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Friday
Jun242011

Tell Geithner: Small biz and Main St. already bled enough

Tim Geithner was on the scene ahead of the financial meltdown and during the bailout. Now he wants to tax small businesses more.You have to hand it to the Obama administration’s Treasury secretary Tim Geithner. He has got some nerve. Geithner told the House of Representatives Small Business Committee that small businesses need to pay more taxes.

Don’t yawn just yet. Geithner’s proposal to raise taxes on anybody should place him in the World  Record Book for Scoundrels.

In the book Reckless Endangerment ,author Gretchen Morgenson cuts through the muck to name names in the greatest looting of the country in modern times. Tim Geithner is pegged a “feckless regulator”—he was president of the NY Federal Reserve from 2003-2008.

Prior to that, while at Treasury, the Federal Reserve Bank of New York disclosed in Geithner’s bio: “He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers.”

Rubin and Summers were also actors in the meltdown—Morgenson pegs these two as “friends” of Fannie Mae, the scandalized government sponsored enterprise Morgenson called “a corrupt corporate model.” Next time you hear a pundit wail about the housing market, look to Fannie Mae.

In January, 2010, Bloomberg reported, “The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.”

The New York Fed, said Bloomberg, “decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a ‘backdoor bailout’ of financial firms.”

Reuters noted remarks from a Democrat during hearings in 2010: “The payments amounted to letting Wall Street ‘loot the corpse’ after the government had propped up AIG, said Edolphus Towns, the New York Democrat who chairs the U.S. House of Representatives Oversight Committee.”

Bottom line: one of the politicos whose corporate cronies benefited from taxpayer money to cover losses for the looter class now wants to tax small businesses so the government can continue to spend. CNS News reported Geithner wants to tax small businesses more so the government doesn’t have to  “shrink the overall size of government programs.”

The only answer IS to shrink, and Congress can start by radical cuts at the Dept. of Education, a completely useless agency if ever there was one, and move on along to numerous other agencies that are not part of the law enforcement or national security sector or others that are vital. Defund any and all arts programs—the federal government has absolutely no business being in the arts at all.

While you’re at it, zero out Obama’s new Consumer Financial Protection Bureau, another money pit that is one more negative for the US economy. The government had regulators who were supposed to protect the taxpayer. Do you honestly believe this expensive bureau will be any different? It’s just another anti-business regulatory cabal of bureaucrats looking for a gravy train at taxpayer expense.

Geithner and his colleagues have bled small businesses and Main Street enough. Hopefully Republicans will hold firm and accept no compromises on government spending and budgets until Geithner and crew are forced to deal with the mess they and their colleagues created. And they benefited from it as well.

In March, 2009, I wrote about Geithner and the meltdown. I quoted a former Australian prime minister who called Geithner “a gigantic fool.”

He should’ve called Geithner a gigantic looter, one with gigantic nerve.

(Commentary by Kay B. Day/June 24, 2011)

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