Wednesday, January 21, 2009

Big Spender Volcker Says Trillions Will Be Needed

President Obama is pulling out the heavy guns for today's confirmation hearing of Timothy Geithner. Paul Volcker was called upon to introduce Geithner.

On my list of delusional men of integrity, along with Colin Powell, is Volcker. These men clearly believe in their integrity to search and stand for truth, but when the final actions have to be taken, they always come down on the side of the power elite. Colin Powell tells the United Nations there are WMD's in Iraq and Volcker's review of the food for oil scandal found a flunky fall guy, and never came near Kofi Annan, or for that matter Condoleeza Rice, during his investigation. (Rice was a board member at Chevron and led its public policy committee, which oversaw areas of potential political concerns for the company, at a time when even Chevron later admitted that it should have known kickbacks were being paid to Saddam Hussein on oil it bought from Iraq.)

At the hearing today, Volcker threw out this bombshell during his remarks before the hearing committee. He said that to get through the crisis, “several trillions of dollars” will be needed to commit to various government programs. Some balanced budget, inflation fighter.

As for Geithner, Volcker says he has “unique qualifications” from hands-on experience, understanding of financial markets and support of President Obama.

Translation: Leave the kid alone, we have a lot of money to spend.

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