Geithner Asks Congress To Increase National Debt
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Initially greeted to much acclaim and a rally Wall Street, President Obama's Treasury Secretary Timothy Geithner - former head of the Federal Reserve in New York - has turned out to be less than inspiring. Geithner failed in the early days to present a detailed plan for an economic recovery and when he finally did it was laid out in ambiguous terms so as to have made it almost irrelevant.
Geithner's performance in front of Congress has made him look aloof as dismissive. He recently brushed aside concerns voiced about Fed Chairman Ben Bernanke about some of the administrations proposals and launched an expletive-laced critique of financial regulators whom have been lock-warm to some of the administrations regulations proposals.
Geithner's arrogance - his self-righteous anger that he is always right and must get what he demands - can be seen in another one of his disastrous efforts. This time to raise the federal debt limit.
In a letter to Congress, Geithner states that it is "critically important" that the legislature raise the federal debt limit to an unspecified unprecedented level. The current debt limit stands at $12.1 trillion and the Treasury expects that the United States could reach that threshold by mid-October. Geithner states that such an increase - again, to a level that dear not speak its name - is necessary for America to maintain creditworthiness and confidence in investors that it "will always meet its obligations." This is akin to an average person stating that "I'm $500,000 in debt and if only I can get to a million I will be creditworthy and then be able to start paying debt off."
In his effort to always get what he wants he seeks to portray this as some monumental "moment in our history" that requires bipartisanship between the Stupid party [the Republicans] and the Evil party [the Democrats] for whom bipartisanship means doing something really stupid and evil.
"Congress has never failed to raise the debt limit when necessary," Geithner added. Regrettable, he is telling the truth though necessity is in the eye of the beholder.
The U.S. national debt requires drowning future generations. Interest payments alone are becoming astronomical. The national deficit - that is just the money loaned in a year - has reached $1.3 trillion already and expected to end the year at $1.8 trillion.
Obama and Geithner intend to destroy the village in order to save it.
