Hmmmm.... Doesn't look like much change here..

Timothy Franz Geithner (last name pronounced /ˈgaɪtnər/; born August 18, 1961) is the 9th president of the Federal Reserve Bank of New York. In that role he also serves as Vice Chairman of the Federal Open Market Committee (FOMC). President-elect Barack Obama will nominate him as the next Secretary of the Treasury.

After completing his studies, Geithner worked for Kissinger and Associates in Washington, DC, for three years and then joined the International Affairs division of the US Treasury Department in 1988.

In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.

In 2001 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003.[1] In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

On 21 November 2008, CNBC reported that Geithner would be nominated for the position of Treasury Secretary for the Obama administration.

He was involved in the Bear Stearns and AIG Bailout and the decision to let Lehman Brothers fail.

This is an article that I wrote and sent to President Elect Obama, and Congresswoman Pelosi in August of 2008. At the time it was obvious to me the direction that the Auto Manufacturing Industry was headed and the crisis that they would soon face.

With the current fuel costs around the world, the situation is favorable and the moment beckons me to bring to light a truly remarkable occurence within the world's automotive manufacturing industry (AMI) - a situation which has dragged on from generation to generation.

All of my life I have witnessed the AMI aggressively advertise and promote how many horsepower and how quickly a vehicle could travel from 0-50 mph. They have manufactured, by design, and lured consumers into purchasing and operating vehicles on our highways which are capable of well exceeding the maximum speed limit allowed by law. What should be a safe means of transportaion has been turned into a lethal weapon. I ask that you recount the results from their lack of concern for EVERYONE'S safety. The deaths, the life long pain and suffering, the family members young and old torn from their families. You will find the suffering tn almost every family. Unfortunately I am rich with such examples, and you will get tired of counting the tragedies.

To the AMI you will have to forgive me for assuming that you have not thought this matter through. It is a simple progression. If you manufacture a vehicle capable of exceeding the maximum speed limit allowed by law, there is the possibility that someone will exceed the maximum speed limit allowed by law. The mistake lay not in what came later, after you put these vehicles on our highways, as in one's designing and putting them on the highways to begin with. You choose to lure and drag consumers and the public at large into a common shipwreck. However you may twist and turn, you must admit that you have been wrong in your lack of concern for EVERYONE'S safety. It would be sadder still for you to continue this wrong.

At a time when the AMI is laying off employees and closing plants, the world is here to tell you that we need millions of SAFE, affordable, economical-to-operate vehicles. So in a moment I see in the AMI the possibility of its own ruin and at the same moment its own salvation.

For reasons of fuel economy, there is currently debate in the USA on limiting the maximum speed limit to 55 mph. We should demand of the AMI, whatever the maximum speed limit is determined, that they manufacture vehicles capable of not exceeding the maximum speed limit. The exception would be police, emergency, fire, and first responder vehicles, they would continue to have high speed capablities. NO MORE 200 MPH cars on our highways. That's criminal! The AMI really should be punished.

There would be spectacular results from limiting the speed capabilites of all vehicles. The reward is greater than any other in the world, life. The many lives saved and personal ingjuries avoided would be countless. The AMI would not have to manufacture large, heavy engines and other mechanical components to support a vehicle traveling 100 mph only 55 mph. The overall vehicle would weigh much less, which would increase its fuel efficiency and make it become less dangerous to other vehicles.

I ask that you keep your mind open. If the speed capacity of all vehicles were 55 mph, I contend that a vehicle could be engineered and manufactured that could withstand impacts of 55 mph with little or no personal injury and very little damage to the vehicle or vehicles involved. I wonder if this technology already exists and for reasons of corruption (AMI, insurance companies) has not already been realized in vehciles on our roads today. I would no doubt invite this suspicion.

There must be a determination of the will to engineer and manufacture a SAFE, affordable, economical-to-operate vehicle. This is of immense importance. The AMI is really not an enemy of mine, but they have abused the public's trust. This may sound harsh, but it is true. They have proven year after year their best is not good enough. There should be a partnership in the interest of this goal with NASCAR, NASA, the best engineers in the world, and those who are rebel in thought. The incentive is fulfilling their proudest accomplishment. After one year you would have many new design choices to choose from.

Because of my confidence in knowing such a vehicle can be designed and mass produced it leads me to the final step. That is in replacing and recycling all the vehicles on our highways today with newly designed, SAFE, affordable, economical-to-operate vehicles. I would suggest a partnership with the AMI, the government, and the lending institutions to make affordable to everyone a new vehicle.

