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Geithner’s Debt Solution: Let’s Remove All Limits to Our Borrowing

Nov. 19, 2012 8:53pm Becket Adams

U.S. Treasury Secretary Timothy Geithner during an interview with Bloomberg’s Al Hunt last Friday argued in favor of removing limits to the amount of cash the U.S. government can borrow.

Hunt asked Geithner if “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner responded.

“You do? Will you propose that?” Hunt asked.

“Well, this is something only Congress can solve,” Geithner noted. “Congress put it on itself. We’ve had 100 years of experience with it, and I think only once — last summer — did people decide to use it to threaten default on the American credit for the first time in history as a tool for political advantage. And that’s not a tenable strategy.”

Hunt then asked: “Is now the time to eliminate it?”

“It would have been time a long time ago to eliminate it,” Geithner said. “The sooner the better.”

Final Thought: Go ahead. Eliminate the all borrowing limits. What could possibly go wrong?

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(H/T: CNS News). Front page photo source Getty Images.

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Comments (98)

Okieflyover
Posted on November 19, 2012 at 11:34pm
I must have missed that in the democratic platform. Unlimited Debt.

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- propel7
  Posted on November 20, 2012 at 1:13am
  This guy looks more and more like the demon that is inhabiting him as every day passes. ALL this TRASH will be removed. They all believe they are going to become gods. They will be possessed, and that is about it. Bunch of morons.
  
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- sillyfreshness
  Posted on November 20, 2012 at 3:00am
  We need to see how fast we can get to 100 trillion in debt. Better yet, let’s try to get to one quadrillion in debt! That would be awesome! I saw a show on Discovery that said the earth’s total value of every resource, including fresh water, is like 2 1/2 quadrillion. Let’s try to surpass the total value of the earth to be in debt. Let’s make it where every man, woman, and child in the US owes 100 billion dollars to the “chosen people” controlled banks. Obey your handlers, obey the “chosen people”.
  
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- ICSPADES
  Posted on November 20, 2012 at 4:41am
  And release all prisoners and give child predators free range over our children Timothy. Would some one please call me when we move to take over Washington.
  
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- Small_Al
  Posted on November 20, 2012 at 5:20am
  These people are fools, none of them eve had a real job and have no clue how the economy works. Read fresh political commentary at: http://smallcraftadvisorychronicles.blogspot.com
  
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- SCREW-WINDOWS
  Posted on November 20, 2012 at 6:11am
  Let’s just legalize theft then there is no need for money.
  
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- desertspeaks
  Posted on November 20, 2012 at 2:14pm
  liberals find it so easy to borrow, the plan to financially bankrupt America is the liberal/COMMUNIST plan.
  
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- G-WHIZ
  Posted on November 20, 2012 at 2:34pm
  The Old-World-Progressives have done this already…in 1913 FDR created the Federal Reserve Private Bank out of THIN-AIRE…with an EXECUTIVE ORDER!! Today there still is NO CONTROLS AT ALL ON THEM!! They can “QE” till innfinnity and theywill give U.S.A. a WIMAR REPUBLIC moment and O’commie will be there with HIS Government/Machine to NECESSARILY HELP YOU into a Commie/Sharialaw DICTATORSHIP and 100%-part of the NEW WORLD GOVERNMENT!!
  
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- naughtycal
  Posted on November 20, 2012 at 4:10pm
  Sure thing tim but instead of giving the unlim ited credit card to the elitist in Washington just issue every legal citizen and unlimited government credit card then everyone can pay for everything they ever wanted Hell I’ll have three homes,with a bugatti to commute from one to the other. WHY BOTHER PAYING WHEN THERE NO LIMIT TO THE AMOUNT OF DEBT I CAN GROW.
  
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- michaelmoron
  Posted on November 20, 2012 at 6:59pm
  “Let me control a peoples currency and I care not who makes their laws.”
  – Meyer Nathaniel Rothschild in a speech to a gathering of world bankers February 12, 1912, a requote of his ancestor Mayer Amschel.
  
