Geithner Yet Again Misrepresents TARP “Performance”

[girl gone mad]

Geithner Yet Again Misrepresents TARP “Performance”
http://www.nakedcapitalism.com/

The problem with propaganda is that it is generally effective. Utter the Big Lie often enough and most people will come to believe it.

The Obama Administration has engaged in persistent misrepresentation of the outcome of the TARP equity injections, which is a manifestation of its early decision to reconstitute as much as possible, the banking industry that had just driven itself and the global economy off the cliff. Albert Einstein defined insanity as “doing the same thing over and over again and expecting different results.” The decision of the new Administration to cast its lot with an unreformed banking industry locked it into a course of action. As we noted earlier,

Thus Obama’s incentives are to come up with “solutions” that paper over problems, avoid meaningful conflict with the industry, minimize complaints, and restore the old practice of using leverage and investment gains to cover up stagnation in worker incomes. Potemkin reforms dovetail with the financial service industry’s goal of forestalling any measures that would interfere with its looting.

Yves here. One place that frequent repetitions of the Big Lie might not work so well is relative to the TARP, where the overwhelming majority of Americans were so opposed to bank bailouts with no pain inflicted on the recipients that any attempts to call the effort a success might simply serve to reopen a festering wound. But let’s not take any chances.

http://www.nakedcapitalism.com/2010/06/geithner-yet-again-misrepresents-tarp-performance.html">more...

[westerebus]

1. I hear his girlfriend fakes it too.

:P

[Po_d Mainiac]

2. A talking glove?

[westerebus]

3. Nice one.

:thumbsup: