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The Spectacle Blog
DES MOINES, Iowa
Republican presidential candidate Michele Bachmann called for the
resignation of the Treasury Secretary in the wake of
Standard & Poor’s downgrading of the U.S. credit
rating.
“President Obama has destroyed the credit rating of the United States,” the Minnesota congresswoman told reporters Friday. “I call on the president to seek the immediate resignation of Treasury Secretary Timothy Geithner.”
Bachmann issued her call for Geithner’s resignation in a statement following an appearance at the Spirit Midwest Christian Music Festival. Bachmann has begun a bus tour of Iowa leading up to the Aug. 13 straw poll at Ames, the first major test of campaign organizational strength among the nine current contenders for the 2012 GOP presidential nomination. Polls show Bachmann leading in Iowa, which holds the first-in-the-nation caucuses, scheduled for Feb. 6.
Glein| 8.5.11 @ 11:18PM
I believe Geithner will go down in history as the greatest financial mind since AlexanderHamilton! NOT! But it will not matter since we will all be on bread lines working to supply the Republican and Democtic elites with the good life! Some Animals are more equal than others!
Floyd| 8.5.11 @ 11:26PM
She needs to call for Eric Holder to be impeached too, so we can open up those scandals to the whole world.
9th ID| 8.5.11 @ 11:48PM
There is no statute of limitations for Treason...
Dixie Pixie| 8.6.11 @ 11:37AM
Yes, but there is no political penalty for outright stupidly in pursuit of outrageous avaricious behavior.
Occam's Tool| 8.6.11 @ 12:05AM
Stuck here in the People's Republic one more night (my Rep is Balls O' Steel Chip Cravaack), I was listening to 2 Libtard ladies discussing how important it was to raise taxes on the "rich."
Occam's Tool| 8.6.11 @ 12:05AM
Bachmann is Right!!!!!!
Hosea Crittenden| 8.6.11 @ 12:12AM
Since Bachmann said it, it's less likely to happen. Get an adult at the table.
WL| 8.6.11 @ 1:24AM
Shut the F up.
tj| 8.6.11 @ 2:19PM
Yeah! Shut the F up!
mjfin| 8.6.11 @ 4:01PM
WL, TJ, knock it off. Crittenden, like it or not, has a point.
I like Bachmann. She is usually right on the issues. She is also not very smart. Neither is Palin. Both of these ladies tend to rely on memorized talking points when answering difficult questions from (say) the white house that actually require thoughtful explicit answers, or they avoid the questions entirely by saying something like "those questions just show how much they fear my position on these issues", as Bachmann did recently on Hannity.
Now, I'd take a conservative President that trades memorized talking points for judgement, and has good character, over a destructive, impractical genius liberal, in a heart beat. They (at least Bachmann) might even be just barely electable in a year when Obama should lose about 2:1. But damn.
Among Republican nominees, two candidates (at least) are smart and are capable of generating thoughtful, reasoned answers to opposition question: Romney and Gingrich.
Unfortunately Romney is a a waffling Rino, and Gingrich is an unpredictably inconsistent egotist.
I despair of Republicans ever nominating qualified, organized, stable, intelligent candidates for the top job. The ideal candidate would have the intellectual and technical heft of Paul Ryan and the aggressive political instincts of Chris Christie. Either of those alone would be better than what we have now. Maybe they should run together on the same ticket.
Too bad the Brit MP Daniel Hannan is not a U.S. citizen. In the wings: Marco Rubio. Not soon enough.
PCC| 8.6.11 @ 12:57AM
Rep. Bachmann is right. This is a powerful idea and she should hammer away at it. Any Treasury Secretary who presides over the downgrading of the nation's AAA credit rating should resign, period. And it is a disqualification to remain president beyond the current term, too. They can't talk their way out of this one.
WL| 8.6.11 @ 1:27AM
Good Move by Bachmann. This tax-cheating twit should have never been in the position from the first place....JUST IN CASE you republicans are listening or reading...One of the Greatest OBAMA WEAKNESSES IS THIS...
He never throws people overboard who are in a position that he knows nothing about....HAMMER GEITHNER because BHO doesn't know anything about what he has done...so you can hammer him with it.
