Comments on: Cumberland on Currencies; Gartman on Geithner; Kotok postscript on Geithner.

By: dunnage

dunnage — Fri, 16 Jan 2009 07:22:50 +0000

We should respect Gartman for reaching out, though be it with a fork.

By: dunnage

dunnage — Fri, 16 Jan 2009 07:21:01 +0000

Geitner, what is so special about this Ghunga Din. What exactly has he been doing? NY Fed long enough to watch the Bear Stearns /Chase deal. Appreciated by Larry S, I guess.

So we have Goldman Private and Goldman Public — nothing new, traditional supply-side; Can’t we find somebody for Treasury with functioning intelligence, and some kind of experience besides hanging around with all the right people.

Hell, they thought he was perfect because he had done nothing, therefore a clean record. { oh, the boyish good looks }. And so he doesn’t pay taxes, like why should he? Then he does, but he’s cheap to a fault: good business practice — wouldn’t you like to work for him?

The tax deal shows how seriously stupid the man is. Of course, that doesn’t disqualify the gentleman — he is unqualified because the episode is all that is worth noting in his career. With the slightest hint of class he could have paid up and moved on. But no. Sins can be forgiven, but stupid is forever.

By: dgriff69

dgriff69 — Fri, 16 Jan 2009 04:15:27 +0000

If Geitner is the best addition to the team that has to sort out this clusterf#ck, then so be it, they oughtta hold their noses and confirm him… but let’s not sugarcoat it. Either the next US Treasury Secretary is a tax cheat or he’s a finance professional who couldn’t figure out his own taxes for four years in a row. That we are concerned about the crimes of the last eight years is exactly why we SHOULD care about this. What happened to “Change we can believe in?”

By: gnomic

gnomic — Thu, 15 Jan 2009 04:38:44 +0000

So we are going to kick a smart, well qualified person to the curb because of some minor issues. Is this the best use of people? Why do we keep expecting people to be perfect and punishing them when they aren’t? I don’t care if they hired an illegal to clean thier house, watch thier kids, or failed to pay some taxes. I care if they can do job and if they are the best person we can get to do the job. I think some on the concerns raise on this blog when Geithner’s name was first raised are much more relvent.

Besides, if we aren’t concerned about holding the current administration accountable for war crimes and violations of the Constitution, and obstruction of justice and violation of the law and lying and so on and so forth, why does anyone care about this?

By: mudpuppy

mudpuppy — Thu, 15 Jan 2009 03:09:42 +0000

Regarding the currency question, where does this leave gold? To hear the gold bugs talk, they all believe the gov manipulations will lead to hyper inflation and gold is the only thing worth owning. Yet what we are seeing is deflation not inflation. Gold is treading water. Will it rise or collapse? What say ye?

By: Moss

Moss — Thu, 15 Jan 2009 02:55:09 +0000

Commodities and politics do not mix well. Mr Gartman should stick to the former. Intent is always an important item to consider when making judgments. Dogma is what got us into this mess. Geithner will not be withdrawn and will be confirmed.

By: Bob_in_MA

Bob_in_MA — Thu, 15 Jan 2009 00:38:25 +0000

Sorry, John from Concord, that’s complete tripe.

He had been told he was responsible for paying this tax, acknowledged it in writing, and took the extra 7+% the IMF gave him to pay the tax. But it is an honest mistake to then not pay it? Are you serious?

This man is either a complete fool, or a simple cheat. Either way, they need to withdraw the nomination.

From the Washington Post:
“Documents released by the Finance committee documented the errors made by Geithner. One showed his signature on a tax worksheet that states that he has an ‘obligation of the U.S. Social Security tax, which I will pay on my fund income.’”

[http://www.washingtonpost.com/wp-dyn/content/article/2009/01/13/AR2009011302033_2.html]

By: Mike in Nola

Mike in Nola — Wed, 14 Jan 2009 19:47:10 +0000

My problem with Geithner is not the taxes; it is his being a part of the gang that got us where we are today.

By: Brendan

Brendan — Wed, 14 Jan 2009 19:02:09 +0000

@ John from Concord:

“Most of us outgrew Ayn Rand long before our 30th birthdays.” – Haha, so true! That’s great; I’m gonna’ have to remember that one for future reference!

By: John from Concord

John from Concord — Wed, 14 Jan 2009 18:20:22 +0000

“Geithner would serve the new president and country best if he admitted error and immediately paid anything this is owed or suspect.”

I believe that he has already done so — back in December, IIRC. I also believe that, if you read a bit, you’ll find that this issue came out because Obama’s team disclosed it to the relevant Senate committee up front.

Gartman’s understanding of the commodities and forex markets is first-rate; it’s a shame this his politics are so thoroughly juvenile. Most of us outgrew Ayn Rand long before our 30th birthdays.