Congressman Campbell Questions Secretary Geithner on President Obama's Budget Proposal

[prayfortruejustice]

Did Geithner answer even ONE question? Shills and liars.

[Kroger43]

Greenspan and Paulson were wrong. Bernanke displays signs of intelligence. Geithner forgot to pay his taxes. Just ask Tim what makes him so confident his plan will work. He should say the forecasts. Then ask what plan have you prepared if you are wrong. He will say the forecasts we are anticipating are good. How is that different from when Greenspan and Paulson said the economy is maintaining.

Senator the American people need you to tackle the issues the press can't.

[TheDogness]

Geithner spoke for nearly five minutes and didn't say anything.

I still don't know if Citibank is too big to fail.

[USCongress]

"I still don't know if Citibank is too big to fail. "

The answer is yes. If AIG was too big to fail, "Citigroup" (NOT "Citibank" which is a wholly-owned subsidiary which the Congressman in the video was clearly unaware of) most definitely is.

It really doesn't matter what the politicians say or don't say: common sense tells you that if you let any organization with total assets worth 1.938 trillion the GLOBAL financial system will collapse...overnight.

[USCongress]

Sorry, I meant to say:

"if you let ANY organization with total assets worth 1.938 trillion FAIL, the GLOBAL financial system will collapse...overnight. "

[recon20eagle]

If an organization with total assets of 1.9 trillion fails, how does the global financial system collapse? No collapse would happen, they would just have to liquidate those assets, and people with capital would buy them.

[USCongress]

"If an organization with total assets of 1.9 trillion fails, how does the global financial system collapse? No collapse would happen,"

Yes a collapse would happen. Citigroup employs 327,000 people and operates in >100 countries. It's assets and investments exist in virtually every conceivable industry and have an influence or impact in every conceivable market. It is also highly interconnected with the other big Wall Street banks (Goldman Sachs, Bank of America etc.) in terms of > cont'd

[USCongress]

lending practices (to each other), corporate acquisition practices, "price fixing" for the share values and stock options belonging to those companies in which they are major shareholders. Ideally, liquidating their assets and people with capital buying them off (as you suggest) would work, however, this is not reality nor does it take into account the extreme integration and inter-connectivity of the Wall Street banks and their fundamental and monumental role in the global economy.

[USCongress]

Why do you think the US government didn't let AIG fail? They let Bear Stearns and Lehman Brothers fail followed by the mortgage giants Fannie Mae and Freddie Mac which was bad enough. Even the politicians knew that if they let AIG fail on top of the 2 major investment banks and 2 mortgage giants this "recession" we are experiencing would already be a "depression" and one that no amount of government intervention would be able to fix in a reasonable amount of time.

[recon20eagle]

NO campany is too big to fail.

[USCongress]

I, like you, President Obama, Timothy Geithner, Ben Bernanke etc. like to believe that "NO campany is too big to fail." and implement policies, regulations, restrictions etc. to make a point of this...BUT deep down inside those of us with sound knowledge of mathematics, statistics, and economics know that the "fallout" and "aftermath" of letting a behemoth like Citigroup or AIG fail would be too great and the costs > benefits in this case and gov. intervention would be required (unfortunately).

[mdbarnes21]

the administration is far underestimating the impact of inflation with the constant printing of money going on with this boon-doggle of porkulous and spendo-nomics.

now the question is if this is an intentional oversight or a flat out lie. geithner dodges this as well.

[recon20eagle]

One more thing, support H.R. 833, Federal Reserve Board Abolition Act

[recon20eagle]

....Also Mr. Campbell, even though you are a born again fiscal conservative, along with the other worthless republicans (minus the good Doctor, Ron Paul), the newly formed chapter of Young American for Liberty-UCI chapter will be protesting at your office and making our presents known to you. You did not get elected to do as you please, you must DO what the people of your district TELL you to do.

[recon20eagle]

Before I write my comment, I must start with:

FIRST!!

Mr. Campbell, I have and will continue to call your office and insist you support H.R. 1207 "Federal Reserve Transparency Act of 2009". The Bill has been introduced and not surprisingly, you are not a co-sponsor. The Bill is now referred to the House Committee on Financial Services, and you are on that committee, so I know you are going to see it. I expect to read your thoughts on the bill in your "my laptop to yours" email.