Rep. Peter DeFazio (D-OR.) yesterday called for the firing of Larry Summers and "Timmy" Geithner, claiming they were both in the bag for Wall Street. In an interview with MSNBC, DeFazio blasted Obama's recovery plan for using taxpayer funds to bailout banks instead of building roads and bridges to put Americans back to work.
He said Summers and Geithner (Obama's two top economic advisers) were playing for the wrong team, had outlived their usefulness, and he even went so far as to use the pejorative moniker "Timmy" when referring to the Treasury Secretary.
"We think it is time, maybe, that we turn our focus to Main Street -- we reclaim some of the unspent [TARP] funds, we reclaim some of the funds that are being paid back, which will not be paid back in full, and we use it to put people back to work. Rebuilding America's infrastructure is a tried and true way to put people back to work," said DeFazio."Unfortunately, the President has an adviser from Wall Street, Larry Summers, and a Treasury Secretary from Wall Street, Timmy Geithner, who don't like that idea," he added. "They want to keep the TARP money either to continue to bail out Wall Street...or to pay down the deficit. That's absurd."
In fairness, Timmy and Larry are really more Wall Street wannabes than bona fide fat cats. I mean, have you seen the shack that Geithner's trying to unload in Larchmont? On top of that, the guy doesn't even make enough to pay his taxes.
I'll leave you with this, because I'm sure this is what DeFazio had in mind when he made the comments:
Here are the actual comments:
Visit msnbc.com for Breaking News, World News, and News about the Economy
The problem isn't bailing out banks. It is how the banks are using the bailout money. The Fed expects the banks to be doing "God's work," but so far the major banks have been treating themselves instead of doing charitable work.
Everyone is struggling amidst recession. Furthermore, everybody is facing debt trouble. Thus, if people in the government truly want to bail the people out of this recession, they wouldn’t execute the lending industry, as many have dependent on loans to pay for their debt. Payday lending gets a bad rap from people that lack the means to rational thinking. If the legislators in Ohio were concerned with a solution that actually has something to do with the problem, they would be trying to bring JOBS to Ohio, not driving out payday lenders – and now people are going to STILL need payday loans but won't be able to get them, making things worse. Ohio recently capped all lending to 28% APR, which will drive some payday lenders bankrupt, and for the less than intelligent it's a victory. OK, let me explain something – supply (i.e. lenders) is created by demand. Now if there were more middle class jobs available, then there would be no demand, would there?
Well hello there Salve B....
Vel et aut quidem mollitia pariatur. Qui et sit mollitia aut eaque. Facilis fugiat vel totam reprehenderit.
Et minus doloribus voluptate sequi quibusdam. Suscipit voluptates accusamus quis. Est voluptatem aut enim et aut et eum. Aliquam assumenda consequatur eligendi sed reprehenderit sed nostrum. Excepturi qui nostrum quae velit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...