The Pronk Pops Show 142, October 3, 2013, Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month! — Videos

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Pronk Pops Show 142: October 3, 2013

Pronk Pops Show 141: October 2, 2013

Pronk Pops Show 140: September 30, 2013

Pronk Pops Show 139: September 27, 2013

Pronk Pops Show 138: September 26, 2013

Pronk Pops Show 137: September 25, 2013

Pronk Pops Show 136: September 24, 2013

Pronk Pops Show 135: September 23, 2013

Pronk Pops Show 134: September 20, 2013

Pronk Pops Show 133: September 19, 2013

Pronk Pops Show 132: September 18, 2013

Pronk Pops Show 131: September 17, 2013

Pronk Pops Show 130: September 16, 2013

Pronk Pops Show 129: September 13, 2013

Pronk Pops Show 128: September 12, 2013

Pronk Pops Show 127: September 11, 2013

Pronk Pops Show 126: September 10, 2013

Pronk Pops Show 125: September 9, 2013

Pronk Pops Show 124: September 6, 2013

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Segment 1: U.S. Treasury Secretary Jacob Lew Panics Plays Politics With Debt Ceiling — Claims U.S. Will Default On Treasury Debt If Debt Ceiling Is Not Raise and Will Cause Recession — Pure Propaganda — Treasury Receives About $200 Billion Per Month With Interest On Debt Less Than $35 Billion Per Month!  — Videos

U.S. Debt Clock



national debt and recession, obama cartoons

national debt wave




                                                  STAR - TREASURY FINANCIAL DATABASE

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193


     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345


Chris Wallace Rips Jack Lew Over ObamaCare Sign-ups: Is the Number ‘Embarrassingly Small?’

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The Debt Limit Explained

Peter Schiff – Government Knowa US Economy Will Crash, They Have To Raise The Debt Ceiling!

Ron Paul: Not Raising Debt Ceiling Won’t Put U.S. In Default

Obama Taps Chief of Staff Jack Lew for Treasury Secretary

President Obama’s speech today on Secretary of the Treasury

US is in 50-100 trillion worth of debt! 2014 Debt Crisis and Default

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Treasury (Full Session)

Who Is Jacob Lew?

Treasury warns default could be worse than Great Recession

he U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations.

A default could cause the nation’s credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket, according to the Treasury report released Thursday.

(Read more:Buffett speaks out against DC’s ‘extreme idiocy’)

Treasury officials hope by laying out potential consequences they will be able to bring pressure on Congress to act. Treasury SecretaryJacob Lew has said he will have used up the extraordinary measures to avoid breaching the debt ceiling by Oct. 17. After that, the government will have around $30 billion of cash on hand.

The report looked at the disruptions caused to financial markets during a similar stand-off between the administration and Congress over raising the debt limit. It then made projections about what could occur if there were an actual default.

In August 2011, Congress eventually raised the nation’s borrowing limit before a default occurred but only after a protracted debate. The politics that nearly led to a default prompted Standard & Poor’s to cut the nation’s credit rating by a notch.

(Read moreHank Paulson: Tea party ‘hijacked the debate’)

“As we saw two years ago, prolonged uncertainty over whether our nation will pay its bills in full and on time hurts our economy,” Lew said in a statement. “Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need—a self-inflicted wound harming families and businesses.”

Our nation has worked hard to recover from the 2008 financial crisis, and Congress must act now to lift the debt ceiling before that recovery is put in jeopardy,” Lew said.

The report notes that even the possibility of a default could roil financial markets and damage the economy, thereby harming American businesses and households. Sharp declines in household wealth, increases in the cost of financing for businesses and households, and a fall in private-sector confidence, all tend to undermine economic expansion. It also states that if the current government shutdown is protracted, it could make the U.S. economy even more susceptible to the adverse effects from a debt ceiling impasse than it was prior to the shutdown.

In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression, it said.

“The U.S. dollar and Treasury securities are at the center of the international finance system. In the catastrophic event that a debt limit impasse were to lead to a default on Treasury securities, financial markets could be shaken to their core as was seen in late 2008, which resulted in a recession worse than any seen since the Great Depression.”

