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    Iran, oil, Europe pose risk to economy: Geithner

    Reuters – Wed, Apr 4, 2012

    WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Wednesday that fallout from the European debt crisis along with fears of Iran and higher oil prices posed the biggest threats to the U.S. economy.

    "Europe is still facing a very difficult, very challenging period. They are likely to have weak growth," Geithner said in an interview with Fox Business TV.

    "You have, obviously, the fear of Iran and oil prices, even though that is not hurting the economy today, people can still feel that in their pocketbook today," he said.

    (Reporting by Glenn Somerville, Rachelle Younglai)

     
    • Clifford
      Clifford  •  1 mth 16 days ago
      My Fellow Americans,

      Everyone knows that NOTHING, absolutely NOTHING, would make our economy fly like a ‘bat out of hell’; create millions upon millions of SUSTAINABLE, PRIVATE SECTOR, TAX PAYING, JOBS! JOBS! JOBS!, keep interest rates low AND drive down the price of gas more than taking our nation from a National DEBT of $15 TRILLION to a National SURPLUS (rainy day fund) of $4 TRILLION in 30 years.

      This MUST be our nation’s #1 PRIORITY in order for the United States to survive as a nation.

      Irresponsible borrowing (Deficit Spending/National DEBT) does NOT prime the pump. It's just a temporary 'drug fix', you wake up… and you find you’re in worse shape than the day before.

      The greatest threat to our nation IS the $15 TRILLION National DEBT. You cannot possibly call yourself a Social Conservative until you have proven FIRST that you are a raging, angry Fiscal Conservative.

      First, it's the taxpayer's money to begin with... NOT the Federal Government’s.
      Second, we DO NOT have a tax problem but we d***n sure do have a spending problem.
      WE MUST STARVE THE BEAST! Slash the d**n Federal Spending $1.5 TRILLION NOW or WE ARE ALL TOAST. Slash Federal spending by $1.5 TRILLION FIRST. Then and only then do we 'discuss' increasing taxes on any one.

      This election is of course, as are ALL elections, ALL about the economy. Democrats have turned the Dodd/Frank Housing Recession into the Obama Depression.

      AND what are Main Street America’s major concerns?

      REGARDLESS of who is President or which political party is in office, our nation's SPENDING PRIORITIES are and ALWAYS will be:

      1. Principal and Interest on the $15 TRILLION National DEBT.
      2. National Defense
      3. Discretionary Spending (Executive, Legislative, Judicial Branches)
      4. Entitlement Spending (Social Security, Medicare, Medicaid, SCHIP, Unemployment, Welfare)

      That's the good news.
      The bad news is we pretty much ran out of money at #3.
      I hope everyone understands NOW why POTUS Obama and those economic dimwit Democrats are planning on deficit spending (BORROWING) another TRILLION BUCKS in 2012?? …and every year thereafter for as far as the eye can see.

      You do the math. We owe the red Chinese commie b/a/$/t/a/r/d/$ EIGHT TIMES the gold that is in Fort Knox… we're just guarding it for them.

      To take our nation from a National DEBT of $15 TRILLION to a National SURPLUS of $4 TRILLION (rainy day fund), in 30 years at 3.50% interest, is going to require Federal Spending CUTS of $1.5 TRILLION AND Federal Tax Revenue INCREASES of $1 TRILLION.

      Those Federal Tax Revenue increases MUST come from a healthy, vibrant, sustainable and growing economy, powered by SUSTAINABLE, PRIVATE SECTOR, TAX PAYING JOBS! JOBS! JOBS!, NOT Federal Tax RATE increases. Federal spending MUST be SLASHED by $1.5 TRILLION FIRST, then and only then do we ‘discuss’ increasing taxes on ANYBODY. We MUST grow the pie BIGGER!!

      AND we would be taking $1.5 TRILLION away from a vile, evil, dimwit, cockroach infested, Gestapo, Federal Government that doesn’t care OR have a d**n clue as to how to manage the TAXPAYERS money/credit in a proper and fiduciary manner. Instead, the American taxpayer’s OWN money/credit would be returned to them to manage in a proper and fiduciary manner as they see fit. Common Sense, huh??

      The National DEBT goes up and the value of the dollar goes down.
      The value of the dollar goes down and the price of gas goes up.
      The price of gas goes up and the price of everything else goes up, and up, and up.
      The price of everything else goes up and sustainable, private sector, taxpaying JOBS! JOBS! JOBS! are… DESTROYED! Deal with it dimwits.

