Unemployment Number (Back to 9%) Makes Today a Perfect Day to Fire Geithner

President Obama could round out his successful week by firing Secretary of the Treasury Tim Geithner. 

Obama's ill-considered decision to renew Federal Reserve Chairman Ben Bernanke's tenure last year means that there can't really be a clean sweep of the existing federal economic team. 

But by replacing Geithner with a Treasury Secretary whose talents extend beyond calls for expansion of the debt ceiling, Obama could send a clear message that he has learned from the failure of the last two years. 

Today the Bureau of Labor Statistics announced that unemployment is back up to 9 percent (from 8.8 percent the previous month). The administration and media are trying to finagle green shoots out of that increase, noting that a separate survey of employers shows an increase in payroll jobs. More imaginative is the claim that the increase in unemployment is the result of people returning to the workforce. The bottom line is that the official unemployment rate – not a shadow statistic or U-6 or some other fancypants measure – is increasing, and administration officials look either out of touch or deluded when they try and gussy that up. 

In other words, this is the perfect Friday evening to announce that Geithner is headed home. Assuming anybody cares to ask questions once it’s established that the secretary wants to spend more time with his young family or has been returned to his home planet or is staying at a dude ranch for the next year or so, the president still would have an easy task in explaining the decision: Tim did an excellent job heading off an economic collapse, banks are lending again, hundreds of thousands of mortgages in trouble have been modified through the HAMP program, we believe the pace of the recovery will pick up later this year, blah blah blah. But people are hurting and as president I had to decide that the pace of the economy is just not good enough. 

It’s a simple thing. As I have noted before, successful presidents replace Treasury Secretaries all the time. And Obama needs to send a feel-your-pain signal to Americans. This is a nearly cost-free way to repudiate a failed Keynesian policy and burnish the reputation for non-ideological pragmatism Obama covets. If Geithner is fired this weekend, it will look like a logical move but not like a panic move, and it will be made when the culture is feeling good about Obama anyway. 

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  • C-Dog||

    They're going to end up blaming McDonald's for turning away a million applicants last month during their big hiring day.

  • It's a great day...||

  • SIV||

  • ||

    I disagree with all this Obama negativity. I am encouraged by several of his recent moves. He is now starting to act and portray himself like a "real American". He showed his BC and he killed Bin Laden and there is talk that he enjoys pro wrestling, or is at least learning more about it.

  • ||

    Obama is making movies now?

  • Doktor Kapitalism||

    That's what I thought too...

    Let's call his speeches movies.

  • db||

    While you make a compelling argument*, I think Jesse Ventura fills that bill too.

    Not really. Seriously, pro wrestling? I hope my sarcasmometer malfunctioning here.

  • Tony||

    If it weren't for the stimulous and Obama and his team's careful management of the economy, we'd most likely be in a depression now worse than the one in the 1930s. Unemployment would be well into the double digits, and the economy might still well be contracting.

    Instead, we have a manageable 9% employment rate, and the economy is growing. But according to Libertarians, a lower unemployment rate and strong economic growth are worth sacrificing at the alter of free-market ideology. This is one religion I won't be subscribing to, thanks.

  • Sean W. Malone||

    It's as if I've heard this before.... it never gets any less stupid and ignorant, though.

  • ||

    we have a manageable 9% employment rate

    Tell that to Obama when he is kicked out of office in November of 2012. I am sure it will comfort him.

  • Comment Tater||

    Tell that to Obama when he is kicked out of office

    Who, pray tell, will be doing the kicking?

  • ||

    You underestimate T-Paw at your peril.

  • ||

    The problem with claims like these is that they are, by nature, not falsifiable. IOW, there's absolutely nothing that could happen to demonstrate that the claim is false (IE, no matter how bad it currently is you can always argue it could have been worse), so claims that it's true should ring very hollow.

  • Tony IOW||

    If you have a better way of putting a positive spin on a shitty economy, I'd like to hear it.

  • Devil's Advocate||

    The good news is that the government is going to get smaller. Either we will wise up and contract the government voluntarily, or the whole house of cards will implode under its own (dead) weight. How is that for positive spin?

  • Tony IOW||

    Not very good, since the point of putting a positive spin on the economy under Obama is to keep government big and growing, depsite the effect on the economy.

  • Tncm||

    Sock puppet, I'm calling it. He forgot to mention how Keynes is God, a typical trait for Tony when flapping his lips about economics.

  • Tony ||

    I'm evolving. Oh right, you libertards don't believe in evolution.

  • Tncm||

    Come on sock puppet, how stupid do you think we are? Tony doesn't understand secondary school economics, let alone evolutionary biology.

  • ||

    Shrike is spoofing Tony?

  • Voodoo Economist||

    If it were the Economic Intelligent Designer Barack Obama's fervent offerings to the animal spirits, unemployment would be in the triple digits!

  • Doktor Kapitalism||

    Quadruple, I demand!

  • Xenocles||

    Neither do you, if you think individuals evolve.

  • Tony||

    Tarditarians don't evolve.

  • Mr. FIFY||

    I thought liberals didn't believe in evolution, Tony...

  • Jordan||

    A rate of 9% isn't "manageable" (well, I guess everything is manageable to someone who believes in central planning), especially considering how much the workforce has contracted precisely because of the length of this recession. U6 still hasn't budged.

  • The Immaculate Trouser||

    "Manageable" by whom? The government? HAHAHAHAHAHAHA!!

    I love how stimulus faithers never fail to conjure up the horror pr0n alternate history where the stimulus failed to pass and I'm fending off a hobo with my chainsaw arm for a chance to rummage through what used to be Mickey Ds trash... yet we're the hyperbolic ones.

  • Doktor Kapitalism||

    Yeah, but...if the gov't collapse because of that, we could (finally) start over from scratch.

  • Doktor Kapitalism||

    collapsed

  • Red Rocks Rockin||

    If it weren't for the stimulous and Obama and his team's careful management of the economy, we'd most likely be in a depression now worse than the one in the 1930s.

    This comment is so unbelieveably, unconditionally ignorant I'm having trouble believing it's not a flame.

    44.2 million Americans on food stamps, an all-time record (food stamps, of course, being the 21st century's version of the soup line):
    http://www.zerohedge.com/artic.....ital-gains

    Employment to population ratio still WAY below the troughs of the 2000-2004 recession:

    http://www.market-ticker.org/akcs-www?post=185578

    McDonalds can only hire so many people.

  • pedant||

    If it weren't for the stimulous...

    It's stimulus - not stimulous, Tony.

  • Anonymous Coward||

    If it weren't for the stimulous and Obama and his team's careful management of the economy, we'd most likely be in a depression now worse than the one in the 1930s. Unemployment would be well into the double digits, and the economy might still well be contracting.

    Back from another journey into the multiverse?

  • Mr Whipple||

    Sure, printing money is the best way to "grow" the economy.



    In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.

    There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.

    Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.

    - Frédéric Bastiat

  • ||

    but, but, 8%... back then the narrative was if we just spent $700B that we'd keep unemployment under 8% and by 2011 we'd be adding thousands of jobs every month.

    Total and complete bullshit then, just as your statement is now.

  • Auric Demonocles||

    According to Tony, that only means they were wrong about how horrible it was going to be without the stimulus. But of course they weren't wrong about the effect of the stimulus. That would just be crazy talk.

  • Mr. FIFY||

    Love how you can say for certain the future would turn out exactly as you stated above, Tony.

  • ||

    Well since Obama claimed that unemployment would be 8% WITHOUT the stimulus then it clear that the stimulus made unemployment 1% worse.

  • PAC of Monster Corporations||

    We'll make he stays bought -- OBAMA 2012 -- by providing him with a billion-dollar campaign war chest. Cheap.

  • JohnD||

    OMG Tony. Are you for real?
    You must be the dumbist SOB on the planet if you believe that crap.

  • Tony redux||

    And, of course, I'd be saying the exact same thing if McCain had won and the economic situation were like it was now. No bias here whatsoever.

    Just like in 2001, all progressives admitted that Bush had inherited the recession, and by 2005 credited him with the recovery.

  • cynical||

    Wait, high unemployment and you want to add another firing to the list?

    "President Obama could round out his successful week by firing Secretary of the Treasury Tim Geithner."

    Firing? If he really wants that popularity bump, he needs to send a team of Navy SEALs to shoot Timmy in the face. Capturing him alive will just create a PR headache he doesn't need.

  • John Kerry||

    More likely the back of the head as he trys to flee.

  • Dick||

    You know who else shot somebody in the face?

  • ||

    Elmer Fudd?

  • Marvin ||

    Vincent Vega

  • ||

    Ron Jeremy?

  • Otter||

    +69

  • SIV||

    Dick Cheney?

  • juris imprudent||

    Bernie Bernbaum?

  • Binky||

    ... it will be made when the culture is feeling good about Obama anyway.

    What is this "the culture" of which you speak?

  • SIV||

    The only way Geithner gets "fired" is as a promotion. The boy genius was the architect of TARP.No one else has as close a working relationship with Ben Bernanke.Like Tony said: if not for Geithner we'd have the horror of deflation,failed primary dealers, diminished institutional fortunes and forced government austerity. The finest sort of people would have been savaged by the anarchic forces of free markets.

  • J||

    Exactly. Those who criticize TARP mistakenly assume its primary objective was to grow the economy. Same with the stimulous.

