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Geithner’s Grift, Paydays, and Democratic Drift


#1

Geithner’s Grift, Paydays, and Democratic Drift

Richard Eskow

What does it mean when Timothy Geithner, Barack Obama’s bro-ish and apparently self-satisfied former Secretary of the Treasury, becomes president of a company that hoodwinks the victims of the financial system he helped rescue?

If you care about economic justice, or if you want the Democratic Party to win more elections, the answer is: more than you might think.


#2

Good summary of Mr. Geithner. You did however omit what I would consider to be an obligatory descriptor: “ick”.


#3

Let’s call it what it is, loan sharking. Obama’s greatest achievement was selling predatory capitalism to “enlightened liberals”.


#4

I gave up long ago on wanting the D-Party to win elections.

At this point, they can barely be bothered to even pretend that working class voters matter to them.

Except as targets for fleecing ala Geithner and Co.

The longer the Ds are in power, the longer progressives will be effectively muzzled.


#5

Our “economy”, such as it is, is supported by three main pilars:

  1. War, “security” and all their associated costs (present and future).

  2. For profit “health care” and pharmaceuticals, based on incomes not outcomes.

  3. Financial “products” and “services” to keep most people servicing debt.

This is not sustainable. It is however very profitable for the 1% in the short term.


#6

This is the basis for the one-percenters’ “morality”. It has oft been reported (bumper-stickerized) as “He who dies with the most toys wins.” Morality? I think not.


#7

Even if they are not Third Way dems they are Blue Dog or is that one in the same? Too many labels.

Sycophants all of them only caring about accumulation of their personal wealth and power to operate in this global economy.

Who can you trust? Obama sure fooled us, I even at one point after a couples years of his capitulation imagined that the powerful were threatening his family. Ha!ha!ha! he was just a tool of theirs.


#8

Scum of the Earth works better for me WO…


#9

I’m sure Geithner feels right at home in his new position.


#10

Let’s not forget - when they say they are in government to “serve” they don’t mean us - they mean themselves. Obama has some really “great” people - Larry Summers, Geithner, Rahm Emmanuel, etc, etc. A real treasure trove for Wall Street and the big banks.


#11

I’ll add one, or rather add a category: most anything that can be digitized and which used to be delivered as a physical product you can handle or hold. For example, I do a lot of video, including dance recitals. Parents get DVDs they can watch of their kids. Yesterday, at Microcenter, there were few DVDs on the shelf. They were getting rid of them. The type of DVDs I get, where you can print the label directly on the front in a printer, were totally out of stock and they are not coming back. I will now have to order online but those are going as well.
So what do the parents get? And other types of customers. Well, some, such as dance companies get files but the DVD is now a dodo. Instead I am seeing video streaming services, pay to play, to rent, to “buy” The makers of DVD players will also go away (just try buying VHS players or especially professional format video tape recorders/players). So after 20+ years these will just gather dust in people’s albums instead of being usable, the way paper prints still are and will be.
This is the same with operating systems, production software and so forth. Even personal notes are set up to go to “the cloud” first because it is so “handy” to have it on various devices. That also means you can lose access to all of your personal possessions and private notes in a stroke.
This means our entire lives are being sharecropped. Remember sharecroppers? Farmers who started out owning their own farms until the costs of seed and supplies overwhelmed them and “the store” owned their farms, leaving the poor sharecroppers to slave again, for meager earnings, handing most of it back to the store they owed. This time the whips used on them were economic. Still keeping them down.
Sharecroppers, all of us. Coming to your own personal cloud, even as we comment.


#12

Excellent analogy. We become wound tighter and tighter into the clutches of the oligarchs and their industry until quite literally, they will own us. If they don’t already.


#13

I soured on Obama right after he appointed Geithner. That was a reveal that you couldn’t miss unless you were in denial. I continue to applaud Obama for his intelligence, dignity in office, persistence on the Iran deal, and at least going halfway on healthcare. But quite frankly, he continued the slide into neoliberalism that is taking this country down. And Geithner is a poster child for that.

If we allow the Democratic Party to remain what they call “centrist,” they will betray this country.


#14

Make no mistake about it, Obama was but a reflection of the unethical Timothy Geithner.

The Democratic Party has never recovered from Obama.


#15

Another arms-length subsidiary of Warburg - called Solar Mosaic in Oakland - works to finance no-money-down solar panels for Tesla. Tesla has the highest prices for solar in part because Solar Mosaic adds a dealer / origination fee to the loan amount and then charges interest on it. The customer doesn’t know about the “dealer fee”. They can get away with this because officially Solar Mosaic is a “non-bank lender” and only has an arms-length relationship with Warburg Pincus which has to comply with banking laws.

The banks were complaining in Congress that non-bank lenders do not have to comply with banking laws that protect the consumer so those laws should be removed from the books for banks as well to maintain a level playing field.


#16

Correct. And, when it was indicated that Mr. Obama was going to bring those scum into his administration it should have been a YUUUGE! red flag for ALL democrats. I for one completed my disinheritance of any affiliation to the Dem Party. I was not fooled!!


#17

Outstanding points all! These things are so ubiquitous that most people don’t notice what’s happening right before their eyes. I knew that I would get further suggestions to add to my list.
Yours is excellent!’