JUST LETTING YOU KNOW
I’m a husband and father first before anything else. I care about the future of this country and I’m very good at reading numbers.
I bring this up because I found out that Tim Geithner, who is our Treasury Secretary, was going to be on all these Sunday morning show – at least on ABC, CBS and NBC and he was being asked all these questions about the state of the economy and all that stuff.
Let me just say this to you. It was nothing more than a lie and joke that this man perpetrated on you good American’s out there. They think you’re idiots. They think you’re stupid.
I am no George Bush fan when it comes to these deficits. He started us on the track that we’re on. He added over $5 trillion to the deficits over eight years.
Yet this president (Obama) has added $5.5 trillion in three years.
I listed to Tim Geithner yesterday say:
- We’ve done nothing wrong and this is all on George Bush. I’m not making this up. This is what he said. It actually nauseates me to even go over this.
- He also said the President Obama proposes taking debt from 9% of GDP to 3% of GDP…just an absolute unmitigated lie.
- He blamed Republicans for stopping legislation on the debt. Another lie. In fact, the party in power and the presidency had the House and Senate and the Whitehouse for two whole years. I call it unfettered.
- And then Timmy went on this weird statement, saying that the overall cost of energy has come down.
But I don’t blame Tim Geithner. He works for the president and has got to carry the party line.
What I’ve got a bigger problem with, is the questions. I heard a couple questions about the debt. And Geithner mentioned that it “Wasn’t us. It was Bush.”
And I was waiting for the next question – a follow up like: “Secretary Geithner, who are you trying to kid? What is the statute of limitations when you take responsibility for the debt?”
And, by the way, Geithner wasn’t so upset about the debt we have.
So we have Treasury Secretary and a Federal Reserve Chairman that tell us that they care about the debt and do absolutely nothing about it. In fact, they do just the opposite and just add to our debt.
“Government is a trust and the officers of the government are trustees. And both the trust and the trustees are created for the benefit of the people.” That’s a quote from Henry Clay. Go look up who he is.
These are not trustees and they do not inspire any trust. I just wanted to let you know what I watched. And again, I blame the “lapdog suppine paws in the air tail wagging media” that only gives the hard questions to people they don’t like…and gives a pass to everybody that they do like.
Let me give you some facts, ladies and gentlemen:
This government only takes in $2 Trillion a year. Obama took spending from about $2.8 Trillion to about $3.8 Trillion.
Under Barack Obama’s proposals, by the year 2022, Federal spending will be about $5.8 Trillion a year.
I’m not making this up. This adds $9.6 Trillion to the deficit over the next decade.
But Geithner says they don’t have anything to do with the debt – it’s all Bush’s fault.
At the bottom of the article I posted on GaryK.com about Geihther, I said that I hope I’m completely wrong about this.
But I must tell you they’re taunting markets. You see they can get away with it when the market’s going up. Nothing’s ever wrong unless the market’s going down. That’s the way it is. And, of course, they’ll just blame others.
I’m only deal with numbers here. I have no bias. I’m neither party. I’m in the logic party.
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Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.