Friday, January 23, 2009

TimmyG and the Fed

We tax all the others and pass the revenue on to you

Kent Hoover in the Baltimore Business Journal ... Sen. Kent Conrad, D-N.C., said he found Geithner’s failure to pay taxes “completely unacceptable,” and would lead him to vote against his nomination “in normal times.” “These are not normal times,” Conrad said. “I personally don’t think we can afford a further delay in filling this critically important position.”

If there's a fire, just throw ANY liquid on it. You just might help. Might not, though.

(Same link)... A different perspective on TimmyG's qualifications to shepherd us through our financial crisis ... As president of the Federal Reserve Bank of New York, Geithner “sat idly by as devastating risk became more and more concentrated in a handful of few large financial institutions.”

Bungled taxes and ignored the gathering financial storm ... and he's our new SecTreas? We have NO ONE better than that? What on earth did we do to deserve this, giving Tim the admin of our tril in bailouts plus the next tril in new bailouts? It's only money, but it's our money.

* * * * *

Rep. Charles Rangel (D-NY), how have I missed you so far? From Bloomberg, Charlie on taxes ... “From the tax point of view I think we’ve done a great job” in reference to a recent tax $275B tax cut ... and "Rangel said he will pursue tax reform only after overhauling the health-care system and said “there’s no question” both can be completed by the end of 2010." Or maybe never.

Charlie has some problems that he'd like you to ignore ... Here's Thomas Lifson in American Thinker last September, citing a NYTimes story ... Charles Rangel, a man who writes federal tax laws as head of the House Ways and Means Committee, not only failed to pay taxes on income he received from a luxury resort property he owns, he financed the purchase with an interest-free loan from a campaign backer who is also a politically active lawyer.

And there's still the matter of all those rent-control apartment problems. OK, the NYPost is a tabloid, but here's summary of a story they ran last Nov. ... Harlem Rep. Charles Rangel took a "homestead" tax break on a Washington, DC, house for years while simultaneously occupying multiple rent-stabilized apartments in New York City, possibly violating laws and regulations in both cases. Charlie and TimmyG seem to have similar aversions to paying the same taxes they a) administer, and b) saddle us with.

Makes TimmyG sitting idly by seem almost benign, doesn't it? Almost, but isn't that exactly how we got where we are now, sitting idly by? C'mon, if YOU knew that "negative amortization" and "zero down" home loans were bad ideas, why didn't TimmyG and all the others -- including and especially our most recent past president and his team -- know? Truth is, they did. Are we STILL going to sit idly by? Are you willing to make up for what congressmen and political appointees won't pay?

Can't anyone here play this game? -- Casey Stengel

1 comment:

  1. The truth is, it's not just the congressmen (sic) and political appointees who cheat on their financial obligations. It's EVERYONE who can get away with it. Unfortunately, we both know who cannot get away with it, for sure. Everyone else plays the audit lottery with really good odds!