  • Somalian Road Corporation||

    There are many who believe the insane multiplier nonsense from churning money through government bureaucracy. After all, it's why the Soviet Union is an economic powerhouse to this modern age.

  • Paul||

    As I recall, TARP had the inverse objective to keep the economy from shrinking.

  • Doktor Kapitalism||

    stimulus. It's not that hard, people.

  • Libertarian2||

    J and Tondy misspell stimulus the same way. Are they the same person?

  • Libertarian2||

    Okay, okay, if somebody else misspells Tony as Tondy.................

  • P B||

    Whoever hired TurboTimmy needs to be canned as well.

  • ¢||

    "Tim Cavanaugh could really put a capper on his week by spear-tackling David Koch and forcing one of those red Baywatch beach-torpedo dealies up his urethra."

    It's an analogy.

  • ||

    I thought every day was a good day to fire Geithner.

  • SIV||

    "Firing is too good for him"

  • juris imprudent||

    "Remember when I said I'd fire you last?"

  • Question?||

    Great news! Timmay! didn't just screw the US - look at what he did to the Irish:
    http://www.irishtimes.com/news.....72123.html

  • shep the herd & his brass band||

    I was expecting Geithner to have been visited by Seal Team 6

  • ||

    I don't think the president will do it--for the same reason Clinton couldn't let Janet Reno go after Waco.

    Just 'cause the feds killed a couple dozen children doesn't mean you should fire anyone! People might think the ultimate executive was ultimately responsible--and obviously that's impossible.

    Yeah, if he fired Geithner right now, people might think it's what the president's done that's got us into this mess.

    And that just can't be.

  • Somalian Road Corporation||

    Firing somebody would be admitting error. The wagons must be kept circled at all times.

  • ||

    Everything's going according to plan!

    And besides, the Tea Party and Sarah Palin are tryin' to eat minority babies.

    I killed Osama bin Laden, and you guys wanna talk about Timothy Geithner?

    ...we must move forward, not backward, upward not forward, and always twirling, twirling, twirling towards more spending.

  • ||

    Better to be unemployed facing hyper inflation than have one of those people in power.

  • ||

    This can easily be taken care of by having him resign...

  • Doktor Kapitalism||

    Is there a petition?

  • Red Rocks Rockin||

    A good examination here, in general terms, of why Geithner, Bernanke, and by extension, Obama, are pissing in the wind.

    http://www.oftwominds.com/blog.....e5-11.html

  • shep the herd & his brass band||

    Tomorry is Derby day. Who do I put my $15k bonus on?

  • Not Sure||

    From what I've been told, it's a completely open field. Might as well pick your favorite color.

  • mad libertarian guy||

    The horse that crosses the finish line first.

  • Almanian||

    Madness!!!

  • rather||

    Mail it to me.

  • Doktor Kapitalism||

    You're a horse?

  • rather ||

    with no name ;-)

  • Max||

    The culture is feeling good about Obama? What the fuck is that supposed to mean?

  • shep the herd & his brass band||

    it means your hard-on hasn't waned since november 2009

  • Max||

    By the way, off-topic, but is Ron Paul a member of the John Birch Society or just a fellow traveler? Oh, and how does the culture feel about it?

  • ||

    ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF ARF

  • ||

    Can someone who is not max explain to me why the John Birch Society is a bad thing?

    They look like an old guard libertarian group to me. Of course I only get that from reading the Wikipedia entry on them.

  • ||

    They were the original black helicopter paranoid nuts. They were created originally because he founders thought Eisenhower was a commie. No kidding. They also thought water fluoridation was a communist plot. That is where Kubric got the idea.

  • ||

    In fairness the Birchers objected to fluoridation on the basis that it was creeping socialism, which it kind of was. But they were so over the top about their criticism, literally accusing people who supported it of being agents of the Soviet Union, they invited Kubric's ridicule. But no they did not think it was taking our purity of essence or any such thing. They just thought the government shouldn't be forcing people to drink fluoride.

  • ||

    Well, the world would be better off if they stopped fluoridation of water.

    And second, so anyone who is a member of a group stands guilty by association because of an antiquated founding principle? I'm sure those people who volunteer and donate to Planned Parenthood would be shocked to know they are out to keep niggers from populating.

    Oh, but I forgot: left wing organization=good. Right wing organization=bad.

  • ||

    Don't look at me. If it were up to me Planned Parenthood would be held in about the same regard as the Birchers.

  • ||

    The JBS has evolved quite a bit since their founding.

    And they don't get a shit-ton of government funding, either.

  • ||

    Maybe it is because I am from Kansas. But in my book anyone who accused Eisenhower of treason was a piece of shit nut unfit for polite company.

  • Max||

    So my original question: is Ron Paul a john Bircher? He has been a keynote speaker at Bircher events.