RJ| 8.6.11 @ 2:09AM
While I don't think Geithner is qualified for his job, our real problem is that Obama is totally devoid of being qualified to serve as president, nor do I think that anyone he chooses to nominate as a replacement for Geithner would be qualified. I don't see any benefit in a replacement for Geithner so long as Obama stays as president.
This nation has been marching downwards for many years. Obama is the symptom of the problem and has accelerated the decline. We are going to be in a bloody mess for a long time. If we are lucky, the American people will learn some things and start working to get us back on track.
PCC| 8.6.11 @ 4:46AM
RJ,
Your points are well taken, but it is a question of taking responsibility for policies which have objectively harmed the nation. Geithner must go.
RJ| 8.6.11 @ 5:48PM
Hi PCC,
Geithner certainly is deserving to get the boot and it would be a first for the Obama administration to take responsibility for something. I just want to be sure that the focus stays on Obama and the failure of his policies rather than allow him to divert attention away from himself.
I hope we are rid of every last member of the Obama administration by January 20, 2013 and the new president should not make the mistake that Bush did by allowing holdovers to stay in office until their replacements are confirmed by the Senate. It is better to have vacancies than to retain any Obama loyalists.
Me| 8.6.11 @ 7:10PM
I can tell you dont have a 401K or any investment account... After your Pres Bush left and I lost half of my retirement money from my 401K, Pres Obama manage to stabilized the markets and stocks were going up again and the World was recovering their trust in the USA... And here comes the REPS again and to screw everything up. My 401K is losing money AGAIN, because the world thinks that we stink!! Because they will rather flush the country down the toilet before taxing people that make 250k, poor people, only made 250k... we sould collect some canned food for them...
PCC| 8.7.11 @ 4:04AM
Me,
You're very perceptive. After I lost half my net worth in the NASDAQ crash, I swore off the stock market and haven't been back since.
Clint| 8.6.11 @ 7:54AM
"Monday, January 11, 2010
Congressman Ron Paul has called for Treasury Secretary Timothy Geithner to be fired for his involvement in the AIG bailout scandal, adding that the fiasco proves the Fed should be stripped of its powers and audited.
Via his Texas Straight Talk phone update, Congressman Paul said today that Geithner had helped hide from taxpayers the fact that banks were compensated for “making some horrifically bad decisions”.
“These banks should have suffered the consequences of the huge risks they were taking,” said the Congressman. “After all, they kept plenty of rewards when times were good. Instead, the Fed found a way to socialize these major losses so these banks could survive and continue making more bad decisions, at the expense of the American people and the value of the dollar.”
Me| 8.6.11 @ 6:58PM
This is not how it happend!! Why the REPS always have to manipulate the true to get everything they want!! They did get money, and some re-pay the money... THEY need STRONG regulations, but REPS wont allow regulations, making people think it will interfere with the "FREE MARKET" We live in a "FREE SOCIATY" and we have laws, why cant they?? The TARP was needed, but regulations were needed too, and they didnt get any! YOU HAVE TO READ!! so you can understand... We will not survive without a Federal Reserve... WE NEED REGULATIONS!!
Clint| 8.7.11 @ 9:45AM
Do Your Homework.
"Goldman Sachs had already received a taxpayer cash infusion of $25 billion and was sitting on more than $100 billion in cash when the Wall Street firm received another $13 billion via the AIG bailout.
Moreover, in my opinion, most of the billions of dollars in AIG counter-party payments were unnecessary. They represent gravy paid to firms that had made risk-free bets, the non-payment of which constituted no threat to financial solvency.
According to reports, the AIG bailout decision involved Bush Treasury Secretary Henry Paulson, formerly of Goldman Sachs, Goldman Sachs CEO Lloyd Blankfein, Fed Chairman Ben Bernanke, and Timothy Geithner, former New York Federal Reserve president and currently Secretary of the Treasury. No doubt the incestuous relationships are the reason the original bailout deal had no oversight or transparency.
The Bush/Obama bailouts require serious investigation. Were these bailouts necessary, or were they a scam, like “weapons of mass destruction,” used to advance a private agenda behind a wall of fear? Recently I heard Harvard Law professor Elizabeth Warren, a member of a congressional bailout oversight panel, say on NPR that the US has far too many banks. Out of the financial crisis, she said, should come consolidation with the financial sector consisting of a few mega-banks. Was the whole point of the bailout to supply taxpayer money for a program of financial concentration?"