Simple facts show Obama’s debt-ceiling default threats are nonsense

The United States of America isn’t going to default on its debt, even if Congress doesn’t increase the statutory borrowing authority in the next couple of months. Everyone in Washington knows, or should know, this. Any assertions to the contrary are tantamount to — perish the thought! — playing politics with the debt ceiling.This is the second time in less than two years that the nation finds itself at this juncture, with Republicans in Congress threatening to hold the debt ceiling hostage. Some lawmakers are willing to shut down the government in order to pressure President Barack Obama to agree to spending cuts.

A shutdown is certainly possible. A debt default? Not gonna happen.

Why? Because the income taxes withheld from most of our paychecks each month exceed the interest the Treasury owes on its debt outstanding. In November, for example, the Treasury’sinterest expense totaled $25 billion. That compares with tax receipts of $161.7 billion. The ratio of receipts to interest expense varies from month to month, but what comes in more than covers what goes out in debt service.

Without an increase in the $16.394 trillion debt limit, the federal government can’t pay all of its bills: It borrows 40 cents of every dollar it spends. Still, “debt service would come first,” said Lou Crandall, chief economist at Wrightson Icap LLC in Jersey City, New Jersey.

Prioritizing Payments

Wait. The Treasury claims it has no authority to prioritize payments, to pay bondholders first.

That’s what it says, yes. Others beg to differ. In response to a congressional inquiry on the issue in 1985, the Government Accountability Office concluded the following: “We are aware of no statute or any other basis for concluding that Treasury is required to pay outstanding obligations in the order in which they are presented for payment unless it chooses to do so.”

The GAO is equally unaware of any new law that would alter its opinion in any way. So repeat after me: The U.S. isn’t going to fail to make timely payment of principal and interest on its sovereign debt. If it can’t issue new debt, it can roll over maturing debt. Borrowers may very well demand a higher rate of interest, especially if Obama and Treasury Secretary Timothy Geithner raise the specter of default, as they did in 2011.

Issuing such a threat is irresponsible and even counterproductive if it prompts bondholders to dump Treasuries. That’s what happened initially during the debt-ceiling negotiations in July and August of 2011, costing the U.S. Treasury an additional $1.3 billion in interest expense, according to the GAO.

Once Standard & Poor’s put the U.S.’s AAA rating on credit watch on July 14, stocks went into the tank and Treasuries ignored the downgrade threat, which became a reality on Aug. 5.

“The bond market has its own credit-rating system,”Crandall said.

I am not suggesting that a failure to raise the debt ceiling wouldn’t be disruptive or cause undue hardship to those who rely on government checks. Social Security payments might not get processed. Medicare and Medicaid providers wouldn’t get paid. Neither would those serving in the military.

The sad part is that the debt ceiling has nothing to do with the debt problem. It merely allows Treasury to borrow what Congress has already spent. It does not authorize new spending commitments.

Options to get around the statutory debt limit, such as invoking the 14th Amendment or minting a $1 trillion platinum coin, seem like a bad precedent (the former) or a gimmick (the latter) to circumvent a relic. Neither is likely to be implemented.

‘Finished, Over’

The only solution is to address the debt ceiling directly. Obama has made it clear he won’t negotiate with Congress over the government’s borrowing authority. Republicans have made it equally clear they aren’t going to give him what he wants without extracting concessions on spending cuts. Given thepublic’s view of them as spoilers, Republicans would be better served by using their leverage in negotiations over the sequester. As part of the deal to avert the fiscal cliff, the first installment of the 10-year, $1.2 trillion of not-so-automatic discretionary-spending cuts was delayed for two months.

Obama no longer has the leverage he had in the cliff negotiations: tax increases for all if Congress failed to act. Republicans, as a rule, oppose cuts in defense spending. So does the Pentagon. Obama doesn’t want to pare nondefense spending. In fact, he would like to increase it under the guise of”investment.” (It sounds so much better.)

Obama has also said that any deficit-reduction agreement must be balanced, by which he means spending cuts only in return for additional tax increases. Congress just made the Bush-era tax cuts permanent for all but the top 0.7 percent of earners. And Senate Minority Leader Mitch McConnell, echoing the view of his caucus, said the “tax issue is finished, over, completed.”