  • barfman||

    *barf*

  • Mr Whipple||

    G Edward Griffin, author of The Creature From Jekyll Island was a Bircher. They can't be all bad.

  • ||

    Griffin is a lunatic who has made a living pumping conspiracy crap - like laetrile as a cure for cancer and finding Noah's Ark today. 'Creature' was such amateurish garbage not a single credible economist or publication would review it. He is Glenn Beck before Fox News handed out TV shows to nuts.

    Yeah - Birchers are all bad.

  • ||

    The Federal Reserve was created in 1913. Its primary mission was to create stable prices. In January of 1913 consumer prices were. 9.8 (with the base being 100 in 1982 US dollars). In 2011 they are 223. So prices have gone up nearly 25 fold since the creation of the Fed.

    http://www.usinflationcalculat.....3-to-2008/

    It has been a hell of a success there Shrike. One hell of a success. I don't think it is the people who object to fiat money who are putting out amateurish garbage. The Fed has failed at everything it has ever tried to accomplish.

  • ||

    There is no reasonable alternative to having a central bank.

    Back to Griffin - why has his book been ignored by serious people?

  • tarran||

    Shrieky, I have a question,

    Which is worse?

    a) no central bank
    b) a bank staffed by christfags

  • ||

    c) FAT RUSHHHHHHHH

  • Mr Whipple||

    There is no reasonable alternative to having a central bank.

    Of course there is. It's called the 'Free Banking Alternative', defined by Vera C Smith.

    ...why has his book been ignored by serious people?

    Define "serious people". If you mean the oligarchs, then yes, it has been ignored.

    You don't need to be a conspiracy theorist to understand the evils of central banking. All you need to do is read the Federal Reserve Act. It's all there. The bankers own the Fed. Since the Fed controls the money supply, reserve and capital requirements and the interest rates, that makes the Fed the ultimate regulator of the financial system. Jamie Dimon is on the Board of the FRBNY. He is also the CEO of one of the most powerful banks in the world, JP Morgan. Whose interests do you think Mr Dimon is looking out for?

    You cant make this shit up. But you can be a sheep, and lay down to the will of the bankers. Yes, that's right shriker, the world would fall apart without the wonderful bankers to steer our interests.

  • ||

    The bankers do not own the Fed. The Fed's $79 billion 2010 profit went to the taxpayers (there is a fixed 6% dividend paid to member banks on mandatory funds held that cannot be traded).

    Its tiring and academic because we will not get rid of our central bank - period. You are howling at the moon.

    On Griffin - please link me to a review of his book by a notable economist.

    You will not find one. It would be like a Carl Sagan reviewing a book on astrology.

  • 0x90||

    Would you be for or against the establishment of a second central bank? Why, or why not?

  • Mr Whipple||

    Shroke,
    The member banks own the stock in the Fed. Not the government, not the taxpayers. You can not buy stock in the Fed unless you are a member bank. Those who own the stock own the institution. And who the fuck cares how much money they "made" for the US governemnt. What was the real cost? The reason there will always be a central bank is because whiney little cowards, like you, want the government to protect you, and provide stability. Meanwhile, the people who are providing the stability are ripping you off blind.

    I'll ask again, whose best interests does Jamie Dimon have at heart???? Answer the fucking question, stroke.

    On Griffin - please link me to a review of his book by a notable economist.

    Define "notable". Would that be a White-Shoe-Boy?

  • Mr Whipple||

    You will not find one. It would be like a Carl Sagan reviewing a book on astrology.

    Of course not. They're all fucking Keynesians. And no matter how many fallacies have been shown, they'll stick their bullshit macro models, just as long as they say it's OK for the government to spend more money on more bullshit.

  • Hubert Humphrey||

    There is no reasonable alternative to having a central bank.

    Sure there is--not having one.

    The Republic will survive just fine without a central bank. The Central State, however, most certainly would have its inevitable collapse accelerated.

  • Dept of Energy||

    Just because results are contrary to our stated goal doesn't mean our intentions weren't good. It was for the children!

  • shrike||

    I am such a prick. And proud of it.

  • Doktor Kapitalism||

    They should make me Secretary of Energy. There kinda wouldn't be another one...

  • JoshINHB||

    The Fed has failed at everything it has ever tried to accomplish.

    Absolutely 100% false.

    The Fed has:

    1) Enabled exponential growth of the federal government.

    2) Enriched crony capitalist "stake holders".

    Every other reason for the fed's existence, including stable prices, is bullshit propaganda.

  • SIV||

    The JBS wiki entry links to a recently expanded bio of Congressman Larry McDonald (D-GA)

    I always found it amusing that the most conservative member of the US Congress in the 20th Century was a Democrat. Others beg to differ:

    In fact, one scoring method published in the American Journal of Political Science named him the second most conservative member of either chamber of Congress between 1937 and 2002 (behind only Ron Paul)

  • ||

    God that picture makes me want to vomit. A fucking outright criminal becomes treasury secretary and the media gives him a fawning glamorous treatment like he is a movie star. That is out and out government propaganda. I wonder if the writer of that piece wanted to be a government toady in when they grew up.

