Jon Stewart Eviscerates Tim Geithner

Tim Geithner has been using voodoo economics to rationalize choosing the big banks over homeowners. (And his argument that it wasn’t politically possible to do anything else is bunk, especially since the American people opposed bank bailouts from day one.)

Jon Stewart does a better job of challenging Geithner than any mainstream “reporter”:

The Daily Show
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  • Typical BS. timmy is trying to make something simple sound complicated.
    It’s real simple.
    Mortgages are defaulting. Banks are in trouble as a result. Credit is siezing up. Businesses are unable to fund day to day operations and start laying off
    You can either
    a. Payoff the mortgages which will then go to the banks , freeing up credit which then business as usual comes back.
    Instead they take
    b. Give the banks the money the should have gotten if people were paying their mortgage and let the banks still collect the debt on top of it all.

    This is a no-brainer and is not complicated.
    timmy is either an idiot or a duplicitous snake

    • Sarah Jackson

      “give the banks da’ money and the let them collect da’ debts”. Wow, the public would just roar their approval for a move like that. Nationalize the Banksters, break them up.

    • wow you people are all insane. so me, as a good home owner that didn’t take out a mortgage I couldn’t afford, and made my payments, and over payments rather than take vacations, and owned my own home as a result….. I should just get nothing while I watch deadbeat losers get their mortgages paid off and own their own home now too, like me, except they got to own a home they couldn’t afford and take vacations?

      • Let’s disregard the fraud the banks committed by giving loans to people that were not qualified via falsying documents and promising to refinance adjustable rate mortgages.

        Should you get nothing while banks take bail our money and stick it directly into their pockets and then sieze property simply to let it rot and waste away? Incidentally, that waste and excess inventory is driving the value of your property down.

        My point is they quadrupled the debt so multi-millionaires and billionaires wouldn’t have to mere millionaires and multi-millionaires.

        Both solutions are unfair to responsible people. However, solution a. kills 2 birds with one stone as opposed to simply making ungodly wealthy people even richer. It also would have drove the value of your property higher.

        • nope. You could confiscate all the money from all the rich people and you wouldn’t solve anything. All pontificating, no truth. Truth is, people everyone in government and your own personal lives, have to be financially responsible and accountable. I do agree, banks should have to pay back any “bail out” money they received plus interest, and regulation needs to make sure they do not get into an untenable situation again, themselves. And any criminal activity in the loan departments, should have been prosecuted.

          • I agree 100%. The banks should have been dissolved. It’s directors prosecuted because the crimes didn’t start in the loan dept. Do you really think that a company starts making profits that it has never dreamed of and the officers of said company are ignorant as to why and how? Not likely.

            Since we are talking about responsibility, how bout this. Maybe the FED and it;s member banks should actually have to redeem their paper for value instead of piggy backing and rehypothecating the a borrowers promissory note in order to print cash. There is no loan. The promissory note is discounted at the FED window. This is stealing credit.

            We are i Wonderland my friend. Fraud is the business model for the US.

            I was only pointing out that the lesser of 2 evils. Of course you will still get evil.

          • I think, that it was a herd activity – and by and large, without really damning personal evidence, heavy fines on the banks and management replacements. Also, allowed to be paid over a long period of time, and as all offending banks were required to slowly deleverage their book. I think that most of the rhetoric on both sides sucks, on one hand lefties want some ridiculous unearned redistribution on wealth, on the other hand, hardcore righties would have rather Rome burned than something to be done.

            All practicality and common sense seems to be lost.

          • psylocyber

            I think you’re a Pompous Ass. Did I spell that right? Who do U work for that U have such great job security? A defense contractor? or one of the Banks? I doubt very few people were taking excess vacations when they lost their houses. I haven’t had a paid vacation or holiday or health care for over 5 years. Any vacation I got was forced and unpaid. Like lytav said, we didn’t cause this mess. We didn’t manipulate and deregulate and profiteer on the backs of others. So Fuck You and your holier than thou shit You think your the only person that works hard? I bet U hire other people to do your hard work for you.
            Anyway Noone, I pictured the bailout the exact same way. It only makes sense. Besides trickle down didn’t work, why not try trickle up? Anyone with a brain could see that the money would be working at least twice as much. It would help the homeowner then find it’s way to the bank boosting both at the same time, plus spreading it around the economy as some other income would get freed up to spend. If U can’t see that as a better alternative to just giving it straight to the banks, you’re as ignorant as U are uppity.

          • So far I’ve been managed to hang onto my home,but the (wealthy) investor has received almost $100,000 in interest since 2007, which – if I had a lower rate of interest – would have gone into the local economy (replacing water heater, furnace, roof, etc.)

          • So far I’ve been managed to hang onto my home,but the (wealthy) investor has received almost $100,000 in interest since 2007, which – if I had a lower rate of interest – would have gone into the local economy (replacing water heater, furnace, roof, etc.)

        • lytav

          I put one/third down and still lost my house. Through death and loss of a job during the economic meltdown and unable to find work at my age (late 50s). I did not cause this, I had a good solid income but not everyone was able to keep jobs as the jobless rate shows. The current statistics do not cover those of us that took early retirement through necessity.

      • GuyFawkesIsAlive

        Deadbeat losers are the banks that approved all the loans they KNEW the borrowers couldn’t pay back. Jesus.
        Please show me ANYONE who has survived this mortgage crisis by continuing to own their home? 14 million Americans have been foreclosed.

  • Hai Fbi

    Timmy, the former Kissinger associate, was just doing his job for the war of terror. The Banksters Oil Wars needed financing, and for that purpose real estate was turned into full on larceny/lottery. Note that housing became “like gold” allowed to soar while greedy mother f’kers laughed to the bank on a wave of fraud. The Justice Department, ultimately, tacitly condoned widespread this fraud, almost like a deer in the headlights unsure of what a spook driven domestic organized crime spree even looks like. Besides, it appears the FBI and other agencies are actaully tasked to defend certain corporate crime. While vast herds may find themselves signifigantly poorer, foreclosed upon, and fucked daily by the cost of living including non-existant employment – no one is actually being bombed or starving to death.

  • USA_objector

    Wow. Wow. Jon Stewart was awesome. Speaking truth to (former) power. Geithner was guilty as hell.

  • goingnowherefast

    Timmy belongs in jail along with the rest of the fraudsters. I suspect he knows that and that is why he has to defend his actions. To do otherwise is to admit guilt.

  • Hermann Juegnen

    Tim Geithner at Comedy Central: do you think Jon Stewart is serious about the topics discussed in such interview? Definitively, this blog is laughable and their founders should also go that show to entertain the brute and ignorant masses of this country.

    • LEGOates

      Want to give that another shot? In English this time if you please.

  • Scott R.

    The best way to understand these videos is to watch this video:

  • GuyFawkesIsAlive

    Jon didn’t go where he needed to go.

  • GuyFawkesIsAlive

    Dear Timmy,
    I don’t know where the “millions of people” are that you helped. Please advise.

  • GuyFawkesIsAlive

    “Fancy stuff that people didn’t understand”??? OMFG. Securitization WAS CENTRAL TO THIS CRISIS.

  • TheTruth

    Ah, its great watching Congress and the Fed fall to their knees. “What do we do, what do we do!” Give the corporations more money or else, the sky is falling!

    Bunch of corrupt assholes in suits following status quo. Could it POSSIBLY BE that the United States has run up an enormous deficit from an over 50% “Defense” (misnomer), AKA the IMPERIALIST budget for 50 years? Answer: Yes.

    “But, but.. we need to lie and start more Wars, its the only way, gotta secure resources for Banks and Corporations, its the only way, the sky is falling, the sky is falling!”

  • DonJuego Lee

    The bankers were culpable and went unpunished. No reason that punishing the bankers could not have been part of the plan, along with re-regulation and breaking the big banks up.

    That does not change the fact that the mortgagee is principly culpable for taking out a loan they could not afford. You cannot reward that behavior.