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Democracy Now--Eliot Spitzer: Geithner, Bernanke Complicit in Financial Crisis and Should Go

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 10:03 PM
Original message
Edited on Sat Dec-05-09 10:03 PM by kpete
Democracy Now--Eliot Spitzer: Geithner, Bernanke Complicit in Financial Crisis and Should Go

..............

AMY GOODMAN: Well, why dont you start off by talking about how you think President Obama has handled the economy, the bailout? And you cant speak in sound bites.

ELIOT SPITZER: Alright, no sound bites on this show, which is good news. And thank you for inviting me.

Let me begin by saying that I think Senator Sanders was wrong in only one respect: it wasnt that the Fed was asleep at the switch; they were actually complicit. And by that, what I mean is that the Chairman, Ben Bernanke, and Tim Geithner, when he was the president of the New York Fed, actually built and participated in creating the structure that now has collapsed. And that, I think, is what is so problematic to so many of us. They are now claiming credit for having taken trillions of our tax dollars and given those dollars back to the banks to return them to solvency, when the initial bankruptcy and the initial illiquidity and the initial crisis was very much a consequence of the very policies they put in place.

Stepping back for a moment, we have a major crisis in this nation, and that crisis is jobs. That crisis is that we are seeing the elimination of the middle-class job foundation that permits most Americans to do better year after year after year. The reality is median family income has been stagnant for forty years, and the policies of what I call financialization, which is major banks trading assets back and forth, the Wall Street banks, such as Goldman, which is rightly a lightning rod right now for much of whats going on, buying and selling, playing with tax dollars in proprietary tradingthey make huge money, nothing is added to the economy, jobs are sent overseas. All of this going on simultaneously. That is what our economy has become.

And Ben Bernanke and Tim Geithner were the architects of this. And now they are saying, Didnt we do a good job six months ago giving money to the banks? No. Go back two, three, five years. Where were they? Tim Geithner, over and over, bailed out the banks. He was, as president of the New York Fed, the overseer of the institution that collapsed. And so, its akin to going to a doctor who has said, I have a great technique for you: Im going to bleed you, and he bleeds you, and he gets you more and more sick and sick and sick. Then when youre about to die, he puts a tourniquet on you and says, Gee, Im good. No, your prescriptions have been wrong since the beginning.

VIDEO & TRANSCRIPT:
more:
http://www.democracynow.org/2009/12/4/eliot_spitzer_gei...
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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:06 PM
Response to Original message
1. There is no doubt in my mind that Spitzer was set up with that prostitution thing
Not saying he didn't do anything. Just saying that people in high places wanted him gone.

I want him back.
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Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:12 PM
Response to Reply #1
2. That's always how it goes
You're not allowed into that party without them having blackmail on you...or as you say, embarrassing situations can always be arranged or even fabricated if necessary.

IMO, so he had a call girl. Big whoop. I'd rather see the real players brought to task instead of always getting the sideshow.
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 12:18 AM
Response to Reply #2
7. Is there any legal reason why he wouldn't be allowed back in politics?
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mdmc Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-08-09 10:36 AM
Response to Reply #7
21. Joe Bruno was recently found guilty and may have to go to jail
Spitzer avoided jail but lost his elected position..
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PuraVidaDreamin Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 05:33 AM
Response to Reply #1
10. Why does Vitter get to stay?
And Ensign... et al

Yet Spitzer had to resign?????
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Sebastian Doyle Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 01:14 PM
Response to Reply #1
12. I thought so too
They probably realized that he had a good shot at becoming Attorney General, and they couldn't have that. I've thought similar things about John Edwards for the same reason. Either of them probably would have been a more effective AG than Eric Holder when it came to corporatist criminals.

Not that I'm excusing either of their stupid actions of course, just like I didn't excuse Bill Clinton's. (Yeah, I believe Monica was a setup too)
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ananda Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:24 PM
Response to Original message
3. Hear! Hear!
Geithner and Bernanke never should have been
appointed in the first place!
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WorseBeforeBetter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:41 PM
Response to Original message
4. I don't care if he's an arrogant asshole and wore black socks...
to bang a hooker...I want Spitzer back. This whole thing was orchestrated.
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laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:46 PM
Response to Reply #4
6. I want him back, too. And I want Geitner, Summers, Bernanke, and
Rahm to have more time with their families.
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leftstreet Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-05-09 11:42 PM
Response to Original message
5. K&R
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 12:36 AM
Response to Original message
8. 
has $4 billion to redo all of K-through-12, and everybodys saying, Isnt this great? Four billion dollars. Goldman Sachs got $12.9 .

Eight billion dollars for high-speed rail. Entire high-speed rail stimulus effort, $8 billion. Goldman Sachs got $12.9 .

So what are the priorities, in terms of infrastructure investment, job creation, building the foundation of an economy that will permit us to be competitive so that real Americans can get jobs, not just investment bankers and lawyers?"







:kick:


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maryf Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 01:02 PM
Response to Reply #8
11. Look how much for the military...
Edited on Sun Dec-06-09 01:04 PM by maryf


its all the pink...
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Mithreal Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 05:16 AM
Response to Original message
9. Spitzer is Nightmare on Wall Street.
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whistler162 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-07-09 08:53 AM
Response to Reply #9
16. You have the Spitzer is a nightmare correct....
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bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Dec-06-09 10:43 PM
Response to Original message
13. Love Democracy Now!! Great post, kpete. Too late to rec.
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twitomy Donating Member (756 posts) Send PM | Profile | Ignore Mon Dec-07-09 06:44 AM
Response to Original message
14. I like Spitzer..
Edited on Mon Dec-07-09 06:44 AM by twitomy
Too bad he couldnt keep it in his pants...He might have been Prez material..but then again he would probably sell out like the rest of them.
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whistler162 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-07-09 08:55 AM
Response to Reply #14
17. The hooker affair was the last in a string of really stupid moves....
even without the hooker affair he was not presidential material!
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Mithreal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-07-09 06:22 PM
Response to Reply #17
19. When you weigh killing thousands of civilians and enriching WS v. adultery and prostitution
it must feel satisfying to know that America agrees with you.
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whistler162 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-07-09 08:51 AM
Response to Original message
15. unrec for any thread quoting Spitzer!
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Mithreal Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-07-09 06:18 PM
Response to Reply #15
18. Cheers for ad hominem attacks, they are all the rage
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Selena Harris Donating Member (273 posts) Send PM | Profile | Ignore Tue Dec-08-09 10:33 AM
Response to Original message
20. None dare call it "conspiracy".....
it's "complicity"!

Incidentally AND coincidentally, look at the last six letters in conspiracy-it spells "piracy."

(Neo) CON'S PIRACY-------how's THAT for synchronicity,Mr. Jung?
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