  • chaussures air max||

    thank u for sharing.have a nice day!

  • Mr Whipple||

    Fire Toxic Timmaaaaaay? And replace him with whom? Elizabeth Warren?

  • ||

    Personally I would replace him with a taxidermized Osama Bin Laden.

  • db||

    bin Laden has already effectively served as a Cabinet level advisor to two presidents with an impressive career longevity of nearly ten years. He has affected U.S. military, foreign, domestic security, and possibly monetary policy more than any single individual in recent memory. So he probably would've been perfect if he didn't hate us so much.

  • Xenocles||

    "repudiate a failed Keynesian policy"

    So basically it won't happen, am I right?

  • ||

    Keynesian policy will never die no matter how many times it fails. It appeals to elites' vanity too much for it to ever fall totally out of favor.

  • Doktor Kapitalism||

    It makes sense...for the first five minutes. Then the problems start spouting like dandilions in spring.

  • Doktor Kapitalism||

    sprouting

  • Night Elf Mohawk||

    The weight of his brain is so great that it causes his head constantly to tilt forward. He must be doing the right thing.

  • Another Explanation||

  • Wind Rider||

    Good day to fire Timmy? 'Because it's Tuesday' works just fine as an excuse.

  • ||

    Hell withe firing him. I want him indicted for tax fraud. That is what would have happened to you or me. He failed to report something like $40,000 income. That is worth a felony conviction and probably some home confinement and probation for the little people.

  • ||

    You can say that again!

  • ||

    Hell withe firing him. I want him indicted for tax fraud. That is what would have happened to you or me. He failed to report something like $40,000 income. That is worth a felony conviction and probably some home confinement and probation for the little people.

  • ||

    Just as long as they provide pictures of the bullet-riddled corpse.

  • rather||

    can't you just masturbate over pictures of epi?

  • Obama||

    We must cleanse his body afterward and bury him according to Treasury Secrtary religious traditions.

  • ||

    Immolated on a pile of burning currency?

  • Jersey Patriot||

    Sacrificed on an altar to the Chinese.

  • ||

    US Government is too busy playing world police in places it has no business to even care. Seriously.

    www.anon-toolz.at.tc

  • Max||

    IS RON PAUL A FUCKING BIRCHER OR NOT?

  • Nipplemancer||

    Does it matter one way or the other?

  • Max||

    Well, it should. Bircher paranoia and deranged fantasies are surely at odds with free markets and free minds, no?

  • ||

    And what are these deranged fantasies and paranoia you refer to? Source, please.

  • Nipplemancer||

    The man/boy fixated on Ron Paul and JBS is talking about paranoia and deranged fantasies. Max, have you ever heard of irony?

  • Chupacabra||

    IS MAX A FUCKING RETARD OR NOT?

  • No, MaxiePad, but you...||

    What is the name of your Raving Hate Group?

  • Max||

    http://www.spartacus.schoolnet.co.uk/JFKbirchS.htm

    The John Birch Society has some supporters in Congress. Ron Paul of Texas recently argued:"The beneficial, educational impact of the John Birch Society over the past four decades would be hard to overestimate. It is certainly far more than most people realize. Anyone who has been in the trenches over the years battling on any of the major issues - whether it’s pro-life, gun rights, property rights, taxes, government spending, regulation, national security, privacy, national sovereignty, the United Nations, foreign aid - knows that members of the John Birch Society are always in there doing the heavy lifting. And most importantly, they approach all of these issues from a strong moral and constitutional perspective. Lots of people pay lip service to the Constitution, but Birchers study it, understand it, apply it, and are serious about protecting it and holding public officials accountable to it."

  • Max||

    The John Birch Society was established by Robert Welch in 1958. The organization was named after Captain John Birch, a member of the China Air Task Force murdered by Chinese communists on 25th August, 1945.
    Welch made it clear he wanted a "secret, monolithic organization" that would "operate under completely authoritative control at all levels". Welch explained that "democracy is merely a deceptive phrase, a weapon of demagoguery, and a perennial fraud".
    In 1958 Welch became editor and publisher of the monthly magazine American Opinion. Contributors to this right-wing journal included Martin Dies and Westbrook Pegler.
    Robert Welch believed that Franklin D. Roosevelt, Harry S. Truman, and Dwight Eisenhower, were part of a communist conspiracy. Welch sent out a letter claiming that President Eisenhower was a "conscious, dedicated agent of the Communist Conspiracy". In 1956 Welch wrote that other top government officials such as John Foster Dulles and Allan W. Dulles were "communist tools".