  “Whoever controls the volume of money in any country is absolute master of all industry and commerce.”
  – President James A. Garfield, assassinated 1881
  
  “This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President Wilson signs this bill, the INVISIBLE GOVERNMENT of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill. From now on, depressions will be scientifically created.”
  – Charles A. Lindbergh, Sr., 1913
  
  “Behind the ostensible (visible) government sits enthroned an INVISIBLE GOVERNMENT owing no allegiance and acknowledging no responsibility to the people.”
  – Theodore Roosevelt
  
  “I believe that banking institutions are more dangerous to our liberties than standing armies”
  – Thomas Jefferson
  
  “The real truth of the matter is that a financial element in the large centers has owned the government since the days of Andrew Jackson.”
  – President FD Roosevelt
  
  “The Federal Reserve is one of the most corrupt institutions the world has ever seen. There is not a man within the sound of my voice who does not know that this Nation is run by the international bankers.”
  – Congressman Louis T. McFadden
  
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- michaelmoron
  Posted on November 20, 2012 at 7:00pm
  This is a MUST SEE FILM !!!!
  
  Geithner DOES NOT WANT YOU TO SEE THIS !!!!
  
  SHOW EVERYONE YOU KNOW !!!!!
  
  http://www.youtube.com/watch?v=ZPWH5TlbloU
  
  Report this comment
- michaelmoron
  Posted on November 20, 2012 at 7:04pm
  @G-Whiz
  
  Woodrow Wilson Signed the Federal Reserve Act in 1913.
  
  FDR declared the U.S Bankrupt, and Pledged you and your Country to the Bank as collateral in 1933.
  
  Watch this:
  http://www.youtube.com/watch?v=IlCs7u1ihws
  
  Report this comment
- rp454
  Posted on November 21, 2012 at 11:20am
  Yeah. Let’s not waste time going down the drain slowly. Just flush the toilet now and get it over with.
  
  Report this comment
love the kids
Posted on November 19, 2012 at 11:31pm
Ever since the gay thing came out, he feels unstoppable. Hey Timmy boy, I make $30,000 a year and want to buy a 2 million dollar house, but the stupid bank says no, can you please hurry and get this passed? What could possibly go wrong?

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- 1TrueOne55
  Posted on November 20, 2012 at 2:43am
  Well with Agenda 21 you won’t be able to own a house anymore in the future you will pay for its use. Everybody will be a renter or a like they do in New York own an apartment size dwelling 50 stories up for 80K with a kitchen the size of a stove 4 wide cabinets and a 3 cuft fridge. That’s the way my aunt lived in Salzburg but her kitchen was her living room and her and my uncle’s bedroom. They owned that since the 50′s and they never could afford to move. That is what our future will be like in the future.
  
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ccprotect
Posted on November 19, 2012 at 11:29pm
I dont think these morons can be stopped, just get it over with and fall into civil unrest before I am too old to aim straight.

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- fixer
  Posted on November 20, 2012 at 12:26am
  my sentiments exactly.Can’t wait to see a bunch of them swinging from the streetlamps.
  
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asybot12
Posted on November 19, 2012 at 11:28pm
First of all this is a guy that does not pay taxes on his salary or his expense accounts.

Second and that is is far as I have to go ;

These people are as sick as Obama, Hitler, Stalin, Mao Axelrod and Holder they are power mad maniacs .

They have absolutely no concept of responsibility that the position brings to them NONE. The constitution means nothing.

But then again they are only in it for themselves in the first place.

And at they are doing exactly what they have been very well trained to do in the “Chicago” way.

One more thought. Who the hell is running the White house?

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- raderby
  Posted on November 20, 2012 at 4:41am
  V. Jarrett and Iranian mullahs.
  
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madvlad
Posted on November 19, 2012 at 11:25pm
What a bonehead.

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4GODUSAANDISRAEL
Posted on November 19, 2012 at 11:14pm
These people are 100% absolutely, certifiably, mental!!! We need to round them up, strap them to rafts and set them adrift in the Atlantic!

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Its4you
Posted on November 19, 2012 at 11:13pm
How did this dipstick get the job? We had shutdowns of government in the 90s (95 and 96) if i recall. I believe those were over the debt limit and spending.

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marine249
Posted on November 19, 2012 at 11:13pm
this guy must be in bed with the fat M>M>

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WINNEBAGOMAN
Posted on November 19, 2012 at 11:11pm
Progressive thinking at its best here! Pay attention! This is the real deal, for them.

Getting too expensive for granny or your developmentally challenged child? Do away with them. Don’t worry the government will do it for you.