The lines in the sand have been drawn — rather sharply, as it turns out. The negotiations could get interesting if Republicans pick their battles carefully, addressing spending cuts at a time and place that’s appropriate.

(Caroline Baum, author of “Just What I Said,” is a Bloomberg View columnist. The opinions expressed are her own.)

To contact the writer of this article: Caroline Baum in New York at

To contact the editor responsible for this article: James Greiff at

More government insanity:

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New poll shows the majority of Americans HATE Congress

The worst effect of Obama’s re-election may have nothing to do with taxes, healthcare, or handouts

Jacob Lew

Jacob JosephJackLew (born August 29, 1955) is an American government administrator and attorney who is the 76th and current United States Secretary of the Treasury, serving since 2013. He served as the 25th White House Chief of Staff from 2012 to 2013. Lew previously served as Director of the Office of Management and Budget in the Clinton and Obama Administrations, and is a member of the Democratic Party.

Born in New York City, Lew received his A.B. from Harvard College and his J.D. from Georgetown University Law Center. Lew began his career as a legislative assistant to Representative Joe Moakley and as a senior policy adviser to former House Speaker Tip O’Neill. Lew then worked as an attorney in private practice before working as a deputy in Boston’s office of management and budget. In 1993, he began work for the Clinton Administration as Special Assistant to the President. In 1994 Lew served as Associate Director for Legislative Affairs and Deputy Director of the Office of Management and Budget, where he served as Director of that agency from 1998 to 2001 and from 2010 to 2012. After leaving the Clinton Administration, Lew worked as the Executive Vice President for Operations at New York University from 2001 to 2006, and as the COO at Citigroup from 2006 to 2008. Lew then served as the first Deputy Secretary of State for Management and Resources, from 2009 to 2010.

On January 10, 2013, Lew was nominated as the replacement for retiring Treasury Secretary Timothy Geithner, to serve in President Barack Obama‘s second term.[2] On February 27, 2013, the Senate confirmed Lew for the position. He was sworn in the following day.

Early life, education, and early career

Lew was born in New York City. He attended New York City public schools, graduating from Forest Hills High School.[3] His father was a lawyer and rare-book dealer who came to the United States from Poland as a child.[4] Lew attended Carleton College in Minnesota where his faculty adviser was Paul Wellstone, who eventually represented Minnesota in the U.S. Senate.[5] He graduated from Harvard College in 1978 and the Georgetown University Law Center in 1983.[6]

He worked as an aide to Rep. Joe Moakley (D-Mass.) from 1974 to 1975.[7] He then was a senior policy adviser to House Speaker Tip O’Neill.[8] Under O’Neill he served at the House Democratic Steering and Policy Committee as Assistant Director and then Executive Director, and was responsible for work on domestic and economic issues including Social Security, Medicare, budget, tax, trade, appropriations, and energy issues.[1]

Lew practiced as an attorney for five years as a partner at Van Ness, Feldman and Curtis.[9] His practice dealt primarily with electric power generation. He has also worked as Executive Director of the Center for Middle East Research, Issues Director for the Democratic National Committee’s Campaign 88, and Deputy Director of the Office of Program Analysis in the city of Boston‘s Office of Management and Budget. [10][11]

Clinton administration

From February 1993 to 1994, Lew served as Special Assistant to the President under President Clinton.[12] Lew was responsible for policy development and the drafting of the national service initiative (AmeriCorps) and health care reform legislation.[13]

Lew left the White House in October 1994 to work as OMB’s Executive Associate Director and Associate Director for Legislative Affairs.[14] From August 1995 until July 1998, Lew served as Deputy Director of OMB.[15] There, Lew was chief operating officer responsible for day-to-day management of a staff of 500. He had crosscutting responsibilities to coordinate Clinton administration efforts on budget and appropriations matters. He frequently served as a member of the Administration negotiating team, including regarding the Balanced Budget Act of 1997.

President Clinton nominated Lew to be Director of the OMB,[16] and the United States Senate confirmed him for that job on July 31, 1998.[17] He served in that capacity until the end of the Clinton administration in January 2001. As OMB Director, Lew had the lead responsibility for the Clinton Administration’s policies on budget, management, and appropriations issues. As a member of the Cabinet and senior member of the economic team, he advised the President on a broad range of domestic and international policies. He represented the Administration in budget negotiations with Congress and served as a member of the National Security Council.