The benefits of such a plan far outweigh the only inconvenience of which it takes a little more time getting from point A to point B. I would assume that every law enforcement agency around the world would endorse such a plan. The benefits are far reaching. Lives saved, injuries avoided, less healthcare costs associated with auto injuries, far less dependance on foreign oil, less environmental impact, less vehicle insurance costs, police spending less time enforcing maximum speed limits and more time for other priorities, no more high speed pursuits, thousands of newly created good jobs within the AMI to meet the demand for new vehicles, thousands of newly created jobs to recycle all of the existing vehicles on our roads. I really think in the final analysis you will conclude such a plan is of immense importance with spectacular results. In possibility I find hope for all of us.

Again this was the article that I wrote and sent to President Elect Obama and Congresswoman Pelosi three months ago. My hope was that when the crisis was exposed that some consideration would be given to re-thinking and re-designing a SAFE, affordable, economical-to-operate vehicle.

I grew up in a UAW family. My grandfather, god rest his soul, worked for Ford all of his adult life. My father worked for Ford all of his adult life. I am saddened to say my grandfather could neither read nor write. He signed his name with an X. He had no skills but made a really good living within the UAW. My father was also uneducated and had no skills but was quickly promoted to management within the Ford Motor Company. My uncles and brother worked for the UAW. The numerous stories of such things as going to work and clocking in only to jump the fence and go to the local bar for 8 hours was unbelievable. This was not an isolated incident, it when on for years. The inefficiences of this industry really needs to be exposed. No where in the world can someone make in wages and benefits upwards of $70 an hour for being uneducated and having very little work skills. The only place I know of is within the UAW. There are numerous other uneducated and unskilled workers in numerous industries making minimum wage. Their not asking for a bailout but I would much rather bail them out than an inefficient poorly managed industry.

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No bailout! This is not a collapse of the entire auto industry. It's only the collapse of a few car companies. The retail demand for autos will not change. The big three won't just disappear, they will comeback as new more effiecient companies. Also, let's not forget that Toyota, VW, Hyundai, and Honda are building factories here in the US. So while thousands of American jobs will be lost because of greedy mismanagement of corporations and unions, thousands of Americans will be hired by better quality companies that will be picking up the slack to keep up with demand.

Comparing this to the banking bailout is like comparing apples and oranges.

The big 3 automakers still don't get it. Just the fact that they didn't blink an eye at flying into D.C. in corporate jets speaks volumes. These guys don't live in the real world. I say make the CEO's pitch in & save the companies they have milked to death. They've collectively treated the profits as their own personal gain instead of reinvesting it into the company's future. They bungled it big time, let them fix it or lose it.

Keith Langdon states: "Is it okay to tell our children that if they mess up in the game of life that Mommy or Daddy or someone else will just bail them out?"

Isn't that pretty much what Bush Sr. has done all of Bush Jr.'s life??? I mean honestly, didn't Daddy always bail him out of trouble his entire life....is it no wonder that Jr. has gotten our country into the predicament we're in now?
I fully agree it should be a loan to be paid back.

Now on GDLA this morning they showed a sign posted on the freeway that says;

"Mr. President why don't you make the oil companies use their huge record profits to bail out the auto industry?"

Now since they seem to have record breaking profits each quarter, topping their previous quarter - then why not have them bail out the auto makers???

Video: Peter Schiff Schools Them On CNBC's Fast Money

http://www.youtube.com/watch?v=pGHODRNJqRo

Craig wrote:

So PLM, You then are still looking for large $ investors as opposed to the Obama campaign way of many contributors investing like $1,000 -$5,000?
Just inquiring as to your financing strategy?
Posted by: Craig | November 20, 2008 at 01:19 PM

Hi Craig,

We are doing both. We have what we are calling Angel Investors that bring smaller increments ( to be discussed with actual investors as opposed to on the blog). We are also talking with two excellent venture capital groups (VC"s) that will bring in the larger funding.

I didn't mention it earlier, but we have an Humanitarian side to our business plan which is to give away this technology to the poor! Yes we will be giving away generators for FREE to the poorest people once we get everything set up properly!! Not only here in the US but also in other poor parts of the world. We know that we will have a very lucrative and profitable company...but we are truly interested in helping everyone to have clean green and cheap energy..in some cases people who have never had electricity before ever. We hope to help them to have a better quality of life...for the first time in their lives, and for the rest of their lives and their children’s lives too! We will provide villages, tribes, and many very poor places with this technology for "0" money! We already have VC's that are aware of our plans and are very interested in being a part of this as well. Then of course we will have a profit making side. We will even be able to amplify power for the large power companies to sell as well, we have already made progress on that frontl! We already have investors interested in that side of the business also!! So the possibilities are endless and the potential is enormous!