Oldefarte| 8.7.11 @ 11:40AM
Tell the GD TRUTH!!!!! :
'................Banks Pay Back TARP Funds by. . .Borrowing From Treasury
..By Daniel Gross Wed, Jul 20, 2011 4:56 PM EDT
Most of the big banks have repaid the government funds they received under the Capital Purchase Program (CPP), the pillar of TARP under which Treasury bought preferred shares in the nation's banks. Enough so that, combined with dividends and sales of warrants, Treasury has declared that taxpayers have earned a profit on the CPP. Thus far, $245 billion has gone out, and $255 billion in repayments, interest and warrants has come back, yielding a profit to taxpayers of $10 billion. And there's several billion more where that came from....'
Clint| 8.7.11 @ 1:46PM
Uh,Uh,Uh !
Now, Tell Tell The Truth Farting Dude.
Foist Off, AIG is an American insurance corporation.
Secundo , AIG still hasn’t paid back their TARP investment.
Clint| 8.7.11 @ 1:53PM
Let's Just Guess Why The G-S Boys & Their Gumbas Got AIG Bailed Out.
Anybody ?
Anybody ?
Bueller ?
TennesseeVolunteer| 8.6.11 @ 7:59AM
The you know what is hitting the fan. Adults in the room are now beginning to recognize the Emperor has no clothes.
Just wait until someone has the nerve to investigate all of the gold investments that are being sold with no physical gold to back them up.
martin j smith| 8.6.11 @ 8:29AM
This is what Republican Leaders should be doing and I am glad someone has said what needs to be said--except for one thing--ask Obama for his own resignation.
I want to see what other candidates make equally critical comments during the campaign not about each other but towards Socialist and in particular Obama policies.
What is lacking in the current leadership is guts and principle. What we have is cowardice and fear( they do go together ).
Reaganite Republican | 8.6.11 @ 8:51AM
Go get 'em Michele
Linked at RR
In Wake of Historical US Credit Downgrade, Bachmann Calls for Geithner to Resign
JP| 8.6.11 @ 9:56AM
S&P is now regulated by Harry Reid. Does anyone smell a rat? How long will it be before the analysts at S&P announce that the onyl way the US get its AAA rating back is to implement $2 trillion in new taxes?
Pecos Pete| 8.6.11 @ 12:01PM
That would be a good bet!
Dai Alanye | 8.6.11 @ 11:24AM
Bachmann is quite skilled at gaining publicity. The other candidates should study her techniques.
Oldefarte| 8.6.11 @ 11:32AM
As I've ranted many, many times, IT'S THE DEMOCRATS, STUPIDS :'.....House Speaker John Boehner, an Ohio Republican and one of the architects of the deficit-reduction plan, reacted to the downgrade by saying “it is my hope this wake-up call will convince Washington Democrats that they can no longer afford to tinker around the edges of our-long debt problem.” Senate Majority Leader Harry Reid, a Nevada Democrat who also helped write the plan, said the announcement “reaffirms the need for a balanced approach to deficit reduction that combined spending cuts with revenue-raising measures.” Obama had been pushing throughout his talks with Republicans on the debt deal for what he termed the “balanced” approach that would include some measures to increase federal revenue along with spending cuts. While he was willing to accept tax increases that were dwarfed by spending reductions, Republicans drew a line against any policies that could be construed as raising taxes....'
And as Ron Paul and Michelle Bachmann [both Republicans, not Democrats], the Treasury Secreatry must go [followed by his boss in November of next year]
VOTE REPUBLICAN!!!!!!!1
Me| 8.6.11 @ 6:44PM
OMG!!! Every time a Dem is elected, HE has to "clean" the HOUSE!! Clinton left a balanced budget and a "budget plan" to clear the deficit completely, and here comes Bush, leaving the worst mess ever, and you dare to talk about this issue like Obama' spent the money? You are out of your mind and obiously, Do no know history, econimics, sociology or politics...
Clint| 8.7.11 @ 9:51AM
" During the years when Clinton and Company were reporting so-called surpluses to America (1998 through 2001), the nation’s debt increased by almost exactly $400 billion, and went up every year even as we were being informed of surpluses as far as the eye can see."