Between Clinton and Obama tenures

After leaving public office in the Clinton administration, Lew served as the Executive Vice President for Operations at New York University and was a Clinical Professor of Public Administration at NYU’s Wagner School of Public Service.[18] While at NYU, Lew aided the university in ending graduate students’ collective bargaining rights. The Obama administration has maintained that Lew supports workers’ union rights.[19] According to a 2004 report in NYU’s student newspaper, the Washington Square News, Lew was paid $840,339 during the 2002-2003 academic year.[20]In addition to his salary, several hundred thousand dollars in mortgage loans from NYU to Mr. Lew were forgiven by the University.[21]

In June 2006, Lew was named chief operating officer of Citigroup‘s Alternative Investments unit, a proprietary trading group. The unit he oversaw invested in a hedge fund “that bet on the housing market to collapse.”[22] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[23] Lew also had oversight of Citigroup subsidiaries in countries including, Bermuda, the Cayman Islands, and Hong Kong; and during his time at Citigroup, Citigroup subsidiaries in the Cayman Islands increased to 113.[24]

Lew co-chaired the Advisory Board for City Year New York.[25] He is a member of the Council on Foreign Relations, the Brookings Institution Hamilton Project Advisory Board, and the National Academy of Social Insurance.[26] Lew is also a member of the bar in Massachusetts and the District of Columbia.[27]

Obama administration

Deputy Secretary of State

Lew with former Chair of the Joint Chiefs Admiral Mike Mullen at the Combined Press Information Center in Baghdad, July 27, 2010.

As Deputy Secretary of State for Management and Resources, Lew was the State Department‘s chief operating officer and was primarily responsible for resource issues, while James Steinberg, who also served as Deputy Secretary of State during that period was responsible for policy.[28][29] Lew was co-leader of the State Department’s Quadrennial Diplomacy and Development Review.[30]

Budget director

On July 13, 2010, the White House announced that Lew had been chosen to replace Peter Orszag as Director of the Office of Management and Budget (OMB), subject to Senate confirmation.[31] During confirmation hearings in the Senate, in response to questioning by Senator Bernie Sanders (I-VT), Lew said that he did not believe deregulation was a “proximate cause” of the financial crisis of 2007–2008: Lew told the panel that “the problems in the financial industry preceded deregulation,” and after discussing those issues, added that he didn’t “personally know the extent to which deregulation drove it, but I don’t believe that deregulation was the proximate cause.”[32][33]

On November 18, 2010, Lew was confirmed by the Senate by unanimous consent.

The $3.7 trillion 2011 budget President Obama unveiled the administration estimated reductions to federal spending deficits by $1.1 trillion over the next decade if adopted and economic assumptions were fully achieved. Two-thirds of the that estimated reduction would come from spending cuts through a 5-year freeze in discretionary spending first announced in Obama’s 2011 State of the Union address, as well as savings to mandatory programs such as Medicare and lower interest payments on the debt that would result from the lower spending. Tax increases are responsible for the other third of the reduction, including a cap on itemized reductions for wealthier taxpayers and the elimination of tax breaks for oil and gas companies.[34] Economist and former financial fraud investigator William K. Black warned that the OMB budget statement prepared under Lew’s direction was “an ode to austerity,” and that austerity would force the U.S. economy back into recession.[35]

Lew meeting with President Barack Obama and the Assistant to the President for Legislative Affairs Rob Nabors

In an op-ed in the Huffington Post, Lew cited top Administration priorities to achieve deficit reduction; including: $400 billion in savings from non-security discretionary spending freezes, $78 billion in cuts to the Department of Defense, returning to the Clinton-era tax rates for the top 2% of income earners, and lowering the Corporate tax from 35% to 25%.[36]

Chief of Staff

On January 9, 2012, President Obama announced that Lew would replace William M. Daley as White House Chief of Staff.[37] Lew’s nomination was followed with criticism[38][39][40][41] after renewed reports that he received over $900,000 in bonuses while working at Citigroup, which had been rescued with $45 billion from the Troubled Asset Relief Program (TARP) after losing $27.7 billion, or 90% of its value.[42][43]

