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

Congressman John Campbell (R-CA), questions Treasury Secretary Tim Geithner on President Obama's Budget proposal.

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[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.

[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).

[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.

[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]

"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

[recon20eagle]

NO campany is too big to fail.

[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]

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. "

[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.