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Geithner: No More Booms

BEGIN TRANSCRIPT

RUSH: I have to think that Geithner blew it here. I think that Geithner didn't want to say this, but he said it. I know he means it. He's on Charlie Rose last Wednesday night. Charlie Rose says, "But if in fact they pay all the money back, the TARP money back, these banks, you know, what restrictions will exist on their compensation policy at their individual institutions?"

GEITHNER: The president is committed and is working with the leaders of Congress on very comprehensive broad-based financial reform to put in place new rules of the game, more constraints on risk taking to prevent a crisis like this from happening again.

ROSE: When will we see that start to happen?

GEITHNER: Well, we need to get through this crisis. It is very important we get through this crisis and be definitively through it, but we're hoping to legislate this year.

ROSE: Whatever you can do in terms of regulation and legislation will take place during the next three years?

RUSH: Hang on, listen.

GEITHNER: Yes, within that period of time. Within that period of time. But, again, these things are about preventing the next boom.

ROSE: Yeah.

RUSH: Did you catch that? See, they have said that what they are about is ending the business cycle. They don't want any more recessions like this. Now, in their mind, what brought about the recession was the boom. They don't want any more booms. They don't want any more economic booms! They do not want any more economic growth! They want stagnant, zero-sum game economics. That's why they're limiting pay, that's why they're going to start putting all kinds of restrictions. There's probably going to be at some point a wealth tax proposed by this president. Let's say you're sitting out there and you're retired. And let's say that you are living off your municipal bonds, and you bought your AAA, you got good rated AAA tax-free municipal bonds, and let's say that those bonds at 4%, 5% tax-free income a year is what you're living on.

I predict to you that the day is going to come when they're going to tax wealth, in addition to income, so they can go after really wealthy people who do not have earned income anymore, they're retired, they're living off the investment portfolio, which would be capital gains or tax-free municipal bonds or whatever, there will be a wealth tax. There's going to have to be. They're in debt, they don't have any money, and that's Obama's aim, sends his Treasury guy out there, "Our objective is to prevent the next boom." That means no big boom in any sector that might lead to more employment. So, again, these things are about preventing the next boom. There you have it, straight from the Treasury secretary of the Obama administration.

END TRANSCRIPT

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