Video: Chris Whalen annihilates Geithner, calls him 'clueless' -- 2009
---
As I mentioned in the previous post, it has not been a good week for our tax-cheating Treasury Secretary Tim Geithner.
He was hammered all week in front of Congress and could only respond with jazz hands. His nominated deputies at Treasury have changed their minds and now want no part of Tim's Treasury. And SNL kicked off their show last night with a sketch subtly lambasting our failed keeper.
The Bail favorite and bank genius, Chris Whalen dropped a truth bomb on Geithner Friday afternoon and said TG is much better suited for the State Department than Treasury. He further charged that Tim knows nothing about financials and that his only purpose is to protect Goldman Sachs. And best of all he predicts TG will be gone by June. Whalen, a frequent guest host of CNBC's Squawk Box, is very measured and not inflammatory, so these are serious accuasations and should be examined as such. Let us be the first to start the countdown: 82 days until June 1st.
And now damningly, his seemingly positive work in the Asian Crisis of '97 has been exposed for the PR Shamwow that it was. Paul Keating, the former Prime Minister of Australia says Geithner screwed things up in Indonesia so gravely, that his IMF solution actually helped to create our current financial crisis.
Quoting from the Sydney Morning Herald: "Keating went on to argue that, by frightening the Chinese into building their vast $US2 trillion foreign reserves, Geithner was responsible for the build-up of tremendous imbalance in the world financial system. This imbalance, in turn, according to Keating, contributed to the global financial crisis which has since devastated the world economy."
A little background on TG: he has an Asian studies degree from Dartmouth (tough major Tim considering you grew up in Asia) and a Masters in Political Science and International Economics from Johns Hopkins.
He is the Treasury Secretary of the United Sates at the most critical time in our history, and he has no viable background in Economics. Nice call Obama.
Lastly, while he was President of the Federal Reserve Bank of New York, he allowed the leverage factory of Wall Street to blossom on his watch. Jimmy Rogers has a few, beautiful words about the complete failure that is Tim Geithner.
Could there possibly have been a worse choice for Treasury Secretary. Surely. But not many.