Is that a stretch? Maybe. But Geithner is illustrating that there is no MORAL boundries for Progressive thinking. Just results. And if the results don’t fit the Progressive hypothesis, double-down and keep at until the results do move that way. Remember they see it as “you have to break a couple of eggs to make an omlet.”

If you stand in the way of the Progressives and their agenda, then you are, like a fetus, just a clump of cells that can be aborted. It’s really a pro-choice decision, for them, you see. If you don’t go along with them, they rid themselves of “the burden” of you.

This is really bad news, folks. This is a tell that best not go unheard.

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seek.the.truth
Posted on November 19, 2012 at 11:10pm
Ooh Ooh —and can we get rid of the limit on credit cards? I think it would keep me out of Bankruptcy! Oh yeah …………I know it would work!

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Aiser
Posted on November 19, 2012 at 11:09pm
The best way to destroy any empire, republic, nation is to destroy its currency by debauching it. Nations only ever disappear off the map because of this not because of war ect. By placing no limits on borrowing and printing like there is no tomorrow and secessionist movements will be more then some temporary fad.

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denkat56
Posted on November 19, 2012 at 11:07pm
Another king Obama nut. What’s really bad is that they really believe their own lies.

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bloodrage
Posted on November 19, 2012 at 11:06pm
Is he for real?

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soybomb315_II
Posted on November 19, 2012 at 11:05pm
Heads up – looks like debt ceiling has been raised 78 times since 1960….I bet both parties would love to get rid of debt ceiling. Didnt i hear certain republicans saying that during Bush? i cant recall it exactly….

http://usgovinfo.about.com/od/moneymatters/tp/5-Presidents-Who-Raised-The-Debt-Limit.htm

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ResistSocialism
Posted on November 19, 2012 at 11:05pm
That’s a great idea! Please send the money to all tax payers address. We will be waiting.

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SituationalGravity
Posted on November 19, 2012 at 11:04pm
And Evil said; when I convince them that debt doesn’t exist, they will spend every dime to join me Hades.

The Ruling Class needs the lemmings to do one thing; ignore the debt (and their gluttony).

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rickc34
Posted on November 19, 2012 at 11:04pm
Whaaaat? No limit that has to be the dumbest thing I have ever heard. Obama would have us buried to 30 trillion in no time. What kind of world would we be leaving our children and grand children. As it is every man women and child owes about 54 thousand dollars each just on the debt just check out the debt clock. No we need limits and politicians who are accountable for their actions.

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teebubba
Posted on November 19, 2012 at 11:04pm
What an imbecile..

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- DennisWG
  Posted on November 20, 2012 at 10:18pm
  an imbecile with a PhD in mathematics…
  
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KickinBack
Posted on November 19, 2012 at 11:02pm
I’d laugh only if I didn’t think–scratch that–KNOW that they are serious.

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progressiveslayer
Posted on November 19, 2012 at 11:01pm
A better idea would be to end the fed because they simply produce currency backed by nothing. We’ll have to return to the gold standard,when we do that we’ll be forced to stay within limits imposed by the amount of gold held by the treasury instead of the fed creating currency and continually devaluing the dollar and creating inflation and soon hyperinflation.

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thegreatcarnac
Posted on November 19, 2012 at 11:01pm
Geithner is either a crazy man or he is doing the bidding of his president in order to destroy the whole United States. I think he is both. My God….we cannot take on more debt and if they do this nation should stand up and rebel against Washington d.c. and every person in government.

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Derus
Posted on November 19, 2012 at 11:00pm
Weimar Republic repeat?

Next year?

Or?

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Netsurfer2
Posted on November 19, 2012 at 10:59pm
Keep thinking this way (unlimited spending) and you will never get out of debt nor see the light in which we call freedom! Just another form of bondage while someone else makes the calls!

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Cavallo
Posted on November 19, 2012 at 10:58pm
The cure to lung caner is to smoke twice as much!!!!..

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Detroit paperboy
Posted on November 19, 2012 at 10:58pm
Hell yah,,,why not ???? And might as well not pay taxes tooo…….oh wait he didn’t….

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- endthemindlessspending
  Posted on November 19, 2012 at 11:05pm
  The only people that have to pay taxes are those on the right. Come on now, you know the left can do no wrong and only their ideas have any chance working.
  
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