During his tenure as Chief of Staff, Lew was seen as a supporter and top negotiator for a “grand bargain” deal between President Obama and House Speaker John Boehner, to avoid “Fiscal cliff” sequester cuts and tax increases.[1]

Lew’s Old Signature

Secretary of the Treasury

Lew’s New Money Signature

On January 10, 2013, President Obama nominated Lew for the position of Secretary of the Treasury.[2] The nomination became the subject of some humorous commentary, due to Lew’s unusual loopy signature, which would appear on all U.S. paper currency for the duration of his tenure;[44] the signature generated enough media attention that Obama joked at a press conference that he had considered rescinding his nomination when he learned of it.[45] Lew later adopted a more conventional signature for currency.[46] The Senate Finance Committee held confirmation hearings for Lew on February 13, 2013, and approved his nomination 19–5 on February 26, 2013, sending his nomination to the full Senate.[47]

During his confirmation hearings before the Senate Finance Committee, Senator Chuck Grassley expressed concern that Lew did not know what Ugland House was, though he had invested in it.[48] During his work at Citigroup, Lew had invested heavily in funds in Ugland House while he worked as an investment banker at Citigroup during the 2008 financial meltdown.[49] He had taken advantage of current tax law and his financial allocation in the venture resulted in Lew taking roughly a 2.8% loss, a $1,582 decrease in his investment principal.[50]

On February 27, 2013, the full Senate voted and approved Lew for Secretary of the Treasury 71–26. He was sworn into office on February 28.[51]


Lew is an Orthodox Jew who observes the Jewish Sabbath [52][53] and attends Congregation Beth Sholom.[54]

Interviewed in a 2010 article, Lew’s former boss on the National Security Council, Sandy Berger, commented that “Lew’s faith never got in the way of performing his duties.”[52] Berger also said that Lew’s commitment to his family was also extremely important, but that Lew “was able to balance the requirements, which was very, very hard – and he was determined to observe his religious traditions.”[52]

A 2011 press release from the Religion News Service noted that Lew also “has extensive connections in the American Jewish community,” and that he might be able to help President Obama “build a more friendly rapport” with Israeli Prime Minister Benjamin Netanyahu.[55]