      When it comes to politicians, Democrats are STUPID, quite a few Republicans are IDIOTS and NEITHER should ever be allowed anywhere near our economy. Common Sense huh?
      • Clifford
        Clifford 1 mth 16 days ago
        Jesus expects the 'wealthy' to give to those less fortunate. But Jesus never said anything about giving to those who are lazy and irresponsible. And that decision is between the 'wealthy' and their God, it DOES NOT include the Federal Government.

        Jesus never said anything about an individual’s hard earned donations FIRST going through Caesar and a bunch of stupid, lazy, irresponsible, dimwit politicians and bureaucrats. Caesar, the politicians and bureaucrats MUST be replaced AND reduced. We would ALL be better off.

        Since 1965 and LBJ’s ‘War on Poverty’, regardless of the good intentions, the Federal Government has spent $16 TRILLION and the poverty rate has been reduced by only 4%. Is there any wonder why we’re $15 TRILLION in National DEBT??

        After 70 years of failed economic 'experimentation' it should be obvious, beyond a doubt, that this Keynesian Economic Theory has been thoroughly 'Myth Busted'.

        Okay folks, BY THE NUMBERS -
        33%... One out of every three Federal Tax dollars is LOST due to fraud, waste and gross mismanagement.
        33%... One out of every three Federal Tax dollars goes UNCOLLECTED due to illicit drug trafficking and the growing underground economy.
        40%... Two out of every five Federal Tax dollars is Deficit Spending (BORROWED MONEY).
        And all of the above is growing… every year… EXPONENTIALLY!
        Now is that stupid as hell or what??

        25% / 85%... The top 25% of the American workforce pays 85% of ALL Federal Income Taxes.
        47% / ZERO PERCENT... The bottom 47% of the workforce pays ZERO PERCENT of ALL Federal Income Taxes.

        Now just exactly what 'fair share' percentage of Federal Income Taxes should that top 25% of the workforce be paying??

        The problem with over taxing the so called ‘wealthy’ is that the wealthy will just shift their money to foreign investments and/or tax free municipal bonds, thus avoiding taxation. OR any increase in taxes will be passed on to the rest of us in the form of higher prices, so we won't see any relief. It's the Democrats 'shell game' of 'tax the wealthy' and, 'he, he, he', the wealthy will just pass those taxes on to the rest of us.

        Do away with Corporate Taxes (to attract business investment AND to promote SUSTAINABLE PRIVATE SECTOR JOBS! JOBS! JOBS!) Corporations DO NOT pay taxes. ALL costs MUST be recovered by the company (i.e., passed on to the consumer, YOU and ME) in order for the company to remain in business AND for the employees to keep their SUSTAINABLE, PRIVATE SECTOR, TAX PAYING JOBS! JOBS! JOBS!

        Eliminate Federal Income Taxes on those making less than $200K(S) and $400K(MFJ) and replace with a National Consumption Tax (National Sales Tax), with exclusions for food items and exemption amounts for transportation, utilities, clothing and housing. And index for inflation. But NOT a VAT TAX!
        Items used in the manufacturing process and items for export would also be excluded.

        NO FEDERAL INCOME TAX FORMS TO FILL OUT and if you don’t want to pay the Federal Sales Tax, don’t buy the merchandise. Use those IRS agents to audit Congress, Federal spending and the Federal Reserve.

        And unless they steal the merchandise, even drug dealers, prostitutes, pimps AND Democrats would have to pay a National Sales Tax. Sweet!

        30% should be dedicated to paying the National DEBT down, 50% dedicated to Federal Spending, with 10% going to the states, 7% to the Nation's school districts and 3% to increase salaries of our Armed Service men and women. It should also be 'sunset' to expire in 30 years. After which the National Sales Tax is reduced by 50%.

        This way there will be hell to pay from the voters if Congress votes to increase the National DEBT.
    • Clifford
      Clifford  •  1 mth 16 days ago
      And just remember, there will also be a National Sales Tax on all those nasty, evil FOREIGN IMPORTS!

      A 26% National Sales Tax on a loaf of bread? NO!!
      A 26% National Sales Tax on a box of Twinkies? Now that's a toughie.

      Those making $200K(S) or $400(K) or greater, simplify/reduce deductions and lower Federal Income Tax Rates. The Federal Income Tax should be graduated from 1% to 30% on ALL income and fewer deductions. The receipts of which, 100% is dedicated to going from a National DEBT of $15 TRILLION to National SURPLUS of $4 TRILLION in 30 years. After which the Income Taxes are reduced by 50%.

