fixing, total industry output, market shares, allocation of customers, allocation of territories, bid rigging, establishment of common sales agencies, and the division of profits or combination of these. The aim of such collusion is to increase individual members' profits by reducing competition."

Americans have been duped into thinking that the Fed is something other than what it is. They hear the word "federal" and think it must be part of the government (it isn't). They see the chairman appointed by the President and they think that government controls the Fed (it doesn't). They hear economist tout the benefits of the Fed but what they don't understand is that those same economists are on the Fed payroll (see the enlightening article about this at Huffington Post). The only thing "federal" about the Federal Reserve is that Congress uses the Fed to bankroll all of the crazy schemes it can come up with (think war, ICBMs, new federal buildings, stimulus packages, health care, insert boondoggle here).

The Fed works in secrecy, unlike government. The Fed, up until now, has successfully staved off requests to open its books. Although recently Bloomberg News has sued and won a ruling to have the Fed name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs. This is great news for those of us that want to see the Fed's true colors but I'm not holding my breath. The Fed is a wily animal with friends in the highest places. They won't go quietly. Also of note is the House of Representative bill, HR 1207, to Audit the Fed, which would allow the GAO the ability for the first time to actually look at the books of the Fed. This is nirvana. It gets even better in that Democrat Barney Frank, who heads the Financial Services Committee has finally agreed to allow hearings on HR 1207 this Friday. The fact that this bill has gotten so far is amazing. I hope it goes further, but again I'm not holding my breath. This is a cartel of bankers. Most congressmen would be out of a job if it were not for the Fed's funding of their emergency spending du jour and many Fortune 500 companies would not exist if it were not for the Fed's intervention, price-fixing, propping up or its Plunge Protection Scheme (I mean Team).

So who is this young man who wants to expand the reaches of the banking cartel? Timmy Geithner is the Federal Reserve. In 2002 he worked for the Council on Foreign Relations (don't get me started on this New World Order organization, we'll be here all day). Then he goes to the IMF. Then he becomes President of the Federal Reserve Bank of New York where he also become Vice-President of the Federal Reserve Open Market Committee. Then, as we all know, in 2008 he orchestrates the bail-out of Bear Stearns and AIG. I'll say it again, Timmy Geithner is the Federal Reserve. Of course he wants more power for himself and his cronies and of course he wants the Federal Reserve machine to keep churning, to keep funding bail-outs, unecessary wars, make-work projects, "stimulus" packages and socialized medicine.

As long as Americans fail to notice what is going on, as long as Americans allow thier pockets to be picked through loss of purchase power, higher taxes and increased indebtedness and as long as Americans allow this pseudo-government cabal to operate in secrecy, little Timmy Geithner and his irksome ilk will continue to suck blood from the viens of the rapidly emaciating American consumer.

posted by Howie Hardcore @ 9/23/2009 09:08:00 AM