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March 17, 2009


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I'll say it again -- Geithner can go and so can Summers. They are in over their heads. Being a gofer for the greed-heads Kissinger, Greenspan, and Goldman Sachs is no substitute for intellignce.

And about labor "contracts" and company policies -- I was at Honeywell when they decided to outsource their publications. I was entitled to 6 or so months of severance based on my age and time served, but since they forced us on the new supplier, ipso facto no serverance would be paid (there was no choice -- whether you went or not -- no severance package or unemployment!). On top of this there were a few who could retire, but they would not reveal when the change would happen so they could get their retirement requests in PER THE COMPANY POLICY. Convenient isn't it?

Where would the bonuses come from if the bailout didn't happen. When bankruptcy occurs, creditors get re-negotiations imposed on them and dine-on-the-dollar returns. If anyone deserves to lose money, it's the people who created the mess. Why they are being retained instead of fired shows that the fools in charge are trying to regain the old status quo.

I'm worried the Democrats are wedded to Wall Street not so much by ideology but more by campaign contributions. I have no idea whether Obama feels beholden to them for that reason or whether the Clinton/Rubin/Summers axis exercises such strong gravitational pull that any kind of rupture would imperil Obama's own power.

Geithner understands the nature of the problem in ways that highlight the disconnect between the winners and losers in this Randian economy. It's a huge economy in its own right and sits on top of the productive economy like so much flotsam. The power in that can only be guessed at but must be awesome given Obama's respect for it.

There isn't much market share for left-wing populism so Obama may be leery of taking on Wall Street. I'm worried that the main show is still on the right where disgruntled burghers can be whipped into a frenzy by their talk-radio masters. Obama would have to go over their heads, the MSM's, and significant elements in his own party. Right now, I don't see it happening. If it does, some momentous sea change has occurred. So far, we're still in the same doldrums.

I was stationed at the Naval base in San Diego in early 1961 when we had a barracks full of cubans training for "whathaveyou." They were not allowed to integrate with we regulars. I found myself stationed at Gitmo in 1963/64 when Castro cut off our water supply. I worked in communications during the day with a security clearance and as an announcer at night on WGBY. My commander was Admiral McCain. What we put out to the American public was completley opposite to what I was receiving with my secret clearance. From that time to now, I have believed little that the goverment reports. On Geithner, I have prepared tax returns for over thirty years, and he damn well knew what he was doing when he did not report FICA due on his wages that did not withhold FICA taxes. Mr Geithner should not be in any position of goverment power and especially deciding monies to be divied. We are going to see a BOSTON TEA PARTY that makes the original BTP look like a meeting of kindergartners.

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