  1. ^ Jump up to: a b c Cook, Nancy (9 January 2013). “Jack Lew: The Man Who Could Save Obama’s Legacy”. National Journal. Retrieved 14 January 2013.
  2. ^ Jump up to: a b Jackie Calmes (January 10, 2013). “Lew Would Complete Transformation of Obama’s Economic Team”. The New York Times. Retrieved January 10, 2013.
  3. Jump up ^ “Homecoming”. June 27, 2011.
  4. Jump up ^ “Trusted Aide to Obama Faces Test in Budget Showdown”. December 1, 2012.
  5. Jump up ^ Luke Johnson Jack Lew Biography: Meet The New White House Chief Of Staff January 9, 2012 Huffington Post
  6. Jump up ^ “Biographical information on Jack Lew”. January 9, 2012.
  7. Jump up ^ “Incoming White House Chief of Staff Jack Lew like Rahm sans %@#!”. January 12, 2012.
  8. Jump up ^ “Biographical information on Jack Lew”. January 9, 2012.
  9. Jump up ^ “Van Ness Feldman Congratulates Jack Lew on His Anticipated Nomination to Serve as Head of the White House Office of Management and Budget”. July 13, 2010.
  10. Jump up ^ “Thompson Schedules Nomination Hearing on Jacob J. Lew”. Thursday, May 28, 1998.
  11. Jump up ^ “Jacob J. Lew”. November 15, 2008.
  13. Jump up ^ “Lew, Jacob J. “Jack””. January 26, 2012.
  14. Jump up ^ “The White House Office of the Press Secretary”. Houston, Texas: National Archives and Records Administration. April 14, 1998. Retrieved January 14, 2013.
  15. Jump up ^ “A Look at the New White House Chief of Staff Jack Lew”. January 9, 2012.
  16. Jump up ^ “President Clinton Announces OMB Director Raines’ Departure”. April 14, 1998.
  17. Jump up ^ “OMB’s Organization”.
  18. Jump up ^ “Nat’l Security Team Additions”. December 23, 2008.
  19. Jump up ^ Eidelson, Josh. “Jack Lew’s union-busting past”. Salon. Retrieved 10 January 2013.
  20. Jump up ^
  21. Jump up ^ Kaminer, Ariel. “NYU will cease loans to top employees for second homes”. The New York Times. Retrieved 16 August 2013.
  22. Jump up ^ “Flashback: Lew’s Time at Citi And Other Disappointments”. January 9, 2012.
  23. Jump up ^ February 2013 “From the Citi to the Caymans”. WSJ News. 12 February 2012.
  24. Jump up ^ Daniel Halper (13 February 2013). “Jack Lew Oversaw Up to 113 Cayman Island Investment Funds”. Weekly Standard. Retrieved 22 February 2013.
  25. Jump up ^ “Director Jack Lew Blogs About CYNY”. January 18, 2011.
  26. Jump up ^ “White House Chief of Staff Jack Lew to Keynote December 16 Convocation; Stanley Raskas, Moise Safra and Diane Wassner to be Honored”. November 26, 2012.
  27. Jump up ^ “Obama National Security Team Takes Shape”. National Journal. December 23, 2008. Retrieved July 13, 2010.
  28. Jump up ^ “Obama Names Steinberg, Lew State Department Deputies”. Bloomberg L.P. December 23, 2008. Retrieved February 6, 2011.
  29. Jump up ^ “Senior Officials”. United States Department of State. Retrieved February 6, 2011.
  30. Jump up ^ Long, Emily (July 15, 2009). “State Department launches quadrennial review”. Government Executive. Retrieved February 6, 2011.
  31. Jump up ^ “President Obama Announces His Intent to Nominate Jacob Lew as OMB Director”. July 13, 2010.
  32. Jump up ^
  33. Jump up ^ “Matt Taibbi & Bill Black: Obama’s New Treasury Secretary a ‘Failure of Epic Proportions'”. January 11, 2013.
  34. Jump up ^ Wasson, Erik (2011-02-14). “Obama 2012 budget proposes $1.1T deficit cut over next decade”. Retrieved 2012-11-14.
  35. Jump up ^ “Obama’s OMB Channels its Inner Tea Party”. December 27, 2012.
  36. Jump up ^ “The 2012 Budget”. February 14, 2011. Retrieved January 7, 2013.
  37. Jump up ^ “Obama chief of staff Bill Daley steps down, budget chief Jack Lew steps up”. 2012-01-09. Retrieved 2012-11-14.
  38. Jump up ^ “The new WH Chief of Staff and Citigroup”. January 10, 2012. Retrieved January 7, 2013.
  39. Jump up ^ “Are These Examples of Washington Corruption?”. Retrieved January 7, 2013.
  40. Jump up ^ “OMB nominee got $900,000 after Citigroup bailout”. July 28, 2010. Retrieved January 7, 2013.
  41. Jump up ^ “Advisers’ Citigroup Ties Raise Questions”. Retrieved January 7, 2013.
  42. Jump up ^ “BUSTED: Obama’s New Budget Chief Got A $900K Bonus From Citigroup After It Got A Bailout”. July 29, 2010. Retrieved January 7, 2013.
  43. Jump up ^ “Citigroup Inc.”. December 5, 2012. Retrieved January 7, 2013.
  44. Jump up ^ “Likely Treasury Secretary Under Fire for Signature”. January 9, 2013. Retrieved January 9, 2013.
  45. Jump up ^ Rachel Weiner (January 10, 2013). “Obama mocks Lew’s signature”. Retrieved January 10, 2013.
  46. Jump up ^ Goldfarb, Zachary A. (June 18, 2013). “Treasury Secretary Jack Lew unveils new signature after quibbles with his scribble”. The Washington Post (The Washington Post Company). Retrieved July 29, 2013.
  47. Jump up ^
  48. Jump up ^ “Grassley Says Lew’s Ignorance of Ugland House ‘Does not Build Confidence'”. Tax Notes Today. February 13, 2013. p. 2013 TNT 31-26. Missing or empty |url= (help); |accessdate= requires |url= (help)
  49. Jump up ^ “From the Citi to the Caymans”. WSJ News. February 12, 2012. Retrieved February 21, 2013.
  50. Jump up ^ Timothy W. Coleman (February 16, 2013). “Politically inconvenient taxation”. Washington Times Communities. Retrieved February 18, 2013.
  51. Jump up ^ “Jack Lew Gets Enough Senate Votes to Be Confirmed as Treasury Secretary”. CNBC. Retrieved 27 February 2013.
  52. ^ Jump up to: a b c Wagner, Ellis, White House Correspondent, “Clinton’s Budget Brain Returning to OMB Helm,” Politics Daily, July 16, 2010, retrieved February 5, 2012.
  53. Jump up ^ “Obama names Jack Lew new chief of staff”. Ynetnews. Retrieved January 9, 2012.
  54. Jump up ^ Donn, Yochonon “Jack Lew: Liberal Jew, White House’s First ‘Gabbai'” Hamodia, retrieved January 3, 2013.
  55. Jump up ^ Gibson, David, “New White House Staffers, Cecille Munoz and Jacob Lew, Have Strategic Catholic, Jewish Ties,” Religion News Service, January 10, 2012, retrieved February 5, 2012.

