No new recession, let tax cuts die: Geithner

[questionmark]

(Reuters) - The economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said on Sunday.

In appearances on several Sunday talk shows, Geithner said only 2 to 3 percent of Americans -- those making $250,000 or more a year -- will be affected when tax cuts enacted under former President George W. Bush end on schedule this year.

Republicans want to extend the tax cuts and Democrats are divided but Geithner said reductions for top earners should end.

Read more...

[acidhead]

(Reuters) - The economy is not likely to slip back into recession but

-only a moron would follow the advise of Obama appointee and fellow puppet of the new world banking order, treasury secretary Timothy Geithner

Edited July 26, 2010 by acidhead

[danielost]

-only a moron would follow the advise of Obama appointee and fellow puppet of the new world banking order, treasury secretary Timothy Geithner

if the tax cuts die the new recession will be born.

[Corp]

You know opinions are made more effective without throwing in conspirarcy theories

[msmike1]

New recession? Hell, I don't think we are through with the old one yet!

[danielost]

New recession? Hell, I don't think we are through with the old one yet!

i agree but obama wants a real win in his corner.

[msmike1]

You are right he not only wants a win he needs one badly if he is to have any chance at all of increasing his popularity with an American public who is tired of his crap. Of course a large portion of that same public put him in office with an almost angelic belief that he was some kind of new messiah or something. Me not being one of them.

Mike

[TFSM]

You are right he not only wants a win he needs one badly if he is to have any chance at all of increasing his popularity with an American public who is tired of his crap. Of course a large portion of that same public put him in office with an almost angelic belief that he was some kind of new messiah or something. Me not being one of them.

Mike

I think the American public is tired of the crap of all politicians.

I also think that the only people calling Obama the "messiah" is the right wing. These people put Obama in office because republicans screwed up the last 8 years resulting in the downfall of our economy, our surplus and our national morals.

Edited July 26, 2010 by TFSM

[msmike1]

I agree 100% about being tired of politics and poloticians in general. I know I am. Now I will also agree that republicans didn't do the economy any favors the last eight years, but to blame this whole economic mess on the last eight years of republican rule is ridiculous. Thats exactly what Obama has been doing ever since he got into office and the puclic isn't buying it anymore. The last eight years of republican rule was ridiculous as is Obama even being elected in the first place. Do I think John McCain would have been better, Hell No! We as Americans just didn't have a choice in this last election. Maybe that will change. Who knows.

Mike

[TFSM]

I agree 100% about being tired of politics and poloticians in general. I know I am. Now I will also agree that republicans didn't do the economy any favors the last eight years, but to blame this whole economic mess on the last eight years of republican rule is ridiculous. Thats exactly what Obama has been doing ever since he got into office and the puclic isn't buying it anymore. The last eight years of republican rule was ridiculous as is Obama even being elected in the first place. Do I think John McCain would have been better, Hell No! We as Americans just didn't have a choice in this last election. Maybe that will change. Who knows.

Mike

The economic mess is the result of deregulation of the financial sector and a culture of tolerance of the malpractices of businessmen which was fostered during the last 8 years of republican rule. I don't think that Bush started this mentality. I, personally, think it started with Regan, but that is opinion only.

Yes, Obama blamed Bush considerably when he first got into office. But I agree with his assessment. You have to remember that when Obama took office the blame of the financial collapse was placed on him from day 1. Republicans took distinct pleasure in blaming Obama for teh collapse (which happened before he was elected) for the Bank Bailouts (which happened before he was elected) and for many many other things that were not of his control. How many republicans went back to blame Bush for any of that? I seem to recall a mentality of "That's in the past. Move on" as little as a day after Bush left office.

[danielost]

The economic mess is the result of deregulation of the financial sector and a culture of tolerance of the malpractices of businessmen which was fostered during the last 8 years of republican rule. I don't think that Bush started this mentality. I, personally, think it started with Regan, but that is opinion only.

Yes, Obama blamed Bush considerably when he first got into office. But I agree with his assessment. You have to remember that when Obama took office the blame of the financial collapse was placed on him from day 1. Republicans took distinct pleasure in blaming Obama for teh collapse (which happened before he was elected) for the Bank Bailouts (which happened before he was elected) and for many many other things that were not of his control. How many republicans went back to blame Bush for any of that? I seem to recall a mentality of "That's in the past. Move on" as little as a day after Bush left office.

the bank bailouts were pushed by bush but signed by obama.

[TFSM]

the bank bailouts were pushed by bush but signed by obama.

Considering that the Emergency Economic Stabilization Act of 2008 (Aka Bank Bailouts) was enacted in October of 2008, it would be pretty hard for Obama to sign them into law as a candidate.

[danielost]

Considering that the Emergency Economic Stabilization Act of 2008 (Aka Bank Bailouts) was enacted in October of 2008, it would be pretty hard for Obama to sign them into law as a candidate.

ok bush signed that one.

obama supported it as a senator and presidential candidate..

Also on September 24, 2008 Republican Party nominee for President, John McCain, and 2008 Democratic Party nominee for President, Barack Obama, issued a joint statement describing their shared view that "The effort to protect the American economy must not fail."[35]

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

this means he doesnt get off the hook that easily as in it was the other guys fault.

if two people are lighting matches and a building burns down it is both of their faults.

[TFSM]

ok bush signed that one.

obama supported it as a senator and presidential candidate..

Also on September 24, 2008 Republican Party nominee for President, John McCain, and 2008 Democratic Party nominee for President, Barack Obama, issued a joint statement describing their shared view that "The effort to protect the American economy must not fail."[35]

http://en.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008

this means he doesnt get off the hook that easily as in it was the other guys fault.

if two people are lighting matches and a building burns down it is both of their faults.

