Geithner to Head Department of Irony
You can't make this up. Timothy Geithner, President-elect (God I'm sick of hearing that term) Obama's incoming Secretary of the Treasury, is President of the New York Federal Reserve - you know, the private bank from which our government borrows all of the money in existence, at interest? Yeah, that one.
It should be noted that this arrangement creates an obvious paradox: if all legal money has to be borrowed from a single bank with owed interest payments, and every dollar borrowed will just increase the amount the government owes to the private bank, and the amount of money in existence will never be enough to match the amount of money owed back to the bankers...
Where does the money to cover the interest payments come from? Your Federal income tax, of course. This outrageous facet of the "arrangement" is second to the fact that the implication of this is that the government (and you) are owned by the private bankers.
It seems Timothy failed to pay more than $34,000 in federal taxes while he worked for the International Monetary Fund. Hmmm...wonder how that happened.
The kicker is, according to the Wall Street Journal, Geithner was aware of the owed taxes in 2006, when the IRS audited his 2003-2004 taxes and concluded he "owed taxes and interest totaling $17,230." Yet in November of 2008, just after the Messiah was selected (I mean uh, elected), it came to light that Geithner had failed to pay the exact same taxes for 2001-2002.
So Geithner paid the taxes he owed for 03-04 when the IRS notified him, but not until November 21st of 2008 (coincidentally the very day he was named Treasury appointee) did he pay them for 01-02.
Either way the Obama team tries to slice this, it's embarrassing in the most hilarious way. Their official position is this:
At best, and as unbelievable as it may seem, he doesn't completely understand the system. While that's one way in which he's no different than the rest of us, does that sound like a good appointment to the Treasury, the department we're told is in charge of "overseeing" the IRS?
At worst, he's a tax cheat. Again I ask, does that sound like a good appointment?
The funny part is, the media is trumpeting this "outrage" over Geithner's tax missteps, while completely ignoring the other "complications" to his appointment, namely that as President of the Federal Reserve of New York and a member of the Council on Foreign Relations, he not only oversaw the Wall Street meltdown, but is quite literally one of the men responsible for the economic situation in which we find ourselves.
I know you're a puppet Obama, but marionettes are much more fun to watch.
It should be noted that this arrangement creates an obvious paradox: if all legal money has to be borrowed from a single bank with owed interest payments, and every dollar borrowed will just increase the amount the government owes to the private bank, and the amount of money in existence will never be enough to match the amount of money owed back to the bankers...Where does the money to cover the interest payments come from? Your Federal income tax, of course. This outrageous facet of the "arrangement" is second to the fact that the implication of this is that the government (and you) are owned by the private bankers.
It seems Timothy failed to pay more than $34,000 in federal taxes while he worked for the International Monetary Fund. Hmmm...wonder how that happened.
The kicker is, according to the Wall Street Journal, Geithner was aware of the owed taxes in 2006, when the IRS audited his 2003-2004 taxes and concluded he "owed taxes and interest totaling $17,230." Yet in November of 2008, just after the Messiah was selected (I mean uh, elected), it came to light that Geithner had failed to pay the exact same taxes for 2001-2002.
So Geithner paid the taxes he owed for 03-04 when the IRS notified him, but not until November 21st of 2008 (coincidentally the very day he was named Treasury appointee) did he pay them for 01-02.
Either way the Obama team tries to slice this, it's embarrassing in the most hilarious way. Their official position is this:
"The Obama team said Mr. Geithner's taxes have been paid in full, and that he didn't intend to avoid payment, but made a mistake common for employees of international institutions."So he's an international banker who's "unaware" of the IMF's regulations establishing the responsibility for paying payroll taxes, despite being a director of the institution.
At best, and as unbelievable as it may seem, he doesn't completely understand the system. While that's one way in which he's no different than the rest of us, does that sound like a good appointment to the Treasury, the department we're told is in charge of "overseeing" the IRS?
At worst, he's a tax cheat. Again I ask, does that sound like a good appointment?
The funny part is, the media is trumpeting this "outrage" over Geithner's tax missteps, while completely ignoring the other "complications" to his appointment, namely that as President of the Federal Reserve of New York and a member of the Council on Foreign Relations, he not only oversaw the Wall Street meltdown, but is quite literally one of the men responsible for the economic situation in which we find ourselves.
I know you're a puppet Obama, but marionettes are much more fun to watch.
Labels: Economy, Federal Reserve, Taxes