      During the 2008 campaign, candidate Obama, criticizing President George W. Bush for the $4 TRILLION increase in the National DEBT during his eight year Presidency, said it was a FAILURE OF LEADERSHIP to have to raise the National DEBT ceiling AND that it was UNPATRIOTIC.

      UNPATRIOTIC??! Well a $5 TRILLION increase in National DEBT in 4 years must mean POTUS Obama and the Democrats are skating VERY, VERY CLOSE to being a bunch of stupid, evil, $/0/B TRAITORS??

      Congress is composed of 535 duly elected, mature, intelligent, adult men and women. Okay… well maybe that is a stretch, but anyway, after a Balanced Budget Amendment is passed, just leave it to Congress to figure out the rest. And if we are REAL lucky, hopefully most of them will just say to hell with it and resign. SWEET!

      Democrats will tell you they will take care of the deficits (BORROWING) and the $15 TRILLION National DEBT in the ‘long term’.
      What they DON’T tell you is that the ‘long term’ arrived during LBJ, the Vietnam War and the Great Society… and Democrats have been screwing it up ever since!

      Yes, my friends, there is plenty of ‘blame’ to go around the last 50 years, Democrats, RINOs, Independents and roaming gnomes.
      So what are WE, THE PEOPLE, Common Sense Americans supposed to do? Give POTUS Obama and the Democrats, OR RINOs a ‘stupidity’ pass or something? I don’t think so.

      The truth is we 'Baby Boomers' have no one to blame for this ‘little’ economic mess except ourselves. We're the ones who elected these idiots to office, so knock off the phony 'outrage' and take responsibility. We’ve been warned about this Social Security / Medicare ‘house of cards’ for decades.

      Do you REALLY believe increasing the National DEBT $5 TRILLION in 4 years and dumping TRILLIONS upon TRILLIONS of National DEBT ‘onto the backs of our children and grandchildren’ is going to make our economy stronger and our nation wealthier??

      Do you REALLY believe that the Federal Government can invest, spend or donate YOUR hard earned wages better than you can??

      Do you REALLY want YOUR children and grandchildren ‘investing’ in Social Security and Medicare??
      I didn’t think so.

      It is OUR debt, NOT our children and grandchildren’s. To pass it on to them is WRONG, it is UNCONSCIONABLE, it is IRRESPONSIBLE, it is PURE D**NED EVIL! And we ‘Baby Boomers’ should be D**NED ashamed of our selves.

      Without a Declaration of War, every day that the National DEBT increases is another day of failure of the President and the Congress and another day of betrayal to the American people, and to the future of our children and grandchildren. DO NOT betray our children and grandchildren.

      1. A Constitutional Amendment that requires a 3/5 majority (60%) of BOTH Houses of Congress to increase the National DEBT and increase Federal Taxes/Fees on the American people.

      2. Term Limits - 12 years, President (in case we get a good one), Senate, House.
      • Clifford
        Clifford 1 mth 16 days ago
        The Laws of Economics are just as real as the Laws of Physics.

        I am afraid that we have already passed the ‘event horizon’ and our nation is on the verge of collapsing into an economic ‘Black Hole’. It should be obvious an economic ‘tsunami’ of Biblical proportions is headed our way. And it is going to be horrifying, devastating and LONG. God help us ALL.

        "The most significant threat to our national security is our debt …and the reason I say that is because the ability for our country to resource our military -- and I have a pretty good feeling and understanding about what our national security requirements are -- is going to be directly proportional -- over time, not next year or the year after, but over time -- to help our economy. That's why it's so important that the economy move in the right direction, because the strength and the support and the resources that our military uses are directly related to the health of our economy over time." – Joint Chiefs of Staff Chairman Adm. Michael Mullen, CNN 08/27/2010

        “I haven’t changed my view that the continually increasing debt is the biggest threat we have to our national security,” – Joint Chiefs of Staff Chairman Adm. Michael Mullen, Washington Post 08/11/2011

        A National DEBT of $15 TRILLION is not only a National disgrace AND embarrassment; it is also a VERY CLEAR AND PRESENT DANGER to our National Security…regardless of whether you are a Democrat OR a Republican. This horrifying National DEBT is the cause of the ‘Crisis of Confidence’ that has and will continue to grip our nation for decades to come.

        If WE, THE PEOPLE, want to preserve, protect and defend the Constitution for future generations of Americans then WE, THE PEOPLE, can no longer ignore the gross negligence, fiscal irresponsibility and financial excesses of future Presidents and Congresses.