Right now the smart financial advisors are even suggesting renewable energy is a good place for those who want to consider investments. I don't want to discuss too much business here...that is not my intention but we do need more help with this project. Just let me know and I will communicate with you about it outside of the blog.

Thanks for asking Craig!

Together we can change the world!!

PLM

I agree with Gail, if we do bailout the car companies than there has to be strings attached. If I were president I would tell the car companies that this is a loan and not a bailout. If they don't pay back this loan in a certain amount of time and there will be consequences for their actions. Such as taking away their private jets! My question is what kind of message are we sending to our children of America and the rest of the world? Is it okay to tell our children that if they mess up in the game of life that Mommy or Daddy or someone else will just bail them out?

The "Fat cats" just want to keep on having their cake and eating it too! They do not want to admit they were so wrong and so myopic and short-sighted. Members of Congress, the Bush Administration, Wall Street Financial Institution Speculators and now the Auto Industry have all sent our country into the "deep sewer and sesspool we have ever been" of greed, corruption and self -serving, traitorous scum that have sold our Country's soul for a few extra shiny "silver dollars today" instead of what could have been a brighter future for America and longer range benefits and financial well-being for them. "Greed is not good, greed is evil when it subverts the common good for most of the citizens of this country." I say to let the chips fall where they may. If they have enough money to last until the new administration, then they might get relief if they agree to restructure and re-tool, otherwise let them re-organize under Ch. 11 and learn the hard way!

Oh, yeah, right, Craig.

I couldn't even buy a gift size box of See's Candy for 50bucks. Hahaha.

So PLM, You then are still looking for large $ investors as opposed to the Obama campaign way of many contributors investing like $1,000 -$5,000?

Just inquiring as to your financing strategy?

You mean $50K kick start right Jozie? ;-)

Gasoline at the pump go down too low lately! Are we ready for another bail out for oil company?

In regard to the auto industry ignoring the hunger in our country for a more fuel efficient auto. My husband has been involved in the renewable energy field for several years. About four years ago, my husband and a extremely talented inventor introduced a remarkably advanced hybrid/bio-diesel engine to GM, Ford, BMW, Daimler Chrysler/Mercedes Benz, and Volvo’s truck division that could get better than 150 mpg.

At that time, the engine we showed them was already placed in a Ford Focus and it running the car. This same engine took 1st prize in a NASA sponsored competition of best new technologies...winning over the 500 competing entrants. This engine is amazing! It’s patented and can also be completely ran on air alone!! Yes that’s right just air -no fuel!!! No compressed air tanks...just plain air! However none of the auto companies were interested! Why? That’s a question we asked ourselves. But they told us about retooling costs and government oversight costs and how it would affect other vehicles that sell with lower mpg. They told us about union issues and made up one excuse after another. This was before the Prius hit the market and the auto makers were not interested in changing their gas guzzling machines. They were selling them at the time and they did not want to buy a product from an outside source...if they wanted to introduce a more energy efficient model...they wanted to create their own version, that is ....if they would ever change their product. Why not use ours? Greed of course! They said it took them 10 years to move technology. The truth? Auto companies in bed with big oil. You know ....You scratch my back -I scratch yours! They weren’t READY then to change. Tata Motors wanted our engine. Who is that...one the biggest auto maker in the world based in India. But we wanted to place this engine in America first. So Tata got another engine instead, using compressed air! Had the Big 3 adopted our engine, they would leading the world in car sales and not asking for handouts as they face bankruptcy. They blew it.

Then Toyota created an electric hybrid. Finally the world realized it was possible to have a fuel efficient car. And the American auto makers blew it! Again asleep at the wheel. Oops! They could of had a great engine that used gas 1,000 times more efficiently! They made a grave mistake...they thought they could still keep selling Escalades, Hummers, F10’s, and Suburbans. These expensive Muscle cars were selling great and the factories were all set up to sell them for years to come!...But the floor fell out from under them when Americans stopped buying those cars! GM. Ford and the rest blew it! Now they are all in trouble. We know that many Americans rely on the auto makers for their jobs. So the government should DEMAND that the BANKS...you know the ones... that they just bailed out! Let these banks... work some type of loans out with the big 3 auto makers...let them get their bailouts from the banks. The banks don’t have enough money? Well stop buying property with the BOM (bail out Money)..sell off any new acquisitions...since they weren’t supposed to use the BOM that way in the first place... and make loans like the BOM was set up to do!