  • Some Guy||

    For a minute there I thought that he was actually going to get fired. Way to get my hopes up, Reason.

  • ||

    Just curious, but why the fuck is the Coast Guard 800 miles up the Mississippi River opening and closing it to barge traffic? Is that legal? And, can we soon expect National Guard troops to start forcibly evacuating people under threat of detention?

    FUCK! This pisses me off more than Michelle Obama finding out her hubby got the last tamale.

  • SIV||

  • Doktor Kapitalism||

    Okay, so: how is that the Coast Guard's responsibility. The Upper Mississippi isn't the coast. Ergo: Navy's problem, if anyone's.

  • ||

    the coast guard's responsibility/jurisdiction is not limited to "the coast". their jurisdiction includes waterways such as the upper mississippi.

  • Doktor Kapitalism||

    Then they need a serious name change. Water Way Authority, anyone?

  • ||

    The Fed's $79 billion 2010 profit went to the taxpayers

    I'm a taxpayer, shrike, and have been for lo, these many years. I have never gotten a check from the Fed.

    Oh, you mean the State skims the profits from central banking. You realize that the State is not the taxpayers, yes?

  • Some Guy||

    More accurate version is that the profit goes to preventing a tiny fraction of the liability of future taxpayers for our current spending.

  • Max||

    So you dimwits don't find it disturbing that your libertarian hero is a fucking Bircher wingnut?

  • ||

    If he is a proponent of these core principles, then I have absolutely no problem with him being a member of the JBS.

    Quick question, Yorkie-poo. Do you support Planned Parenthood? Obama does, so I guess that means he wants to prevent blacks from procreating. See, your twisted fucked-up logic can play both ways.

  • Max||

    Jesus Christ, you libertoids are dense.

  • ||

    Nice deflection, dipshit.

    BTW, here's a quote from the founder of Planned Parenthood: "The lower down in the scale of human development we go the less sexual control we find. It is said that the aboriginal Australian, the lowest known species of the human family, just a step higher than the chimpanzee in brain development, has so little sexual control that police authority alone prevents him from obtaining sexual satisfaction on the streets."

    By your logic, anyone who is a supporter of PP ascribes to this belief, right? You can't have it both ways.

  • rather||

    Yes you can. I support the right of abortion but I have always thought Planned Parenthood was a a waste of taxpayer money

  • ||

    I'll reply, rectal, because this seems to be the first well-reasoned comment you've made here in a while.

    I was just pointing out the hypocrisy in Max's condemnation of anyone is a member or supporter of the JBS based on the principles of the founder. I know he's a liberal troll, so the softest target was the founder of the left's pet organization, Planned Parenthood. Of course, you can see by his silence that he is caught in his web of partisan hack-ery yet once more.

  • rather||

    I've noticed most people who found organizations are 'special'

    John Stossel's show on creators of businesses refers to this phenomenon with the trend of boards to get rid of founders AFAP.

  • rather||

    Truly, the explanation is that the creative person is cursed with their gift-it always comes with a price. Reason's Lanny Friedlander is not the exception

  • Doktor Kapitalism||

    Talk about racism.

    It's almost certainly a cultural matter, rather than a racial or genetic one, that causes those problems, *IF* they are anywhere near as bad as you say.

  • rather ||

    I have Rabbit-Proof Fence on my list of movies to see. Indigenous peoples have a terrible history of living through cruel racism

  • Doktor Kapitalism||

    Read: world history happened.

    And if Wikipedia is half right on Margaret Sanger, that woman was *weird*!

  • Max's Mom||

    Honey... we're STILL out of Astroglide.

  • ||

    Surprise! (via MSNBC, natch)

    "The operation in which Osama bin Laden was killed was lawful," Holder told the Senate Judiciary Committee. "He was the head of al-Qaida, an organization that had conducted the attacks of September 11th. He admitted his involvement and he indicated that he would not be taken alive. The operation against bin Laden was justified as an act of national self defense."

  • The Bearded Hobbit||

    Now that Emmanuel Goldstein is sleeping with the fishes, to whom are we to direct our Two Minutes Hate?

    ... Hobbit

  • ||

    Assassination good - torture bad.

  • ||

    Don't worry, R C, when the Fed's bond portfolio goes down the crapper as interest rates rise, they'll be happy to share the losses with us.

  • ||

    It begins.

    Ibrahim Hooper, spokesman for the civil rights group Council on American-Islamic Relations, told CNN the two men contacted his office and said they were told that passengers were uncomfortable with them on the flight.

    "They went through security, even went through secondary security, and got on the plane, were taxiing out," he said.

    But then, they were taxied back, Hooper said.

