In the after glow of yesterday's rocket ride of the DOW and the rise of the stock market by almost 500 points in one day? Americans are greeted this morning with the news of more far reaching proposals on the drawing board of the Obama administration. And we thought that nationalizing the banks was the end of it.
48 hours ago, Tim Geithner was the "Peck's Bad Boy" of the opinionated world of political talking heads and morning media shows. Only to rise like a Phoenix reborn yesterday, with his roll out plan of how to shuffle toxic assets.
And suddenly? Tim Geithner is the mystical guru of all things workable through the powers of an expanded US Treasury and the headlines are blaring "Obama To The Rescue!"
Enter stage left the newest roll out of Der Führer.
The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document.
That's right ladies and gentlemen, President Obama (formerly known as the messianic one) has visions of going after the whole enchilada! In one fatal swoop so to speak. As in his reminiscing with 60 Minutes the other night with Kris Kroft as it concerns his opinion of congressional actions aimed at AIG....."Well, I think that— as a general proposition, you don't want to be passing laws that are just targeting a handful of individuals. You want to pass laws that have some broad applicability. And as a general proposition, I think you certainly don't want to use the tax code—is to punish people."
That was prescient IMO. Or perhaps what we use to call a Freudian slip. A peek in the box so to speak. In addressing Kroft's question, Der Führer may very well have peeled his cards away from the vest and shown his hand and intent as it applies to a wide variety of issues and his version of governance of this country.
And who is Der Führer's lead dog in all this? You guessed it.
Treasury Secretary Timothy F. Geithner is set to argue for the new powers at a hearing today on Capitol Hill about the furor over bonuses paid to executives at American International Group, which the government has propped up with about $180 billion in federal aid. Administration officials have said that the proposed authority would have allowed them to seize AIG last fall and wind down its operations at less cost to taxpayers.
So is there any wonder why the man immediately leaped to the defense of Geithner when Kroft questioned his continued tenure as Treasury secretary?
Again.....this exchange is prescient IMO.
Your Treasury Secretary Tim Geithner has been under— a lot of pressure this week. And there have been people in Congress calling for his head.
STEVE KROFT:Have there been discussions in the White House about replacing him?
Has he volunteered to, or come to you and said, "Do you think I should step down?"
No. And— and he shouldn't. And if he were to come to me, I'd say, "Sorry, Buddy. (LAUGHS) You— you've still got the job."
But look. He's got a lot of stuff on his plate.
And he is doing a terrific job. And I take responsibility for— not, I think, having given him as much help as he needs.
OBAMA SAYS GEITHNER IS NOT ONLY RESPONSIBLE FOR THE BANKS, THE BAILOUTS AND THE AUTOMOBILE INDUSTRY HE ALSO HAS TO MAKE SURE THE MONEY IS BEING SPENT WISELY AND TO REPORT TO CONGRESS. YET NEARLY A DOZEN HIGH LEVEL TREASURY DEPARTMENT JOBS REMAIN UNFILLED AND GEITHNER STILL HAS NO DEPUTY. TWO PEOPLE UNDER CONSIDERATION FOR THE POST WITHDREW THEIR NAMES AFTER GOING THROUGH THE VETTING PROCESS.
Watch the eyes and follow the money.
President Obama knew then as he knows now, what his grand plan for the future of this nation is. And he is literally in the midst of the largest wool pulling that has ever been attempted in the history of this nation.
If Barack Obama has his way? Or more specifically....those who are behind the scenes manipulating this coup d'état of the American political and financial system, then within the next decade we may very well be calling this man Der Führer.
These are tremulous times folks and as usual, the people are content to sit back and allow others to determine their destiny for them. Just as long as they don't have to worry about the details or watch the sausage making for themselves.
God help us!