External links

Wikimedia Commons has media related to Jacob Lew.

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Geithner Stepping Down–American People Can Only Hope It Is True–Take Bernanke and Obama With Him–Videos

Posted on July 1, 2011. Filed under: Banking, Blogroll, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Inflation, Investments, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , |

“Look at his Record, Geithner has Never Been Right about Anything!”


Source: Geithner considers stepping down


Tim Geithner Leaving Treasury Dept!


Crofton Says Now Is Good Time for Geithner to Leave Post




 Analysis: Geithner may want to go; will Obama let him? 

By Glenn Somerville and Rachelle Younglai

“…Geithner is the last of Obama’s original economic team, a trusted adviser who came in during early 2009 to help steer the economy out of the worst of the 2007-2009 financial crisis and into what is still a fragile recovery.

He is considering stepping down when an agreement to hike the nation’s $14.3 trillion debt limit is finally reached, according to sources familiar with his thinking. The sources said he has not made a final decision.

Geithner has warned that the debt limit needs to be raised by August 2 to avoid a U.S. default, though talks over a package of budget cuts that would give lawmakers political cover to raise the limit have broken down in acrimony.

The Treasury chief, who was the head of the New York Federal Reserve Bank when the financial crisis broke, hedged when asked about his plans, but with his family moving to New York in a few months and after several grueling years, he has reason to want to leave.

One of Obama’s problems is that his reelection bid will be fought in a climate tinged by a weak economy, persistent high unemployment and huge budget deficits — all issues that a Treasury chief is expected to cope with.

Any nominee would have to weather hearings that could play into the hands of Obama’s opponents, who would use them as a forum to put the administration’s policies on trial.

“It gives the Republicans opportunity to lambaste the record of the Obama administration and have a national stage for a debate on jobs and the economy,” said Ethan Siegal, an analyst with The Washington Exchange. …”

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A Common Honest Mistake: –Give Me A Break

Posted on January 27, 2009. Filed under: Blogroll, Investments, Law, Links, Philosophy, Politics, Quotations, Regulations, Resources, Talk Radio, Taxes, Video | Tags: , , , , , , , , , , , |

“An error doesn’t become a mistake until you refuse to correct it.”

~Orlando A. Battista

Pair of Cheaters--Obama and Geithner--They Got Caught--Reward--A Government Job

Pair of Cheaters--Obama and Geithner--They Got Caught--Reward--A Government Job


Mistakes Were Made–we got caught cheating.

Takes one crook to hire another crook.

The ethically challenged administration begins.

Congress should have voted against Geithner appointment as Treasury Secretary.

The American elites will rue the day they allowed this appointment to go through.

Have you no shame?

Apparently not.

Any politician that votes for Timothy Geithner as Treasury Secretary will not be getting my vote.




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Geithner Accepted IMF Reimbursement for Taxes He Didn’t Pay
The problem with the treasury secretary-designate’s tax records.

By Byron York


“…Documents released by the Senate Finance Committee strongly suggest that Geithner knew, or should have known, what he was doing when he did not pay self-employment taxes in 2001, 2002, 2003, and 2004. After his failure to pay was discovered, first by the IRS and later during the vetting process, Geithner paid the federal government a total of $42,702 in taxes and interest.

