SENATE VIDEO - Rand Paul Questions Tim Geithner On Tax Policy, Interest Rates & The Housing Bubble

Congressional Video - Sen. Rand Paul Questions Tim Geithner - Oct. 18, 2011

Excellent exchange from earlier today.  Paul nails Geithner for his role at the NY Fed and FOMC in keeping rates too low for too long contributing to the housing bubble.  Geithner offers a weak excuse, but fails.

Comments

[Bill]

Excellent indeed!

[Nurse Feelgood]

While I don't can't find myself ever supporting the FED, both the Republican and Democratic job reforms seem extreme. Republicans say they want to simplify everything, but under a simpler system the rich get richer and the poor get poorer. But this takes away many incentives, I believe, to donate to thing like charity or to hire more people for jobs, ect. ect. On the other hand, Democrats feel anyone who does well is a witch and we should burn them at the stake. Under that plan, the Rich get poorer, the homeless get richer, and the poor get poorer. I also feel that we would need to find more environmentally friendly ways to burn witches... maybe I should start a green execution method... we could use the ashes to help grow more fire wood. But if it did to well they'd burn me for being a witch...

[Juanito]

@Nurse Feelgood I disagree with you. You simplify the tax code because the incentives decided on by government distort the market. Like incentives to invest in oil or natural gas or nuclear energy or solar energy. They don't know whether this is beneficial or not for the economy. But to paraphrase the Mad Hatter, congress will believe a dozen perfectly impossible things before midday if you give them a political donation. You talk as though people get rich by fraudently gaining an advantage that they shouldn't have or being born that way. It may surprise you that most people become wealthy through hard work and they should be allowed to keep the fruits of their efforts rather than have it be confiscated. If you want to see how good things can be even without natural resources but only human ingenuity, look at Hong Kong. There, the Governor Alexander Grantham, simplified the tax code saying everyone except the poor pay 12.5% and look at Hong Kong today! It has never wanted for revenue and has done incredibly well.

[Throb]

So old turbo tax Tiny Timmy - master of the hand puppet diversion theater - still thinks he can cast spells with his old "spirit fingers" routine - what a flit-dip that guy is.

I like Rand Paul's positions on a bunch of issues. BUT:"tax rate" and "marginal tax rate" are straw dog arguments - they don't mean a thing.

Tax rates are one thing. Taxes paid are are anothe issue entirely.

The largest *most profitable" corporation to ever squat on this rock, Exxon, reports profits in the hundreds of billions, pays NO taxes.Zip. Exxon also borrows from the repo window to pay it's stock dividends

General Electric, a public corporation that gets a lot of government contracts (GE makes the turbines and gatling guns that power most military aircraft), has 53% of it's work force off shore, reported 26 Billion in profits in 2010, got 138 Billion in bailout funds and whose CEO, Imus, the CEO of a company with 53% of it's workforce offshore. is also "tho Old Bombers" jobs czar.

Its a sure BET GE took a lot of patents and copyrights (trade secrets belong to the United states - that'd be us, folks) we own to China - - and it's a sure bet GE is passing them around without one iota of consideration for any royalties due "us". I guess we be moving more jobs off shore.

Point being: tax rates are a BS argument. Tax laws are written by the lobbyists and attorneys working for the industries being taxed. You can put any rate you want in the tax code - it's meaningless - taxes paid is where the focus should be. the biggest corporations in America pay zero or negative taxes. When at a town hall or on a call-in line and and the guest or moderator is arguing tax rates, please remind them there is a difference between tax rate and taxes paid.

We in deep doody folks - a time is comming when we have to choose between the institutional false temples we worship in and the well being of our progeny when we become meat for worm's. We won't be able to fix nothing then. Get your ass moving!

[Josie]

Excellent video and questions by Rand Paul. He is his father's son...

...and Turbo Timmy trying to back away from his LARGE part in the Fed and on the FOMC by outling his tenure dates is such a joke--he is a acting like an interviewee trying to explain away a "bad period" on his resume to a prospective employer.

[DailyBail]

Well said Throb.

Josie, exactly right on Turbo's excuse attempt. That was the first thing I noticed when watching this clip.

[DailyBail]

Well said Throb.

Josie, exactly right on Turbo's excuse attempt. That was the first thing I noticed when watching this clip.