Busted: Bankers and The Global Economy

January 26, 2009

Economy and U.S. Treasury: A Dilemna of Principle?

geithner-for-treasury-secretaryThis afternoon the United States Senate will vote on Tim Geithner’s nomination for U.S. Treasury Secretary. He has been hand-picked by the Obama administration from the Federal Reserve. In a poll by American Solutions for Winning the Future, those participating in the poll thought of his nomination in light of his tax mistakes. With more than 83,000 people responding, an overwhelming 98% of those polled voted to oppose Geithner.

geithners-furrowed-brow2Is it wrong for someone who failed to pay $34,023 in taxes to become Treasury Secretary in charge of taxation and economic policy application? As U.S. Treasury Secretary, he will be in charge of administering any future bailouts with government funding through the taxpayer. American Solutions says that this is about principle. If Geithner is approved, will he will be a symbol of ‘favoritism’ and ‘rich politicians’ getting a different deal than the rest of us? Or perhaps Tim Geithner is someone just like you. He makes mistakes. Should Tim Geithner have a higher level of accountability than the average American citizen? Do we really want a crossover from the Federal Reserve in government administering your money? Is this a government buyoff to give the Federal Reserve more power in exchange for continuing support and funding from central bankers? What do you think? ~ E. Manning

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January 20, 2009

Economy: Unemployment & Opportunity

recessionTimes are not good for the United States right now, but this recession has not made a decisive turn for worse just yet this year. The unemployment rate, (see poll) 7.2 percent in December, remains below the average peak unemployment of 7.6 percent during the previous 10 post-World War II recessions. The nation has been in similar straits before, but has a measure of hope in focus today with the inauguration of a new president (see poll).

What has been so menacing is the real feeling coupled with the likelihood that the nation is headed for far worse. Indicators are that an enduring recession or depression is likely. The published government unemployment rate is expected to climb to 9% this year and is likely to eclipse that figure, even though the reality is that unemployment is much higher. Incomes are stagnant or declining. Jobs are scarce, with a decline of full-time employment that will actually pay the bills. Getting enough part-time jobs to get through this crisis isn’t an option. Business is down with little hope of any improvement for some time. The business economy is looking at lean times with capital goods purchases almost non-existent compared to the norm. Economic contraction is the only news that America has to look forward to for the next 2 years. Politicians say that Americans are now confronted with the fact that sacrifice is essential as Congress spends more taxpayer money than ever before. (more…)

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