    "TSA came on and pulled them off and said the pilot was refusing to fly with them because passengers were uncomfortable with them," Hooper said, referring to the Transportation Security Administration.

    Hooper said officials re-screened them and found they were no threat.

    While officials tried to get the men back on the plane, "the pilot absolutely refused and ultimately took off," Hooper said.

  • ||

    I would have no problem with this if we actually operated in a free market. An airline should have a right to not do business with any person they choose. That said, I would never give the racist assholes my business.

    That said, the TSA openly broke the law. The Civil Rights Act of 1964 didn't have an asterisk in it.

  • ||

    An airline should have a right to not do business with any person they choose.

    Absolutely! They should have the right to refuse to sell tickets to anyone they want. Once the ticket is sold they have to honor it though.

  • Curious||

    Juan Williams is a pilot?

  • Nipplemancer||

    Flying Imams Redux.
    I'd rather not fly sitting next to a fat guy who takes up his seat and part of mine, does this mean I can notify the crew of the airplane and tell them that he's a scary mooslim terrorismist and have him removed?

  • ||

    Forget that, if it means I get to stretch out over two seats, I'll tell the pilot I'm uncomfortable with the person next to me every fucking flight.

  • ||

    I wouldn't recommend any libertarians reading the comment section if you have an aversion to boiling blood.

    Ken Shultz and Cytotoxic would probably find some kindred spirits, though.

  • ||

    Of course, it would never occur to the TSA, or the airline, to tell the hysterical fucking hillbillies (including the worthless little pussy in the driver's seat) to find another mode of transport if they were uncomfortable in the presence of teh scary Mohammedans.

  • ||

    How about we let privately owned transportation companies serve whom they choose? Or does freedom of contract not apply?

  • ||

    I'm all for letting airlines refuse to sell tickets to someone they don't like. That's freedom of contract.

    What I'm against is letting the airlines refuse to honor a ticket already sold. That's called breach of contract where I come from.

  • x,y||

    And the remedy is damages, not specific performance, right?

  • ||

    Damages plus punitive since there was a willful decision to breach the contract.

    But in any case, it's not a case where the airline is blameless as John implied.

  • ||

    We're also not talking about a free market here; the government decides which airlines can use its airports.

  • ||

    I'm curious, if Atlantic Southeast had instead told the person who was "uncomfortable" sharing a plane with Muslims to get their ass off the plane, would you still be siding with the airline?

  • Max||

    Birchers are antithetical to Libertarian core values, and Ron Paul is a Bircher or a Bircher sympathizer.

  • ||

    Care to explain how? Or are you just here to throw bombs today (as usual)?

  • Max's Mom||

    Max... you're not making bombs in the basement, are you?

  • Max||

    Aren't libertarians devoted to free mains and free markets and to argumentation based on reason and logic. The Birch Society is a band of paranoid right wingers who claim without a shred of evidence that Eisenhower, among others, was a communist agent. What does that have to do with libertarianism? Libertarians don't have to make up crazy conspiracy theories about government, do they? Of course not. Libertarians use economics, principle and logic to make their case for a smaller government.

  • Confederal_Republic||

    Except Birchers believe that Eisenhower's policies enabled and/or failed to hinder the Soviet Union (unwittingly), not that he was a willing communist agent. I don't give a flying fuck about what Welch thought - we're talking about the organization itself. Fucking moron. Go fucking die.

    Birchers are pretty much the only noticeable political group composed largely of religious Christians who are ACTUAl constitutionalists/libertarians. Example - homophobe who believes gays, as anybody else, can whatever the hell they please, whenever the hell they please, as consenting adults, regardless of the homophobe's own opinion. Get that? Simple enough for you?

  • Confederal_Republic||

    *Can do

  • Max||

    No, the Birchers believe Eisenhower was a conscious commie agent. Kiss my ass.

  • tarran||

    In the defense of the Birchers, Eisenhower did do a good job of keeping the CIA project to create "safe" left-wing anti-communist political parties to run Western Europe a pretty close secret.

    To many people outside the government, it looked like the U.S. government was trying to slide Western Europe into socialism after having handed Europe and China to the commies.

  • ||

    Keynesian Bircher paranoia and deranged fantasies are surely at odds with free markets and free minds, no?

  • ||

    It's nice to know how much credibility the TSA has among the general population. Somebody should ask that moron Pistole about this.

  • Pistole||

    Nice try, Brooks, but I'm not the general population so I have no idea.

  • juris imprudent||

    When I saw this thread had over 100 comments I wondered which troll was at work - and it was a trifecta.