        When it comes to leadership and the economy, POTUS Obama, Joe Biden, Nancy Pelosi, Harry Reid, Chuck Schumer, Maxine Waters, Dick Durbin, Steny Hoyer, Debbie Wasserman Schultz, Frederica Wilson and the rest of those delusional, dysfunctional, dimwit Democrats have $**** for brains and are nothing but a bunch of stupid, evil, lying, thieving, conniving, treasonous, socialist/Marxist, psychopathic COCKROACHES.

        No, they are not the antichrist… but they d**n sure are his tattoos.

        We MUST protect ALL of our citizens, including low income and middle class citizens, from FUTURE Congresses, Presidents, Supreme Courts, Federal Reserves, government bureaucrats, public unions and most importantly those d**n lobbyists!

        Dr. Martin Luther King Jr., a registered Republican, will always be remembered for his 1963 ‘I Have a Dream’ speech. POTUS Obama and the Democrats will always be remembered as the ‘We Don’t Have a Clue’ administration.

        Rep. Barney Frank (D) and Sen. Chris Dodd (D) decimated the housing sector and created the 'Bush' Recession. BOTH decided NOT to run for re-election.

        Barack Obama and the Democrats vile, evil, destructive, socialist economic policies will increase the National DEBT $5 TRILLION (50%) in Obama’s 4 years in office, is destroying the economy and has created the Obama Depression. Deal with it.

        The best prevention against poverty, ignorance, divorce and unwanted pregnancy is EDUCATION, EDUCATION, EDUCATION, EDUCATION.
        Like it or not, much of that education requires that the individual MUST take self-responsibility FOR their own education.
      • Clifford
        Clifford 1 mth 16 days ago
        In lieu of a Balanced Budget Amendment we MUST elect a President (and their successors) who, when another National DEBT limit increase is sent by Congress to their desk for signature, will say, “NO… No, I don’t think so.”

        Then our nation’s spending priorities will come into sharp focus… and real d**n quick!

        Debbie Wasserman Schultz is totally irrelevant to the future of our nation. Thank God!
        Ending Social Security as we know it???

        We should be taking Social Security from being an ENTITLEMENT Benefit to being a VESTED SELF DIRECTED Benefit. That would be building, strengthening AND protecting YOUR Social Security as we have NEVER known it.

        If the Social Security and Medicare TAXES my employers and I had paid in the last 43 years had instead been invested with professional money managers and I had gotten an 8% return compounded annually...
        Today, I would have over $700K and I would be VESTED (I OWN IT) instead of being ENTITLED to it.

        No, there are no guarantees, but yes, I would take that investment opportunity. At least I would have the freedom of choice instead of being dictated to by a vile, evil, lying, thieving, cockroach infested, Gestapo, Federal Government.

        Reducing the deficit and the National DEBT increases the capacity of consumers and the private sector to invest, manufacture and/or consume, thus creating SUSTAINABLE, PRIVATE SECTOR, TAX PAYING, JOBS! JOBS! JOBS!

        Private sector jobs are what pay for public sector jobs, NOT the other way around.
        For every public sector job created a SUSTAINABLE, PRIVATE SECTOR, TAX PAYING JOB is DESTROYED.
        U6 unemployment (unemployed, underemployed, and part time) has now reached 15%!

        In 2011, POTUS Obama’s own Congressional Black Caucus stated that U6 unemployment among black folk was 33%. The economic and jobs policies of the Obama administration ARE A FAILURE.
        Folks, Obamunism won’t work… PERIOD. "It's the economy, stupid." - James Carville

        Congress is composed of 535 duly elected, mature, intelligent, adult men and women. Okay… well maybe that is a stretch, but anyway, after a Balanced Budget Amendment is passed, just leave it to Congress to figure out the rest. And if we are REAL lucky, hopefully most of them will just say to hell with it and resign… SWEET!

        Out of ideas...
        Out of excuses...
        Out of time...
        Out of Office... Obama 2012

        No Budget… No Pay for Congress!

        Republicans are saying, “NO!” NOT because they are acting like a bunch of 5 year olds,
        Republicans are saying, “NO!” because they are DEALING with a bunch of 5 year olds!

        Vote Republican...
        if for no other reason than to make House Minority Leader, Rep. Nancy Pelosi (D) and Senate Majority Leader, Sen. Harry Reid (D) inconsequential to the future of our nation and to put AMERICA BACK TO WORK.

