And the plan for doing that seems to be scapegoating wealthy “bankers,” “Wall Street,” and “the rich,” while relying on the media to present the “Occupy” movement as a genuine bit of grassroots populism and normalize it, so that it’s palatable to independents.
To that end, we have Geithner playing his role:
U.S. Treasury Secretary Timothy Geithner suggested Friday that a new round of “dramatic enforcement actions” against Wall Street wrongdoing is coming.
“Stay tuned for that,” Geithner said.
Asked on CNBC about the Occupy Wall Street movement’s discontentment over the lack of criminal charges related to the financial crisis, Geithner said action is on the way.
“You’ve seen very, very dramatic enforcement actions already by the enforcement authorities across the U.S. government, and I’m sure you’re going to see more to come. You should stay tuned for that,” he said.
Geithner said that the Obama administration had moved swiftly after the crisis to put into place new protections for consumers and investors.
“We moved very quickly to put in place a much stronger set of rules of the game across the financial sector. Now, we’re now facing a lot of resistance to those rules, but we’re going to make sure that we deliver the promise of those reforms, which is a much tougher set of rules across the system against risk-taking and much stronger protections for consumers,” he said.
Geithner responded to the Occupy Wall Street demonstrations by asserting that their unhappiness was due to the sluggish pace of overall economic growth.
“What you see is a general sense across the country of concern that the U.S. economy is not growing faster, you’re not seeing incomes rise more rapidly, and people want to make sure that the government, Washington, is acting to make things better now. As part of that, they want to see us deliver much stronger protections for consumers and investors as an economy as a whole,” Geithner said on CNBC.
Predictably, the fix to the perfidy of “Wall Street” and “the bankers” is a more powerful government with more control over the capital investment sector — and the threatened prosecution of the private sector players, while the politicians remain unaccountable.
— Even as we know that it is that very government’s cozy “partnerings” with private firms that worked to enrich a number of politicians and their cronies, while simultaneously setting the stage for the financial collapse that has left people unemployed and devoid of assets.
Any new “dramatic enforcement actions” need to be accomplished by investigations of those whose greed and machinations caused the collapse. Thankfully for potential investigators and prosecutors, much of the work has already been done for them.
Does this moron not understand how risk/benefit analysis works and why risk and benefit counterbalance each other? Or, are we now trying to end capitalism?
Stupid or evil? You make the call.
I vote BOTH, Pablo.
Geithner said that the Obama administration had moved swiftly after the crisis to put into place new protections for consumers and investors.
if he means they’ve protected us against jobs he’s spot on
preview fail
I’m a go to work before tax cheat Timmy figures out how to protect me
They understand that the independents aren’t coming back; they’re just grabbing everything they can, while they still can.
against risk-taking
Surely he’s pointing his finger at the Solyndra loans. Right?
That was responsible risk taking. Sometimes these things don’t work out. For the taxpayers, that is. It was all upside for Obama.
And somebody ought to clue-in the oblivious to the fact that the reason the political class isn’t demanding prosecutions is because they know that the evil bankers will quickly turn state’s evidence against them.
What Pablo said.
The perversity of this profoundly unnatural, Wilsonian-progressive, fiat/reserve monetary and treasury policy under Keynesian, welfare-statist socialists is such that black really is white and up is down: When money is debt nothing is natural — you have to go right to get left, and like that.
Witness the claimed over-unity returns of the Stimulus™ phenomenon as a political dogma taken seriously by the Krugmans of the ruling class and the growing dependent class of the Reid/Pelosi camp, and now Turbo Tim — from the party that gave us Dodd-Frank — reforming fixtures in the very game that employs he and his handlers.
It’s crazy. The sheer, profoundly arrogant, global artificiality of the thing they so bravely confront by now precludes it every again regaining equilibrium as well as it making sense in order to consider gaining equilibrium. These people then mostly find a place to ensure their own political viability because they cannot make rational moves and expect restorative, rational outcomes, assuming they wanted to under this regime’s obvious strategy.
See Turbo, Tim. The tool he and the other tools in that boat wield might be the greatest tool in the history of tools, so to put it.
Team Democrat, whether it knows it or not, blissfully embraces the grandaddy of all feedback loops: In effect “taking on” a monetary system that’s already unstable as an expressed tenet of it’s very existence. They’re promoting their pushing an avalanche back up the hill.
Yeah, we’re trying to end capitalism … although I wonder if any of these masters of the universe ever wake in a cold sweat at the audacity of their influence and the pending ruin. Of course, that’d take a conscience.
Is it just me, or does anyone else grit their teeth at the unmitigated gall of this asshole talking about enforcement?
Sears – maybe Turbo Tax Tim is going to waive the SOL and plead guilty to tax evasion?
Does this moron not understand…?
Stop it.
Stop giving these people the rhetorical benefit of the doubt.
Hanlon’s Razor—”Never attribute to malice that which is adequately explained by stupidity”—does NOT apply to Leftists In High Places.
These people know exactly what they’re doing and always have. You can’t methodically undermine a system you don’t understand in detail, and they very much do understand the free market. They just hate it because they’re not in charge of it.
Geithner et al. are engaging in plain old sophistry in the hopes that they can blinker enough people long enough to get the job done. Classical Liberals need to stop assuming that they “just don’t get it” (like the OWS morons) and realize that these people are not merely wrong but evil, because they have deliberate designs against the our liberty.
People who want to destroy liberty are always with us, and if Geithner and Obama and Van Jones and all the rest are not our generation’s crop of destroyers, then who is?
Does this moron not understand…?
Stop it.
Stop giving these people the rhetorical benefit of the doubt.
Hanlon’s Razor—”Never attribute to malice that which is adequately explained by stupidity”—does NOT apply to Leftists In High Places.
These people know exactly what they’re doing and always have. You can’t methodically undermine a system you don’t understand in detail, and they very much do understand the free market. They just hate it because they’re not in charge of it.
Geithner et al. are engaging in plain old sophistry in the hopes that they can blinker enough people long enough to get the job done. Classical Liberals need to stop assuming that they “just don’t get it” (like the OWS morons) and realize that these people are not merely wrong but evil, because they have deliberate designs against our liberty.
People who want to destroy liberty are always with us, and if Geithner and Obama and Van Jones and all the rest are not our generation’s crop of destroyers, then who is?
People who want to destroy liberty are always with us, and if Geithner and Obama and Van Jones and all the rest are not our generation’s crop of destroyers, then who is?
A statement worth repeating.
Oh, waitaminnit…
Jeff’s server freezes up on me all the time, so I can’t tell if I’ve posted or not.
Deserves its own post on a hundred right wing sites.
And left…
My 13 has a correction in it, so distribute that one, if you’re going to.
:D
Dicentra,
Do ya spose at least some of them are just looters expecting the store to stay in buisness. Afterall America IS to big to fail dontcha know;’)