Flash forward four years later, to today’s renewable energy picture...

Now...we have developed even better technology! My husband and his inventors have created power systems to amplify electricity that can reduce a home electric bill by up to 95%. It can produce an abundance of clean and green electricity that can end our need to generate electricity using pollution causing fuels or nuclear power. These power generators can be small enough to power any size home. Yes it will take your home off the grid as well when combined with solar or wind. And its pollution free. It will be less than solar installed systems and it is completely safe, green and clean! This system is perfect to power a hybrid car, as well! As soon as we get the home power system up and running... we will bring forth a auto version utilizing the same technology!

We have the technology that can change the way the world is powered! These types of innovative technologies have been suppressed by the Bush administration. As an example, my husband worked with a major University to get a bill through Congress that would have designated $3 billion for R&D for new improved diesel engines and after Bush signed it into law, he didn’t allocate a single penny towards the bill and all these important breakthroughs were left with nowhere to go. Now renewable energy is finally getting some respect! Our new president Obama is embracing renewable energy and now green and clean energy is no longer only the interest of “Tree Huggers”! Now...The world wants to go green finally! ...And I say it’s about Time! Plus... renewable energy is the new non polluting industry that will bring new safe well paid jobs to the US! And I’m very excited and proud to say that my family is a part of this new clean energy revolution!!!

As far as the renewable energy revolution is concerned....If any of you know of any investors that would be interested in investing in our renewable energy projects, we could always use more help...and you could receive a finder’s fee for the introduction, if they actually did invest. Just let me know!

Sorry for the long post and the tiny advertisement Frank. :-0

Let’s change the world together!

PLM

Right on, Craig.

Give me $50 kick start and I'll buy a Saturn today. Red, please. Faux leather upholstery.

Senator James Inhofe of OK: S. 3683 to Roll Back the Bailout

http://www.youtube.com/watch?v=ryNk76e4SXk

Mark - Chris Matthews had suggested something similar when he was on Jay Leno. He said if any company gets bailed out by the government and henceforth (us the taxpayer), they are then a government employee and should be paid like a government employee with a "cap" on top salaries. The president makes $400k per year so that is the top salary any top CEO, or executive should be allowed to make if his company has to be bailed out by the government. Much like you said Mark, Chris said, they did a poor job being "capitalists", so they should no longer be paid like one. Their decisions were based on short sighted greed and were beholden to the oil companies.
Or, let's see the oil companies step up to the plate for a change and bail them out-why have it be the taxpayers? Wait! What do I hear from the oil companies like Exxon-Mobil? Anything? So quiet you can hear a leaf drop in a forest!

No on the Auto Industry bail out. The Auto Executives need to do the same thing we small business owners have to do, make a plan to cut back their fat on the top! The difference between the Auto Industry and small business ownership is they should feel so lucky they got the fat to cut. and they want us taxpayers to bail them out, sale the jets, "what a concept take one your cars".

I meant to say Saturn is the "only" car maker that had a factory in the USA making a hybrid. I agree with Susan - give us taxpayers a bailout first. Except let's call it an "economic kickstart" package that PLM had suggested in another thread where each taxpayer gets back $10k for every 10 years of work. So if a couple each worked 20 years they would get $20k each or $40,000! That could help kick start the economy again then giving it to banks who just seem to be hording the money and not lending it out. PUT THE (BOM) IN THE HANDS OF THE TAX PAYER! LET US STIMULATE THE ECONOMY!

Let's see, billions to corrupt bankers to which they go on a victory retreat. Now the automakers want billions in "loans" which will do nothing to help that industry.

This is a long shot but here is my idea:

Start at the top! Cut executive salaries by half or more. If the top brass of the big 3 were really serious about saving the companies that employ them then why won’t they take a stand and take the hit.

Cut all salaried persons making $1,000,000.00 or more to half their current salary. Just how much hardship would it cause? after years of earnings they should have enough put away to pay the bills for a while.

Some people would say that’s not fair, they have earned the privilege of that income. While this is true, it is of their own doing. Bad decisions in production, marketing, purchasing, research, and development are all made by the same people that are crying poverty and begging for help with their failed companies.

Unless the executives are willing to take massive cuts in salary and sell off the cooperate jet, there should be no bail out or loan.