Oldefarte| 8.7.11 @ 11:46AM
Learn how to SPELL, moron. As a college graduate, I learned history, economics and sociology but not what you referred to by " Do no know history, econimics, sociology or politics...". Friggin idiot!!!!
Clint| 8.7.11 @ 1:57PM
Yeah !
U tel thet Me man.
Me r a collage gradiate two.
Oldefarte| 8.6.11 @ 11:37AM
PS: If not evident from the above, notice that Boehner [Republican] is and has been calling for governmental expense CUTTING while Reid [Democrat] is calling for INCREASED TAXES as their opposite means of solution the the defecit/debt problem, which caused this credit/treasury downgrade. Your credit card interest rates, mortgage rates, cost of living etc will now increase substantially, THANKS TO DEMOCRATS!!!!!!!
jrs| 8.6.11 @ 11:53AM
It will be interesting to see what happens to rates. I'm with a lot of strategists and outside of maybe some initial selling on the markets opening (remember lower bond prices equal higher rates), rates probably won't skyrocket on this. I'm not in disagreement that economic fundamentals (too much debt and inflation [not as much printing money as people make it out too] but largely commodity price driven [by foreign demand, not so much domestic as GDP here suffers]). Note, I don't agree with this idea, but S&P says raising taxes is a viable solution (and one that is unfortunately part of the ultimate solution on top of tons of cuts). S&P based their downgrade on 2 points. The first being the economic fundamentals (i.e. out of control deficits) but also on another more political point. They're concerned that Washington has become so caustic that future increases to the debt ceiling (they're inevitable, but hopefully at much slower pace) might not occur in time. I applaud the tea party for taking the debt ceiling opportunity to try and change the direction of the conversation and wakeup America, but at the end of the day this will take some time to right the ship and head it in the correct direction. The fact however that some members of the tea party said they wouldn't vote to increase the debt ceiling under any circumstance shows a fundamental lack of economic and even basic mathematical abilities.
Michael L. Hauschild| 8.6.11 @ 1:40PM
PSS: Boehner has never cut anything in his life; Michel Bachmann is the caucus head of the Tea PARTY in Congress; and you are to Republicans what Clint is to Ron Paul (some Republicans are good you can identify them as the ones that voted with the Tea PARTY against Boehner’s capitulation to not adhere to the four trillion call for reduction which caused the downgrade– Ron Paul is correct on his economic stance of drawing the line, again aligning with the Tea PARTY’s positions, but Paul’s cutting military spending or questioning our global presence defending our allies or promoting democracy is dead wrong.)
Did I forget anything? Oh, one other thing, partisan hacks that support Republicans unequivocally in a continuous banter of dementia, even the RINOs, are RINOs.
Oldefarte| 8.6.11 @ 4:22PM
F*ck off, dickhead!!!!!!!!
Oldefarte| 8.6.11 @ 4:32PM
PS: I've tried being complementary but you continue with your bullexcrement about RINOS etc. STICK IT! You stupid doublewide bubbas beating the tea party only drum need to get your head out of your rear-ends and realize you need all Republicans, RINOS etc, since you collectively don't have a pot to pee in [ya boy Paul's article supports this with his request for political funding]. I just receive a tea party email five minutes ago for a political contribution to their tea party organization. WAKE UP FOOL and stop insulting the supporters of your minority movement [ie it ain't no ''''PARTY''''', DUMMIE]!!!!!!!!!!!!!
Oldefarte| 8.6.11 @ 4:36PM
PS: Try ''''READING'''' the above articles and understanding who your friends are....IT AIN'T THE GD DEMOCRATS, FOOL!!!!
Me| 8.6.11 @ 6:50PM
I know you are my worst enemy...
Clint| 8.7.11 @ 10:05AM
You're Your Own Worst Enemy Obama Dupe.
jrs| 8.6.11 @ 11:53AM
sorry, second sentence (commodity price one) should have said that long term rates are on a course to go much higher.
The Intermediary| 8.6.11 @ 1:28PM
I watch Greta too.