Wow. And conservatives blame liberals for stretching to find ways to blame Bush.

I'm sure, like the rest of congress, the two presidential nominees were largely kept in the dark regarding what was actually going on.

Edited July 26, 2010 by TFSM

[Leah G.]

The deficeit was 500 Billion when Obama was sworn in to office, it's now way over 1 trillion. The numbers speak for themselves.

We can't be headed for a new recession when we aren't out of the old one, we are headed for a DEPRESSION!

Edited July 26, 2010 by Hatch

[acidhead]

if the tax cuts die the new recession will be born.

stimulus...

-its running out. it is the only scheme holding the global economy together.

When all schemes have been exhausted they will do what they always do...

-take the world to war.

[Leah G.]

stimulus...

-its running out. it is the only scheme holding the global economy together.

When all schemes have been exhausted they will do what they always do...

-take the world to war.

Wow do I hope you're wrong, I'm not saying you are, just hoping you are. I could see it happen though with all the tensions between countries. I was just thinking depression and that was bad enough, you're scenerio is much worse but probably would follow, CRAP! It makes more and more sense. Oh dang.

[+DieChecker]

What I think is stupid is that those 2 to 3 percent are the people who are employing most of the other 97%. Rich people do not take paycuts, so you can bet that the rest of us are simply going to in some way have to make up for that loss.

The Portland Oregon Metro area has 2.2 million people, so 2% is 44,000 people. That is 44,000 Rich people who are going to be p***ed off. Those are the people who basically control the local and state governments, by financing the politicians. Those are the people that will likely make layoffs and cutbacks if it means they can keep their salary and bonuses.

Trying to tax the Rich is like trying to take power from the Powerful, they don't give it up, they just shift the burden to someone else.

I think letting the tax cuts expire is idiotic. Maybe passing a cut down version, or passing law to allow the cuts to step down 20% per year, or such would be a much better idea.

Also, from what I have read and understood, Obama's "Deficit Cutting" is based almost entirely on letting these cuts expire. But if the American People are caused to take most of the hit, and not just the Rich, then any deficit cutting will be a lost point come election time.

[+DieChecker]

It is important to remember also that funds used to prevent foreclosures through the Home Affordable Modification Program (HAMP) and other efforts are not intended to be repaid. In the fifteen months that the program has been in effect, however,

only $247.5 million of the $47.9 billion dollars committed to HAMP--less than one-half of one percent--has been spent.

http://insurancenewsnet.com/article.aspx?id=209575&type=newswires

So much for Saving the average home owner. Obama is still just letting banks take people's homes. When he has 50 billion to just give away. What is he waiting for?

The stimulus is not running out, it is not even being spent.

[Agent X]

Election time. You see, if he does things too soon people tend to forget what he did. So you've pretty much got to wait until crunch time to act.

If he truly plans on giving out the stimulus.

[Leah G.]

You are so right. He will wait until crunch time to do some grand thing so everyone will forget his past failures but in the meantime he's got to be watched. I know it probably sounds stupid but I don't think he ever wanted to be the president, I think he wants to be the first dictator. Giving amnesty is another way for him to get votes. They know what happened in California but they are following the same path. Tax business until it leaves. Great jobs package, Ah?

[Black Coyote]

The deficeit was 500 Billion when Obama was sworn in to office, it's now way over 1 trillion. The numbers speak for themselves.

And that couldn't possibly largely be because of not one, but two wars that are soaking up billions of tax dollars every year, plus the fact that big corporations aren't paying their fair share of taxes, thus denying some $100b (+/-) in tax revenue to the US annually...

Nope. It's all because of that uppity negro Absolutely nothing went wrong before he took office.

Riiiiiiiight.

I know it probably sounds stupid but I don't think he ever wanted to be the president, I think he wants to be the first dictator.

:lol: :lol:

*dries eyes* Oh God, you conspiracy nuts just get funnier and funnier. It's absolutely adorable, you know that? I swear, if you guys were kittens, you'd be the flailiest, jumpiest, crackiest ones of the litter - you'd win first place on America's Funniest Animals, for sure.

Edited July 27, 2010 by Black Coyote

[Agent X]

Hmmmm... I can just hear it now...

"The economy is in a recession."

"IT'S BUSH'S FAULT!"

"The unemployment rate is its highest in decades."

"IT'S BUSH FAULT!"

"Women are allowed to get abortions."

"IT'S BUSH'S FAULT!

"You lost a hundred fifty pounds."

"IT'S BUSH'S FAULT!"

[conspiracybeliever]

Hmmmm... I can just hear it now...

"The economy is in a recession."

"IT'S BUSH'S FAULT!"

"The unemployment rate is its highest in decades."

"IT'S BUSH FAULT!"

"Women are allowed to get abortions."

"IT'S BUSH'S FAULT!

"You lost a hundred fifty pounds."

"IT'S BUSH'S FAULT!"

Oh come on! Why would we blame our weight loss on Bush? Now you're exagerrating.

[Corp]

Wow do I hope you're wrong, I'm not saying you are, just hoping you are. I could see it happen though with all the tensions between countries. I was just thinking depression and that was bad enough, you're scenerio is much worse but probably would follow, CRAP! It makes more and more sense. Oh dang.

Bah don't worry about it. People have been predicting the complete collapse of civilization as we know it on these boards for years and it hasn't happened yet. In the past a good war could be a nice boast to your economy but that's not the case these days. People frown on looting a city, selling its people into slavery, and burning it to the ground (weirdos). These days war costs far too much money and it doesn't make any sense to start one up when war is what helped you get in your economic troubles. When your house is on fire the answer is not more fire.

I'm personally doubtful of a mass depression. Massive world war? Yeah I'm not seeing it.