Jozilee - I think you hit the nail on the head!

"This smells like a final looting of the country's coffers before the new administration takes over."

I couldn't say it better myself!

I think this session of Congress should do nothing and if the Big three go down before the end of the year-Then they have nobody but themselves to blame for their short-sighted, sucking on the "tit of the oil companies" decisions. They have ignored the warnings and the beatings they have taken from their foreign competitors that have produced more fuel efficient cars. Saturn was the factory in the US that had a facility to make a hybrid. Obama has said his administration would assist teh auto industry but it would not be a blank check-they would need to invest in retooling their factories to produce more fuel efficient, alternative fuels and hybrid cars.
The smugness and lack of reality the Big 3 showed in their hearings before Congress showed how "out of touch" they really are. Not one even considered coming in first class on a commercial jet or all coming on one private jet!! They don't want to sacrifice any of their lifestyle and riches but let 3 million people go without jobs instead of agreeing to work towards restructuring their industry to compete and be viable into the future! NO LONGER BUSINESS AS USUAL GENTLEMEN! GRAVY TRAIN IS OVER!!

I didn't like any of the bail-out plans to begin with, but we all know the politicians have special interests on wall street such as their own investments and careers that depend on it. Nonetheless, I don't think the govt should bail out the big 3 automakers. The big 3 are partially owned by the oil industry, so the profiting oil industry should bail out their friends at GM. No pain, no gain.

The automakers got in this mess because they don't look to the future, only the immediate profits. They should have been converting their plants and gone completely green by now.

When the government gives the consumers a bailout in their debts and even the playing field then the automakers can have theirs! Banks have been legally robbing consumers through their increased interest rates, late fees, over the limit fees, 'give-me' fees. None of this bailout from Wall Street on down is right, if it doesn't come down to each tax paying American.

As a business owner in California I speak from experience. If they get one, can my business have one? What makes them and the banks exempt from the limits and benchmarks that we all as a society must adhere too? Then again with NAFTA in effect, we are as a nation in competition with communist countries. (no names to mention!) Did we not learn with the Olymics of the past. If we as a nation are going to be on a level playing field- Subsidary Payments AKA "Bailouts" mean we are more like the countries that we are in competition with. Thanks NAFTA.. Nothing is free for the USA, the United States workers, we are all Paying for the Bailout that they are getting!!! And in which country will those lost jobs? The lable on those parts usually don't say "Made in the USA"

Its hard for me to believe the uaw isn't a large problem with the big 3. I'm tired of all these bail outs and wonder where mine is. The the chips fall reorganize and get rid of the uaw.

i think we would not be in this mess if people would stop buying foriegn vehicles. we have just as good vehicles here. i have never bought a foriegn vehicle,always chevys.

These bailouts are killing the value of the US Dollar...

GOOD JOB KTLA KEEP SHOWING THE FOREIGN CARS FOR THE AUTO SHOW. DID YOU KNOW WE LIVE IN THE U.S.A NOT japan

Do the auto industry execs get it? They're trying to get it. They smell free money and they're diving for their "fair share." Didn't they know their industry was in trouble last month, 6 months ago, 1 year ago? What was their long-term plan to survive?

Do they see the irony of owning $32million private jets, pulling down million dollar salaries plus bonuses while crying bankruptcy? Doubtful.

Note to the Auto Industry: Save yourself by refocusing your assets?

Isn't it ironic that gas prices zoom to record heights, the economy craters and the auto industry tanks at the same time? At the end of the Bush/Cheney administration.

This smells like a final looting of the country's coffers before the new administration takes over.

Should we bail out the auto industry? Get rid of incompetent management, retool, and retrain workers like Mitt Romney suggests.

Let's stop the knee-jerk reactions to "the sky is falling" and think outside of the box. We're a country of GREAT MINDS. Instead of continually throwing cash into private Swiss bank accounts, it's time to think our way past trap doors.

wait a minute, they give money to AIG, again, after the exec's go on another retreat, and they hound the big 3 for coming to DC on their own jet? i'm not saying that the Gov't should bail out the big 3 nor should they have bailed out some of the major banks and companies (AIG), what i am saying is what kind of message are you sending when you bail out some companies for mis-use of finances and not others?so is it ok, to burn people's money and then have the Gov't bail you out?? if they can do that with AIG why can't the Gov't help out just bail the tax payer who lost his job and can't afford his bills....but then again elections are over so politicians would'nt care about anyone.