Geithner Asks Congress to Raise Debt Limit

Today is August 11th. I just double checked. It is not April 1st. Nor does it seem like Geithner issued the statements below for The Onion. He appears to be serious … seriously, Geithner Asks Congress to Increase Federal Debt Limit:

U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is “critically important” that they act in the next two months.

Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.

The Treasury didn’t request a specific increase in the letter.

It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations,” Mr. Geithner said in a letter to lawmakers.

Mr. Geithner said the that it is “clearly a moment in our history” that requires support from both Democrats and Republicans for the increase.

Congress has never failed to raise the debt limit when necessary,” Mr. Geithner said.

The non-partisan Congressional Budget Office said Thursday the federal government’s budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period.

A statement like this could be out of some of the more bizarre sections of Atlas Shrugged, at the point where nobody really cares about anything or anybody anymore.

Is this for real? When I ask banks to loan me more money, and that it is of critical importance that they do so, will this instill confidence in other investors of mine?

How is it more likely that I will meet my obligations if I take on more … obligations?

Hasn’t Congress’s biggest failure been its lack of fiscal discipline, its rampant and neverending spending, its inability to pay down some of its debt? How then can we even for one second consider calling it a failure to not add to this public debt?

How badly has brain damage progressed in Tim Geithner’s head? How gullible and stupid does he think the people are? This guy needs to step down and needs to do so quickly. Listening to his nonsense is painful and insulting.

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Dear Friend of Liberty,…

An appropriate call to action from John F. Tate (President, Campaign for Liberty):

This week, the U.S. Senate is debating the so-called “Stimulus” bill, a nearly TRILLION DOLLAR boondoggle being carefully marketed as a treatment for our economic woes.

In reality, this big government disaster-in-the-making will only further devalue our dollar, increase our national debt, and continue our country’s descent into socialism. You may think there’s nothing you can do to make a difference, but you can.  More on that in a moment.

Just last week, House Democrats passed their pork-laden “stimulus” package over the surprisingly united opposition of House Republicans.  The Senate bill is, amazingly, an even more inflated version.

Our economy cannot survive this type of continued limitless spending and reckless disregard for free market principles.

Our country is already over $10 TRILLION in debt, with tens of trillions in unfunded liabilities on top of that.

This “stimulus solution” to our economic problems is exactly the type of disastrous big government policy that created the crisis in the first place, and passing it will certainly prolong the suffering.

What can YOU do?

For starters, you can contact your Senators today and urge them to oppose this bloated federal spending spree. There is mounting outrage over this pork-laden disaster, and the politicians are getting nervous.

You can get contact information for your Senators by clicking here, then selecting your state from the map and clicking “Congressional Information.”

Our website not only allows you to speak out and hold your Congress accountable, but it also keeps you updated on all Campaign for Liberty activity in your state and across the country.

To make your voice heard and to stay involved with the Revolution in your state, follow this link:

Campaign for Liberty was founded to deliver the message to the bureaucrats in D.C. that “Enough is enough!”  It is our mission to stop this extravagant spending, educate our fellow countrymen on sound economics, and turn the tide back toward liberty and a balanced federal checkbook.

It is crucial that you help us by making your voices heard.

Calling and writing Congress can seem hopeless at times, but that’s exactly the feeling politicians want you to have. They want you to think you don’t matter. They want you to sit quietly.

Let them know that you won’t be quiet, that you are watching them, and that you are not going away.  Demand that your Senators defend the constitutional values they have sworn to uphold.

Encourage them to call this “stimulus package” what it really is – a socialist repudiation of our nation’s values – and to vote it down.

Again, please contact them today by following this link:

With your help, we can win this battle in our fight to restore our Constitution and reclaim the Republic our forefathers fought to give us.  And even if it does still pass, we will use it to further the Revolution that you and I are bringing about.

In Liberty,

John F. Tate

President, Campaign for Liberty

P.S. Radical Socialism is currently being debated in the halls of Congress. Please write and call your Senators and demand that they oppose this so-called “Stimulus Package” and other Big Government power grabs.

P.P.S. Campaign for Liberty practices the principles we preach. Unlike the government, we will not go into debt. Only your ongoing support allows us to continue our fight against tyranny. If you can help Campaign for Liberty financially, please make your generous contribution of $250, $100, $50, or whatever you can afford at this time here:

Thank you for all of your hard work for the cause of liberty!

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Where Has all the Money Gone?

As I write these lines CNN runs reports on how most of the money from the TARP bill disappeared in the bank’s vaults and banks won’t report on what happened to it. It is obviously clear what happened to it: Genius Ben Bernanke announced in October that the Federal Reserve would pay interest on reserves and excess reserves. Why should a bank lend out money to an overleveraged and overstretched public which already forecloses on one loan after another? Why, especially, should it loan out one dime if it can keep it at the Fed and earn interest income at no risk whatsoever? If anyone of these deplorable fools understood the basic workings of the business cycle, in particular phase 8, they would understand that there is simply no demand for any more credit on the part of the people. Why should there be? People are sick and tired of debt. The nation is broke. People realize that they need to cut back on their consumption and begin saving and producing more.

It shall be duly noted that CNN was the #1 network beating the drums in favor of the bailout scam, asking Congress to do what is “in the nation’s interest”.

Congress and the media are acting surprised about the fact that banks won’t report what happened to the TARP bailout money. They are either fooling the public or have the intellect of a donkey. What do they expect? That within a few days you pass a 450 page bill that provides for a $700 billion bonanza to the most disastrously and unethically managed businesses in decades and everything will run through smoothly and will be accounted for?

Of course Congress will approve the second part of the TARP bailout. They will announce that this time they will do it right and oversee and regulate everything much better than they did with the first half. This bill is a complete disaster but Congress will obviously not admit it. They think that by enhancing oversight and regulation for the second check they will save the bill and make it a successful one in the eyes of the public.

The same problems will arise in a few months and Congress will once again act outraged. After all is said and done and more money is squandered on bonuses to incompetent bankers, we will all look back at a complete utter failure and ask ourselves “How could they approve that?

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Paulson Asks for Another Fix

Treasury Secretary Paulson asks for the remaining $350 billion:

Treasury Secretary Henry Paulson urged Congress to release the second half of the $700 billion financial rescue fund after the government exhausted the first $350 billion in less than three months.

Congress, which passed the Troubled Asset Relief Program on Oct. 3, “will need to release the remainder of the TARP to support financial market stability,” Paulson said today in a statement released in Washington.

The Treasury today agreed to lend $13.4 billion to General Motors Corp. and Chrysler LLC, after spending $335 billion mostly to increase bank capital. Lawmakers, who can vote against giving Paulson the remaining funds, have criticized the Bush administration for not using the rescue package to help stem foreclosures.

Paulson’s call for the other $350 billion may set off a debate in Congress, where some members have demanded more help for struggling homeowners. House Financial Services Committee Chairman Barney Frank said today he’s crafting legislation to unlock the unallocated money.

Today’s statement from Paulson wasn’t a formal request for the funds, a move President George W. Bush or his successor would have to make. Paulson intends to consult with Congress and President-elect Barack Obama’s staff on the strategy for officially requesting the next $350 billion, a Treasury official told reporters on a conference call. The official, who spoke on condition of anonymity, said he expected talks to begin soon.

Hopefully lawmakers will look back and ponder whether or not this whole program has been working, or if it hasn’t rather been a complete utter failure. As noted before, the program won’t work, it will make things worse. No matter what Paulson claims to use it for, it will be squandered, executives will take out as much as they can, and everyone is going to act surprised when they find out.

Unfortunately, lawmakers are braindead at this point.

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