Oldefarte| 8.6.11 @ 1:32PM
jrs: Absolutely agree! This economic disaster will take years to correct. This country has simply got to VOTE FOR REPUBLICAN MAJORITIES IN CONGRESS AND THE WH, and hopefully a Romney etc and an R congress can institute governmental spending budgetary reductions, shift emphasis from government/public to private/business expansion and with time and economic expansion will ensue. This country has been pur so far in the hole by this inept Democrat administration, that no one can see the light at the end of the tunnel. I'll go to my grave wondering why anyone of average intelligence could have voted for this Democrat in 2008 [yeah I know voters are sick of this ME war, but that's no reason to reject the patriotic American Republican candidate who was averageably capable of running this country for this domestic terrorist regime now in charge. Its just pure insanity!!!!!!
jrs| 8.6.11 @ 2:01PM
Unfortunately, if Democrats are really bad for this country, Republicans have just been bad. Both have helped run up deficits and run this country to the ground (at different rates, but in the same direction none the less). I do applaud the Tea Party for their message (fiscally anyways, when they start mixing in some of their social concerns they aren't helping themselves), but as I said before they really need to work on their messengers (note, their message needs some work as well, but it's a shift in the right direction). I'll catch heat, but neither Bachmann nor Palin stand a chance at winning the general election. As much as I hope to vote against Obamma in '12, I won't if either of them are associated w/ the ticket nor will many other younger, well educated, conservative professionals I know.
Glein| 8.6.11 @ 5:26PM
If Geithner resigned they would give him a financial show on MSNBC and a chaired position at Harvard School of Economics. He would then write a book on how he and Obama saved the economy, make the rounds on TV shows and then help Obama get re-elected. If he resigns he probably would do much better because he could lie all he wanted and not have any consequences for a failed economy directed toward him. Go for it Tim! Hope you are able how to pay your taxes like the rest of the sheeple in this AA+ country.
Me| 8.6.11 @ 6:47PM
Do anyone here know thar Geithner is a REP, who worked for Pres. Bush during the 2008 crisis??
Clint| 8.7.11 @ 9:57AM
We's Does.
We Know He Was A FED Stooge Too.
Dave Louthan| 8.6.11 @ 5:42PM
I voted for Obama. Seems kinda foolish now. Oh well, live and learn.
martin j smith| 8.6.11 @ 6:06PM
jrs-a paid political operative period.
Nick| 8.6.11 @ 6:15PM
The best way to keep the incompetent O'Bama regime responsible for this fiasco is to hold our own leaders responsible.
Please, do not forget about Boehner the liar:
John Boehner is a liar and broke his word. He promised in the
2010 Pledge to America (remember that GOP?) to give
Americans THREE DAYS to read legislation
before a vote.
"Americans should have three days to read all bills before
Congress votes on them."
- John Boehner, Oct. 30, 2010
He's only been Speaker of the House for seven months, and he is
already breaking his word. How is this any different than when
SanFran Nan Pelosi did the same thing?
It's not like Boehner is incapable of keeping his word. That is, for
democrats. Remember H.R. 1, earlier this year? He let democrats
offer hundreds of amendments to keep "the Pledge’s commitment to an
'open process that makes it easier – not harder' to cut spending
[...]."
I guess we conservatives can just go pound sand, huh?
By the way, this grand deal has cut $4.5 billion from
national security spending for Fiscal Year 2012. These are
real cuts, $4.5 billion less spending
than FY 2011, not the phony C.B.O cuts from baseline
budgeting, which only reduce the growth of spending.
Thanks to this cry-baby Oompa-Loompa, we no longer have a veto
over that incompetent boob in the White House. Thank
you, sir, may I have another!
"'The American people are in charge of this country, and they deserve a Congress that acts like it,' said Boehner. 'Americans should have three days to read all bills before Congress votes on them--something they didn't get when the "stimulus" was rushed into law. We should put an end to so-called 'comprehensive' bills that make it easy to hide wasteful spending projects and job-killing policies. Bills should be written by legislators in committee in plain public view--not written in the Speaker's office, behind closed doors.'" (All emphasis minne.)
- Penny Starr, CNSNews.com, quoting John Boehner
"'Americans have lost trust with their government, which has too often ignored the will of the people in favor of party loyalty and a desire to pass partisan bills at any cost,' said the introduction to that part of the Pledge to America. 'Backroom deals, phantom amendments, and bills that go unread before being forced through Congress have become business as usual. Never before has the need for a new approach to governing been more apparent than under Speaker Nancy Pelosi and her leadership [ARRRRRRRGH!]. Americans are demanding change in the way Congress works, and we are fighting to bring much-needed sunlight to the process and give the American people a greater voice in their Congress.'" (All emphasis mine.)