        Thank you,
    • Denne herre betaler!
      Denne herre betaler!  •  1 mth 17 days ago
      If paying $1 more per a gallon of gas helps the US get rid of the Incompetent-In-Chief, then I will gladly pay it. I know that as soon as he gets the boot and Romney puts a rational Energy policy in place ( complete XL Pipeline, allow US companies to drill off shore America, stop investing in failing solar companies, open Federal Land to natural gas drilling), the price of energy will decrease and employment will increase.
    • Mark
      Mark  •  Richmond, Virginia  •  1 mth 19 days ago
      The greatest risk to our economy is Barry Owebama. The sooner he's removed from office, the sooner America begins to recover from its second 'national nightmare'.
    • Sean
      Sean  •  Decatur, Alabama  •  1 mth 19 days ago
      Of course everything that could hurt the economy is outside of "Our Leader's" controll. So runaway spending, huge deficits, continued deflation of home prices, the highest corporate taxes in the world, high unemployment, insolvent Medicare/Social Security, and business killing red tape and regulations are of no risk to the economy, Timmy? That's all fine a dandy. :-)
    • sam's son
      sam's son  •  Freeport, Texas  •  1 mth 19 days ago
      Geithner is a bigger threat to our dollar than ALL of the ABOVE !!
    • Bud
      Bud  •  Washington, District of Columbia  •  1 mth 19 days ago
      I think the Obama administration with their reckless spending is the biggest risk to the economy, but that's just me.
      • Lloyd
        Lloyd 1 mth 19 days ago
        Maybe, as well as Bush's 2 unfunded wars, unfunded Medicare part D, unfunded tax cuts, all run on borrowed money, much of which was inherited by the Obama admistration.
      • Walt
        Walt 1 mth 19 days ago
        Who then continued all those programs and doubled down on his own. At some point Obama has to take credit for his administration. Can't keep blaming Bush for ever.
      • Bud
        Bud 1 mth 18 days ago
        Lloyd, just in case you forgot, Bush isn't president and hasn't been for quite a while. I don't need to defend Bush to criticize Obama. Obama's spending dwarfs Bush's spending, and Bush spent too much. Time for you to admit that you put your hopes in a failed community organizer, and because of your foolishness we got a failed president.
    • T-Rock
      T-Rock  •  1 mth 18 days ago
      Did you figure that out all by youself Timmy?
    • DAWGS
      DAWGS  •  Charlotte, North Carolina  •  1 mth 18 days ago
      Oh thanks Timmy, and here all this time i though it was obummer himself.
    • Rattling Bones
      Rattling Bones  •  1 mth 19 days ago
      Geithner and Bernanke are far bigger threats to the economy than anything else.
    • bear2mail
      bear2mail  •  1 mth 19 days ago
      Hey Geitner you forgot your boss obama.
      • Lloyd
        Lloyd 1 mth 19 days ago
        Hey, Reagan's, H. W. Bush's, Clinton's and G Bush's man, Greenspan, is more responsible for this mess than Geitner.
    • jnsesq
      jnsesq  •  1 mth 19 days ago
      Though not so great a risk as Obama, Bernanke, Geithner, Pelosi and Reid.
    • Jo1
      Jo1  •  1 mth 19 days ago
      The US has a worse debt to GDP ratio than Greece. We don't need Europe, oil, or Iran to destroy our already destroyed economy.
    • SS
      SS  •  Sunnyvale, California  •  1 mth 19 days ago
      The biggest of all threats is obamo and his "doubling down" on failed technologies and Co's his buddies are the CEO's of
    • rob m
      rob m  •  1 mth 19 days ago
      are you f@#$*&g kidding me !!? the biggest threat to the us economy is these idiots that think they no what they are doing !! (e.g. the obumbler administration)
    • Alison
      Alison  •  Fayetteville, North Carolina  •  1 mth 19 days ago
      And a-holes that do not pay taxes
    • USA Patriot
      USA Patriot  •  Raritan, New Jersey  •  1 mth 18 days ago
      Uhh Lets drill for our own oil?? Or lets just keep buying over priced barrels of oil from the middle east and make is $10 for a gallon of gas
    • Full Black
      Full Black  •  Fort Myers, Florida  •  1 mth 18 days ago
      "even though that is not hurting the economy today, people can still feel that in their pocketbook today,"????? What? How stupid is that!
    • Jake
      Jake  •  Syracuse, New York  •  1 mth 18 days ago
      The biggest threat to our economy is obama and his sorry cabinet.
    • Richard
      Richard  •  1 mth 19 days ago
      Geithner forgot to mention that his policies as well as those of his boss, Obama, continue to hurt our economy. I wonder who they will blame when the next wave of foreclosures send another shockwave through the economy.
     Post a comment
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