Category Archives: Timothy Geithner

Geithner And Government Protect Wall Street And Dump Main Street For India

Geithner And Government Protect Wall Street And Dump Main Street For India

By William Cormier (featured with our good friend Bill’s permission – Just Another Coverup)

In a speech that will not surprise anyone, Timothy Geithner, while on a two-day visit to India, pledged that our government would “not (to) harm India’s IT outsourcing sector as it battles to create jobs at home in the worst labour market since the Great Depression of the 1930s.” He went on to state that “protectionist measures to prevent jobs from migrating outside the country would do more harm to the US than good.” As he rambled on, placing international relations and Wall Street profits ahead of millions of unemployed American workers, Geithner dug in his heels and stated:

“protectionist measures to prevent jobs from migrating outside the country would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”.”

“We are not going to go down that path,” promised Mr Geithner. “We know that it would make us weaker, not stronger.” LINK



To make matters worse, Timothy Geithner stated that the Obama Administration:

“would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”.

Who exactly is Timothy Geithner speaking for when he states that “We know that it would make us weaker, not stronger?” We need to press the White House and Mr. “Globalist Geithner” to explain exactly who he is referring to when speaking about “us.” We also need to know how and why it would make the United States weaker if we quit outsourcing American jobs and pay our citizens decent wages rather than supporting the economies of other nations throughout the world.

It is obvious the us Mr. Geithner is speaking of is Corporate America and Wall Street investors, not millions of highly qualified American workers that have had their livelihoods stripped from them by greedy corporations who have placed profit above the health and welfare of the American people. The Obama Administration’s acquiescence to corporate profits and power is nauseating and directly conflicts with his campaign promises. This is the most outrageous and misleading statement that Geithner has made to date, IMO, and we must challenge this need of President Obama to support Corporate America while stating that his administration is doing their best to prop-up our jobs market. You can’t do both Mr. President; our work force is competent and to pull us out of this “jobless recovery,” we have to create more high-tech jobs and quit outsourcing our economy and future to other countries.

How much has corporate greed aided other nations while helping to destroy our own economy? Just in India, the article referred to herein states:

IT outsourcing, which is heavily dependent on business from the US, is one of India’s flagship economic sectors. Companies such as Tata Consultancy Services, Infosys and Genpact helped propel the economy to growth rates of 9 per cent before the global financial crisis and was responsible for creating 45 per cent of new jobs over the past 10 years.

I haven’t seen these statements circulated in our Mainstream News Media, and as usual, they are reporting upon anything and everything other than what concerns the welfare of our own country. We need to spread the word that President Obama is selling out American workers and pledging to support other economies rather than our own, and this is absolutely unacceptable!

William Cormier

Original Source Link

Editor’s Note – The story referenced from the Financial Times requires registration, for those who cannot afford to subscribe to this most important economic news in this time of national crisis I am posting the article below:

Geithner vows to block protectionism
By James Lamont in New Delhi

Published: April 7 2010 10:39 Last updated: April 7 2010 17:31

The US government has vowed not to harm India’s IT outsourcing sector as it battles to create jobs at home in the worst labour market since the Great Depression of the 1930s.
Tim Geithner, US Treasury secretary, said during a two-day visit to India that protectionist measures to prevent jobs from migrating outside the country would do more harm to the US than good.

“We are not going to go down that path,” promised Mr Geithner. “We know that it would make us weaker, not stronger.”

He also said that the administration of Barack Obama, president, would not seek to curb the investments of US companies overseas as “our fortunes are tied with the world”. There have been proposals to trim the tax privileges of US companies that operate internationally.
“American companies are long in the world,” Mr Geithner told Indian business leaders at a discussion hosted by the Confederation of Indian Industry.

“They are good at what much of the world needs. A huge part of the basic economic challenge we face is to give stronger in- centive for private investment, help support innovation and try to make sure there is more investment and stronger exports globally.”

Mr Geithner said Mr Obama was “deeply committed” to trying to build a consensus among Americans for more open trade to support the recovery.

“We have got the worst labour market since the Great Depression,” the Treasury secretary said. “Most Americans are still going through an incredibly difficult economic series of challenges and yet we’ve been very successful in working to keep our markets open under all that pressure.”
IT outsourcing, which is heavily dependent on business from the US, is one of India’s flagship economic sectors. Companies such as Tata Consultancy Services, Infosys and Genpact helped propel the economy to growth rates of 9 per cent before the global financial crisis and was responsible for creating 45 per cent of new jobs over the past 10 years.

Last year the global IT outsourcing market was estimated to be worth as much as $250bn (€187bn, £164bn).

“Some of the sounds coming out of the US have caused concerns here,” said Tarun Das, the president of the Aspen Institute in India. Local businesses were wondering whether “the authors of globalisation are turning to protectionism”.

Senior policymakers say that the Indian economy is fast becoming more export-oriented and more vulnerable to protectionist action by other large economies.

“If we want to get to 9-10 per cent growth it’s in our interest that the US should get back to growing as soon as possible,” said Montek Singh Ahluwalia, deputy chairman of India’s powerful planning commission.

“It’s also [important] that [the] market remain open.”

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