Dear Treasury Secretary Geithner.....

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keith

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Message 1093523 - Posted: 5 Apr 2011, 3:50:55 UTC

Dear Treasury Secretary Geithner, With All Due Respect Please 'Go To Hell'
By: Mike Shedlock | Monday, April 4, 2011

Treasury Secretary Geithner is not happy the Republicans have held the debt ceiling hostage to budget negotiations. In response, Geithner has embarked on a fear mongering campaign via a Debt Limit Letter to Congress promising financial Armageddon if the debt ceiling is not raised.

Here are a few of Geithner's fear-mongering snips from the letter:

The Honorable Harry Reid
Democratic Leader
United States Senate
Washington, DC 20510

Dear Mr. Leader:

I am writing to update you on the Treasury Department's projections regarding when the statutory debt limit will be reached and to inform you about the limits of the available measures at our disposal to delay that date temporarily.

In our previous communications to Congress, we provided regular estimates of the likely time period in which the debt limit could be reached. We can now make that projection with more precision. The Treasury Department now projects that the debt limit will be reached no later than May 16, 2011.

If the debt limit is not increased by May 16, the Treasury Department has authority to take certain extraordinary measures, described in detail in the appendix, to temporarily postpone the date that the United States would otherwise default on its obligations. These actions, which have been employed during previous debt limit impasses, would be exhausted after approximately eight weeks, meaning no headroom to borrow within the limit would be available after about July 8, 2011. At that point the Treasury would have no remaining borrowing authority, and the available cash balances would be inadequate for us to operate with a sufficient margin to meet our commitments securely.

If Congress does not act by May 16, I will take all measures available to me to give Congress additional time to act and to protect the creditworthiness of the country. These measures, however, only provide a limited degree of flexibility--much less flexibility than when our deficits were smaller.

As the leaders of both parties in both houses of Congress have recognized, increasing the limit is necessary to allow the United States to meet obligations that have been previously authorized and appropriated by Congress. Increasing the limit does not increase the obligations we have as a Nation; it simply permits the Treasury to fund those obligations that Congress has already established.

If Congress failed to increase the debt limit, a broad range of government payments would have to be stopped, limited or delayed, including military salaries and retirement benefits, Social Security and Medicare payments, interest on the debt, unemployment benefits and tax refunds. This would cause severe hardship to American families and raise questions about our ability to defend our national security interests. In addition, defaulting on legal obligations of the United States would lead to sharply higher interest rates and borrowing costs, declining home values and reduced retirement savings for Americans. Default would cause a financial crisis potentially more severe than the crisis from which we are only now starting to recover.

For these reasons, default by the United States is unthinkable. This is not a new or partisan judgment; it is a conclusion that has been shared by every Secretary of the Treasury, regardless of political party, in the modern era.


Identical Letters to House Speaker, Others

Geithner sent identical letters to John A. Boehner, Speaker of the House; Nancy Pelosi, House Democratic Leader; and Mitch McConnell, Senate Republican Leader.

Geithner copied key budget chairmen and others in Congress.

Unfortunately, No Serious Repercussions Until July 8

One disappointing aspect of the the situation is nothing terrible happens until July 8. At that time I assure you, Geithner would find another 2 months or even 4 months if necessary.

Unfortunately, long before July 8, I expect Republicans will cave in to Geithner's fear-mongering tactics.

Not being a politician, I can say what many Republicans undoubtedly want to say but won't.

Dear Treasury Secretary Geithner, "Please Go to Hell"

Polite Way of Saying "Go to Hell"

If Geithner really believes what he is spouting, Republican ought to take advantage. They can do so far more politely than I suggested.

A politically correct "polite" response would be along these lines:

Dear Treasury Secretary Geithner

In the vital interest of preserving the US dollar and to restore fiscal sanity to the United States of America, we intend to reduce the budget deficit within 10 years.

In the interim, we will not increase the debt limit unless and until the President and Congressional Democrats are willing to cooperate.

In return for raising the debt limit, Congress must pass and the the president must sign legislation that will...

1. Scrap Davis Bacon and all prevailing wage laws.
2. Pass national right-to-work laws
3. Reduce the budget deficit by $5 trillion in 8 years
4. Balance the budget in 10 years

Given the unmistakable sincerity in your assessment of the damages that may occur should Congress fail to increase the debt ceiling, we anticipate equal sincerity in your willingness to work with Republicans to balance the budget in 10 years so that Congress will not have to go through these maddening debt-ceiling exercises in years to come.

We await your reply and look forward to working with the Obama administration towards solving our budget crisis.

"Yes We Can" work together.

To prove our sincerity, we will hike the debt ceiling. In return, all you have to do is agree to the four points above with additional limits on the amount of budget balancing that can come from tax hikes.

Cordially and With Utmost Respect

http://globaleconomicanalysis.blogspot.com/2011/04/dear-treasury-secretary-geithner-with.html
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Message 1093529 - Posted: 5 Apr 2011, 4:55:18 UTC

Raise the high end taxes already.
Janice
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Message 1093533 - Posted: 5 Apr 2011, 5:12:11 UTC - in response to Message 1093529.  