The IMF did not withhold state and federal income taxes or self-employment taxes — Social Security and Medicare — from its employees’ paychecks. But the IMF took great care to explain to those employees, in detail and frequently, what their tax responsibilities were. First, each employee was given the IMF Employee Tax Manual. Then, employees were given quarterly wage statements for the specific purpose of calculating taxes. Then, they were given year-end wage statements. And then, each IMF employee was required to file what was known as an Annual Tax Allowance Request. Geithner received all those documents.

The tax allowance has turned out to be a key part of the Geithner situation. This is how it worked. IMF employees were expected to pay their taxes out of their own money. But the IMF then gave them an extra allowance, known as a “gross-up,” to cover those tax payments. This was done in the Annual Tax Allowance Request, in which the employee filled out some basic information — marital status, dependent children, etc. — and the IMF then estimated the amount of taxes the employee would owe and gave the employee a corresponding allowance.

At the end of the tax allowance form were the words, “I hereby certify that all the information contained herein is true to the best of my knowledge and belief and that I will pay the taxes for which I have received tax allowance payments from the Fund.” Geithner signed the form. He accepted the allowance payment. He didn’t pay the tax. For several years in a row. …”



Top Ten Disturbing Aspects of Obama’s Choice of Treasury Secretary

“…4. Press coverage

The Associated Press and other media outlets relentlessly drone on about tax “discrepancies,” “tax goofs,” and the nomination’s supposed inevitability. Geithner’s partial reimbursements for taxes he didn’t pay and the related false attestations, which York obtained from Senate sources, are being ignored. There is no chance that a GOP president could nominate someone with Geithner’s tax problems for any cabinet position, let alone Treasury secretary, and get such a pass from the press.

3. Possible press conflicts of interest

Cliff Kincaid at Accuracy in Media points out that some press outlets are parts of larger firms with financial stakes in the financial bailout. Example: General Electric, which owns NBC, also owns bailout recipient GE Capital. GE CEO Jeffrey Inmelt is also on the New York Fed’s board.

2. Disparate treatment of previously pulled nominees

Zoe Baird (Clinton, 1993), Kimba Wood (Clinton, 1993), and Linda Chavez (Bush, 2001) all had relatively minor or potential issues with self-employment taxes on household help. Geithner’s unpaid amounts were exponentially larger. Is there a whiff of male chauvinism in the air?

1. Barack Obama’s reaction

No president in my lifetime would have dared to nominate Geithner. But “44″ Obama calls Geithner’s problems a mere “embarrassment.”

It leaves you wondering if anyone in Washington knows or cares about the difference between right and wrong. We’re expected to overlook Geithner’s problems because he is supposedly the only person in a nation of 200 million adults who can do the job. Give me a break.

If he really knows the pertinent facts, Barack Obama’s ringing defense of Geithner should cause the American people to question his fundamental “judgment to lead.” …”

Wall Street Rapes America, Edition 9

“…Wall Street is a very tough place, if you don’t know what is going on, your money will be taken from you. I can’t think of a more outrageous rape of the taxpayer, ever, than the TARP program run by GW Treasury Secretary Henry Paulson. It should be noted that Paulson’s lieutenant in the rape of the taxpayer was Timothy Geithenr, who came up short paying his own personal taxes, but managed to help dole out $350 billion in taxpayer money through TARP and is likely to be confirmed by the Senate today as the new Treasury Secretary.

If you get the sense today that someone is laughing at you behind your back, you’ll be right. It’s Geithner. …”



Giving in to Geithner: The B.O. Republicans bow down

“…he Barack Obama Republicans are Bending Over again.

For weeks, we’ve watched capitulationsist GOP Senators rationalize away Treasury Secretary nominee Tim Geithner’s tax, legal, and bailout failout troubles. Sen. Orrin Hatch insists he’s “very competent.” Sen. Lindsay Graham lectured us not to be “small” about it. Five B.O. Republicans on the Senate Finance Committee supported Geithner, five opposed him.

The final vote is set tonight. And the outcome is preordained (or, as Spike Lee puts it, pre-deortained): Geithner will sail through with token opposition. …”


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