  • ||

    Sec. Geithner is one of the few Obama team members that the business community actually likes. What is your beef with him besides that he's affiliated with Obama? His team put out a plan that calls for privatization of Freddie/Fannie, he's called for a conservative style corporate tax reform, he's fought the administration to keep capital gains taxes low. Business insiders like Jim Cramer have been extremely critical of the president, but very supportive of Tim. Also, the unemployment rate is more a function of how many people are looking for jobs which is increasing. An increased unemployment rate while the economy is growing jobs (close to 500,000 jobs gained so far this year) only means that people who have been out of the labor force are trying to get back in.

  • ||

    Libertarians != big business

    Of course big business loves a guy who hamstrings their competitors with regulations and gives them free money.

    By the way, 500K jobs is far too few to keep up with population growth for a full year...you need at least 1.8M to do that. THAT's why unemployment keeps ticking up.

  • ||

    Oh, I see you're talking about just the past 4 months. That's still too few by about 100K.

  • ||

    Dang you Tulpa. I go make something to eat and return to find that you have made the comment I had in mind.

    I would add, though, that anybody listening to 'business insider' Jim Cramer is begging to be broke. I'm an economic ignoramus and know that.

  • ||

    I only scoop the ones I love. Like my cat.

  • Tim Cavanaugh||

    I second Tulpa's comments regarding big business and Jim Cramer.

    To your list of Geithner achievements I would add that taking student loans in-house was a marginal improvement to a system that is doomed in any case.

    Nevertheless, as of today his tenure as secretary of the treasury has been marked by a 19 percent increase in the rate of unemployment, an unprecedented devaluation of the dollar, and a failed $787 billion market intervention.

    While these are all reasons to terminate Geithner's employment, I believe he should not have been hired in the first place on the basis of his moral character. During his presidency of the New York Fed, Geithner's order that AIG pay out CDOs to Goldman Sachs, Merrill Lynch, Société Générale and Deutsche Bank at 100 cents on the dollar, along with his connivance as Lehmann counted 501 Repos as actual sales, both qualify him for permanent separation from government employment. (More vengeful folks than myself would say he should be in prison for either or both.)

  • Max||

    Ask the culture how it feels about Birchers and close your mouth when your not talking.

  • ||

    "During his presidency of the New York Fed, Geithner's order that AIG pay out CDOs to Goldman Sachs, Merrill Lynch, Société Générale and Deutsche Bank at 100 cents on the dollar, along with his connivance as Lehmann counted 501 Repos as actual sales, both qualify him for permanent separation from government employment."

    I think when most people see that sort of thing, they tend to assume there was some kind of malfeasance to account for it.

    Having worked with various government agencies a lot, I gots to tell y'all that utter incompetence can account for a lot of things that look like corruption or malice.

    Just because someone has all the degrees, accolades and experience--doesn't necessarily mean he isn't completely incompetent. ...especially in government.

    Some of us tend to assume that people in high positions know what they're doing and certainly what they're talking about. Otherwise they wouldn't be in such a position! But just because someone has been appointed to a position to regulate the financial industry--doesn't mean he knows what he's doing.

    The reason people end up running the government instead of running Goldman Sachs? Isn't because they care about people.

    Timothy Geithner doesn't have what it takes to be a mid-level manager at Goldman Sachs, and it shouldn't surprise anybody that the people who run various investment banks took advantage of him when their asses were on the line.

    Low level floor traders know better than to give anybody 100 cents on the dollar when the alternative for those investment banks is auctioning their assets off in bankruptcy court. Given them 100% on the dollar when those guys were dying for cash!?

    Is it possible that Timothy Geithner isn't as bright as a low level floor trader?

    Absolutely.

  • Red Rocks Rockin||

    An increased unemployment rate while the economy is growing jobs (close to 500,000 jobs gained so far this year) only means that people who have been out of the labor force are trying to get back in.

    Sorry, but this is just a regurgitation of the media narrative. The employment to population ratio is only doing its annual summer bounce right now--and it's along the bottom.

    http://www.market-ticker.org/akcs-www?post=185578

    When the ratio gets back up to where it was during the troughs of the early 2000s recession, let us know.

  • Jordan||

    An increased unemployment rate while the economy is growing jobs (close to 500,000 jobs gained so far this year) only means that people who have been out of the labor force are trying to get back in.

    Wrong. Take a look at U6.

  • Evan Zimmerman||

    Unemployment is up because of government firings. Wouldn't that be a reason to applaud Obama?

  • BigT||

    The economy is in the tank because we have too many parasitic govt employees. Rather chastise those who hired them.

  • ||

    Letting temporary census workers go affected the pubsec #'s most of all. If Obama was going to get the (self-delivered) credit for the drop in unemployment when those folks were hired, he deserves the credit when unemployment rises when they are let go.

    Somehow, I doubt the media will see it that way. With The One, they never do.

  • ||

    More things change, the more they stay the same.

    www.totally-anon.at.tc

  • Hey, Cavanaugh....||

    ....maybe you can convince Jerry Brown to hire him!

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