Monday, August 8, 2011

Pot.. Kettle..?

Geithner Says European Nations Must Get 'Fiscal House' in Order reports Bloomberg News yesterday (emphasis mine):

Treasury Secretary Timothy F. Geithner said European governments need to get their "fiscal house"
in order and provide a financial backstop for economies under pressure.
"What Europe needs to do is to make sure that there's an unequivocal financial backstop," Geithner said, according to the transcript of an interview with NBC and CNBC television today. "So there is no doubt in anyone's mind that those countries have the ability and the will to meet their
obligations. That's essential to managing crises."
"I'm confident you're going to see them step up and provide more forceful support for the countries under so much pressure," Geithner said. "They need to make sure that there's stronger economic growth, that those governments are getting their fiscal house in order." 

First of all, I am stunned that Geithner still has a job. He's not exactly batting a thousand. He supported TARP, stimulus, auto bailout, cash-for-clunkers.., pick your Keynesian poison, all of which did nothing and in all cases hurt the fragile recovery. That being said, you would think someone this clueless would be reticent about dispensing fiscal advice to anyone much less Europe. Well, not our boy Timmy, seems he's finally got it all figured out. Timmy wants those countries that are not on the verge of collapse to 'step up' and help those that are failing. Golly, that sounds familiar, where have I heard that before, oh, yeah:

From each according to his ability, to each according to his need. Karl Marx

So, the hard working Germans, who have their fiscal house in order, are now asked to pay for the pampered retirement promised to a Grecian cab driver. Really? I got an idea. how about the Greeks, Italians, Portuguese, and now Americans get their fiscal act together by cutting entitlements to a responsible level and stop asking the rest of the world to pick up the slack.

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