- Penny Starr, CNSNews.com, quoting the GOP's Pledge to America
HYPOCRITE!!!!!!!!!
Me| 8.6.11 @ 6:33PM
You know NOTHING about the system... nothing... The people that you are protecting so much, YOUR JOB CREATORS, are taking those jobs to other countries. It will not matter how many tax breaks they get, No american will work for $2hr... Its all about profits, GREED!! they are making the money, and no paying any taxes, WHY??!! They WILL NOT give you a job, unless you are willing to work for free...
Nick| 8.6.11 @ 11:21PM
Me,
I work for myself. It's better that way.
Oldefarte| 8.7.11 @ 11:53AM
We DOEEES TOOS knows abouts 'the system'. Its bees wrong that them there job creators shipping them jobs to them forignor countrys, rights on! Its beez becauses of them there LABOR UNIONS and theirs EXCESSIVE WAGE RATES NOS DOUBT causeins them there jobs creators to have to taks lowers their costs of oprations, dont ya thinks????????
Me| 8.6.11 @ 6:25PM
OMG!! Any of you knows ANYTHING!! about Economics or sociology... Read a little more please!! The downgrading of our credit had nothing to do with a specific person. STOP this madness, We ALL need to take responsibility for what happened. This country has lost its ways. Our society is too complicated for most of the Reps requests, WE DO NOT LIVE IN FARMS ANYMORE!! And public programs need to be re-structure. Before you defend Bachmann, please research her tax records, she receives assistance from the government!!! Social Security needs to be re-structure, but WE NEED SOCIAL SECURITY, BETTER EDUCATION, and a BETTER HEALTH SYSTEM... Our health CANNOT be look at as profit!! Big Corp. ARE NOT paying taxes!! They have way to many exemptions in our tax law... They get bigger tax returns than a middle class hard worker... How many of you gets to deduct your cell phone use from taxes, well, they can!! (just an example)...President Obama's plan proposed re-structure to many public programs and taxes reforms... With his plan we would of provide S&P with the cuts they required to NOT DOWNGRADE, but the REPS did not allowed the project!! DO YOU STILL FEEL LIKE YOU WON??
Oldefarte| 8.7.11 @ 12:02PM
OMG, whats that there means? We do not live IN farms anymore, are yous yanking my chain? How dooos yous re-structure? I donts GETS to deduct my cell phone, cause I donts haves one. Waits yous meeans that the president HAD A PLAN [what the hades was it]? WON what [is thats like gettin a FREES ONES]?????
Wilburt R. Huber| 8.6.11 @ 6:32PM
What reason dues Bachman have for calling for the resignation of Tim Gietner. The republicans probably had more to do with our credit rating being downgraded as anyone. After all they are the ones that got us in all the debt were in.
Truth to Power| 8.7.11 @ 12:18AM
Stop living in the past, Huber. It is time to think about how we can get out of this. The answer is not Obama and not Democrats. Government is too big now. Vote for those that will move in the right direction and hold them to it.
Dave Louthan| 8.6.11 @ 8:40PM
Politics is like sausage. You should never watch it being made. Flop around and wave your arms all you want. They war each other on camera then they have dinner together when they are done. Everything you see now was decided a year ago. This is all show.
Derek Wain| 8.6.11 @ 9:35PM
Obama's redistributionist Socialist-lite class warfare "stimulus" has spent the U.S. economy into a Keynesian coma, buried the U.S. under a mountain of debt, and caused us to lose our AAA bond rating. Michele Bachmann has been 100% right all along on the TARP and the debt ceiling vote.
Jeff Perren| 8.7.11 @ 10:59AM
Sorry, I don't see the connection.
I'm sure Geithner actually belongs in jail, but what has decades of Congressional and Presidential overspending got to do with the Treasury Secretary?
He doesn't set policy.
martin j smith| 8.7.11 @ 1:05PM
Among other things Geithner is the one that hyped the need to raise the debt ceiling without ANY CONDITIONS. Whatever else he is supposed to do he is also for the treasury the minister of propaganda for Obama. And his propaganda is in my view grounds for removal. !!!!!!!!!!!!! TaDa !!!!!!!!!!!!!!!!!