Geithner: Your taxes are going up because Goldman has to get their bonus

[retaildaytrader]

http://www.livedash.com/transcript/...y/5916/CNBC/Thursday_September_10_2009/83666/

Moderator: 00:41:48 >> Will taxes go up.

Geithner: 00:41:50 >> I want to do it -- let me do it this way.

G: 00:41:52 I want to do this carefully.

M: 00:41:54 >> As long as you answer the question, you can do it any way you'd like.

G: 00:41:59 >> Right now, if you're worried, as most americans should be about how we're going to afford these things in the future, how we can get back to living within our means, the most important thing we can do now is to get this economy back to where we're growing, where firms are investing again, where firms are creating jobs again.

G: 00:42:18 And when we do that, the world needs to understand, americans need to understand we're going to bring those deficits down.

G: 00:42:23 And that means we're going to have to bring our commitments and our resources closer into balance.

G: 00:42:30 And it's going to require we do difficult things.

G: 00:42:33 But again, I think most americans understand that if we don't do that, we're going to face a risk of slower growth, higher unemployment, darker future, and that's nothing something we can afford to do.

M: 00:42:46 >> Sounded a little bit like a yes to me.

 

[RiceRocket]

Does anyone need to even ask at this point with a 2 trillion dollar deficit for this year alone, and a 12 trillion dollar national debt?

 

[JAP]

All these FED reserve and GS scumbags will get theirs eventually.

Karma is a bitch.

 

[MarketMasher]

That's funny!

He's saying it's really the Wall Street bank screwups that are going to be raising your taxes, and now the gov't is just the collection agency.

 

[lrm21]

Geithner came across as a likable fellow, who is trying to do good.

Except his world view is so fucked he doesn't understand the issue.

None of the morons in the audience did either and certainly not the moderators.

Bottom line these where the questions he needed to answer.

1) 1 year later what has changed fundamentally, we are still a debt based economy. And it does not appear we have an unlimited capacity of debt.

2) Why are no participants being prosecuted for fraud.

3) Why are we not breaking up banking institutionas and looking to create true separations between, brokers, bankers, advisors etc. like we had with Glass-Stegal.

4) You got you ass kicked a lot in high school didn't you? Is this payback?

 

[piezoe]

I think the answer to 2. is that there will be prosecutions, but it is going to take a good while. There is a commission looking at this and making referrals to the justice department, just as in the savings and loan crisis where a lot of bankers ultimately went to jail. It took a long time though.

 

[Anaconda]

Quote from lrm21:

Geithner came across as a likable fellow, who is trying to do good.

Except his world view is so fucked he doesn't understand the issue.

Apparently he is a great politician if that is how you feel.

He knows exactly what he is doing.

 

[asiaprop]

lol, could you please point out in detail how GS bonuses are related to your taxes, I am afraid I dont follow. To my and everyone else's knowledge GS has repaid the last penny of government funds they received. So go and bitch to someone else about your tax dollars to be spent.

Quote from retaildaytrader:

http://www.livedash.com/transcript/...y/5916/CNBC/Thursday_September_10_2009/83666/

Moderator: 00:41:48 >> Will taxes go up.

Geithner: 00:41:50 >> I want to do it -- let me do it this way.

G: 00:41:52 I want to do this carefully.

M: 00:41:54 >> As long as you answer the question, you can do it any way you'd like.

G: 00:41:59 >> Right now, if you're worried, as most americans should be about how we're going to afford these things in the future, how we can get back to living within our means, the most important thing we can do now is to get this economy back to where we're growing, where firms are investing again, where firms are creating jobs again.

G: 00:42:18 And when we do that, the world needs to understand, americans need to understand we're going to bring those deficits down.

G: 00:42:23 And that means we're going to have to bring our commitments and our resources closer into balance.

G: 00:42:30 And it's going to require we do difficult things.

G: 00:42:33 But again, I think most americans understand that if we don't do that, we're going to face a risk of slower growth, higher unemployment, darker future, and that's nothing something we can afford to do.

M: 00:42:46 >> Sounded a little bit like a yes to me.

 

[asiaprop]

life is a bitch, aint it, especially to some wannabe losing day traders!!!

Quote from JAP:

All these FED reserve and GS scumbags will get theirs eventually.

Karma is a bitch.

 

[pitz]

Quote from asiaprop:

lol, could you please point out in detail how GS bonuses are related to your taxes, I am afraid I dont follow. To my and everyone else's knowledge GS has repaid the last penny of government funds they received. So go and bitch to someone else about your tax dollars to be spent.

Ummm, the funds received when the market was at its bottom was essentially an equity injection, but at interest rates that represent debt. A subsidy to the entire banking industry.

The entire industry would have gone bankrupt otherwise (and we'd probably be in much better shape right now). So GS people should not have receive any bonuses, and any bonuses received were the direct result of US government intervention.