Raise the high end taxes already.

NO! But if you want to add more brackets way up there, that's okay. While you are at it, index the AMT back to when it was created.

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Message 1093537 - Posted: 5 Apr 2011, 5:31:40 UTC - in response to Message 1093533.  

If you need to raise funds, get it from the people with money. Pretty simple.
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Message 1093538 - Posted: 5 Apr 2011, 5:37:11 UTC - in response to Message 1093537.  

If you need to raise funds, get it from the people with money. Pretty simple.

But don't steal it from the middle class. Make new brackets!

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Message 1093587 - Posted: 5 Apr 2011, 11:48:45 UTC - in response to Message 1093537.  

If you need to raise funds, get it from the people with money. Pretty simple.



No. Stop the idiot spending. The government spend 8 times its monthly revenue, in March. Enough of this.

You can't collect enough taxes for everything you want. The problem isn't revenue. It's out of control spending.
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Message 1093621 - Posted: 5 Apr 2011, 15:02:29 UTC - in response to Message 1093587.  

I agree the defense department is bloated. let the cutting begin


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Message 1093759 - Posted: 6 Apr 2011, 3:06:34 UTC - in response to Message 1093621.  

I agree the defense department is bloated. let the cutting begin


Stop starting things like Iraq and irresponsible and uneven "tax rebates".

Tax at punitive levels the companies that profiteer from it.
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Message 1093793 - Posted: 6 Apr 2011, 4:07:16 UTC

Social Security Checks continue to be sent/direct deposited during a "Government Shutdown".

The Above is A Pure Unadulterated Fact.

iWorm 'em.
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keith

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Message 1093804 - Posted: 6 Apr 2011, 4:54:35 UTC - in response to Message 1093793.  
Last modified: 6 Apr 2011, 5:01:05 UTC

Social Security Checks continue to be sent/direct deposited during a "Government Shutdown".

The Above is A Pure Unadulterated Fact.

iWorm 'em.


That is correct, regardless of what Harry Reid, Nancy Pelosi and Chuck Schumer have stated.
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Message 1093982 - Posted: 6 Apr 2011, 17:04:01 UTC - in response to Message 1093759.  

I agree the defense department is bloated. let the cutting begin


Stop starting things like Iraq and irresponsible and uneven "tax rebates".

Tax at punitive levels the companies that profiteer from it.
How aboutr not handing out tax cuts during a war. let alone 2 wars.



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Message 1104009 - Posted: 7 May 2011, 2:09:35 UTC - in response to Message 1093621.  

I agree the defense department is bloated. let the cutting begin



But if you cut defense, SETI will go bye-bye !

http://www.latimes.com/news/local/la-me-aliens-20110507,0,5808332.story


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Message 1104010 - Posted: 7 May 2011, 2:35:03 UTC - in response to Message 1104009.  

I agree the defense department is bloated. let the cutting begin



But if you cut defense, SETI will go bye-bye !

http://www.latimes.com/news/local/la-me-aliens-20110507,0,5808332.story


Where does it say the funding came from defense spending?
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keith

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Message 1104013 - Posted: 7 May 2011, 2:45:44 UTC - in response to Message 1104010.  
Last modified: 7 May 2011, 2:47:23 UTC

It doesn't. Please read it. "Proposals under consideration include...."
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Message 1104017 - Posted: 7 May 2011, 3:12:45 UTC - in response to Message 1104013.  

So what does the Allen Telescope Array have to do with SETI@Home's funding?
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Message 1104025 - Posted: 7 May 2011, 3:21:56 UTC - in response to Message 1104017.  
Last modified: 7 May 2011, 3:22:46 UTC

So what does the Allen Telescope Array have to do with SETI@Home's funding?


DANG! I didn't say seti@home, did I?
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Message 1104026 - Posted: 7 May 2011, 3:23:45 UTC - in response to Message 1104025.  

No, you didn't clarify any SETI at all.
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Message 1104066 - Posted: 7 May 2011, 12:34:05 UTC - in response to Message 1104009.  

I agree the defense department is bloated. let the cutting begin



But if you cut defense, SETI will go bye-bye !

http://www.latimes.com/news/local/la-me-aliens-20110507,0,5808332.story



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Message 1104080 - Posted: 7 May 2011, 13:40:07 UTC - in response to Message 1104066.  

and there we go with the slight of hand. If your intent is to say one thing and imply another, Congratulations. You implied seti@home was in danger. When the reality is its not. It's best of you leave the half truth speak to the folks running Fox(pronounced Faux) news. They are adept at it and it meets their consumers needs. Doing it here is just pissing with people. I think I can speak for many here that don't appreciate having to dig into your meanings. say what you mean.


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Message boards : Politics : Dear Treasury Secretary Geithner.....


 
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