This morning, yesterday morning, by the time most of you get around to reading this post, I was perusing Bloomberg and I came across this article where Secretary of the Treasury, Timothy Geithner states, in testimony to Congress no less, that, “Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators,”. At no time did he question the levels which the regulators might use to yard stick these banks and their assets & liabilities. He goes on to state that lending is beginning to thaw. Thaw being his word not mine. Then, this evening I come across this gem on USAToday, recapping Turbo Tax Timmy's testimony in front of Congress. In this article titled, "Geithner: Toxic assets hinder banks' lending", our vacant Secretary of the Treasury says that toxic assets are still a problem for the banks and are preventing banks from lending to their fullest ability. Geithner's statements from this afternoon seem to be in conflict with his testimony earlier today.
So, I put it to you Timmy, which is it? The former or the later? It can’t possibly be both.
People used to complain about the Byzantine statements and testimony of Alan Greenspan, but he pales in comparison to Tim Geithner who stagers about with a blank, dog ate my homework look on his face whenever he is pressed on a challenging topic. A few months ago I questioned his intelligence and moral turpitude to hold the office of Secretary of the Treasury. Today, I am calling for his resignation. Its clear that he is not capable of holding the leash on the largest economy in the history of man, let alone guide it though the most troubled waters we have ever seen.