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Stocks Rise as Geithner Becomes Treasury Front-Runner

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Posted on Nov 21, 2008
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Geithner’s got it?: News that the New York Fed president could become treasury secretary helped send the Dow rocketing on Friday.

Friday brought more news from purportedly reliable sources close to Barack Obama, this time suggesting that the president-elect was zeroing in on Timothy Geithner as his pick for treasury secretary and New Mexico Gov. Bill Richardson for commerce secretary.

Stocks rallied Friday, with the Dow industrials bouncing as much as 550 points, after reports surfaced that President-elect Barack Obama will nominate New York Federal Bank president Timothy Geithner as his new Treasury Secretary.

The Dow Jones industrial average (INDU) rose 494 points, or 6.6%, according to early tallies. It was the fifth-biggest single-session point gain ever, according to Dow Jones.

The Standard & Poor’s 500 (SPX) index gained 6.3% and the Nasdaq composite (COMP) added 5.2%.

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By Charles Savoie, December 9, 2010 at 1:42 pm Link to this comment
(Unregistered commenter)

The most perilous aspect of Geithner is his almost certain membership in The Pilgrims Society.  For a more recent lowdown see “THE SILVER STEALERS” in January 2011.

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By Benjamin Tasker, November 24, 2008 at 7:32 am Link to this comment

That was a great link Samosamo.

Here’s a quote by David Rockefeller that could have been included:

“For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that’s the charge, I stand guilty, and I am proud of it.” - from his memoirs, dated 2002.

Oh, the hubris. Even a confession doesn’t reveal the truth to the general public.

It’s a wicked world we live in.

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By KDelphi, November 22, 2008 at 11:26 pm Link to this comment

So much for “at least he didnt choose Summers”—he did—just a slightly different position

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By samosamo, November 22, 2008 at 3:21 pm Link to this comment

By KDelphi, November 22 at 1:25 pm

“Everyone sesem to think that it is “great” that Wall St likes this guy, and, that he helped organize the Wall St Bailout plan, as to who would get what. I find that decidedly fox guarding hens! “

Exactly, the fed, wall street, the treasury, all have the power to ‘make a good day on wall street’ when it is to their advantage. Remember that the free market is not dictating this crisis, I am very confident that it is the people that benefit from someone like this Geithner person and he sure enough has the approval of the rockerfellers, rothchilds, warburgs and the others because he will do their bidding. Kind of like rumsfeld as sec of defense or paul bremmer chief of cpa in iraq, bernanke of the fed and paulson of the treasury. All evidence of the powers that still have control of the central banking and the media. Else wise there would be full msm coverage of who these guys really are and who they really and fully represent.

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By KDelphi, November 22, 2008 at 2:25 pm Link to this comment

I read part of all links..I do not have a problem, with, intl regulations of banking. It would have prevented what we have today, and, as the uS seems to be totally imcompetenet at regulating itself, provide safety for working people.

If, in fact, we must “stick with capitalism”, as a battered wife , in many religions, must cling to her batterer.

However….he served under Summers and Rubin—bad.He worked for Kissinger—really bad.

Then, I started seeing, in the posts links, “Lou Dobbs” (get real), Alex Jones (neo-con) and “First Christian Fellowship”. BEEP! Lost me…

Everyone sesem to think that it is “great” that Wall St likes this guy, and, that he helped organize the Wall St Bailout plan, as to who would get what. I find that decidedly fox guarding hens!

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By Gawd, November 22, 2008 at 12:31 pm Link to this comment
(Unregistered commenter)

Interesting that as I watched the market yesterday, I saw the rally begin after the New York Times broke the news that Hillary Clinton had accepted the job as Secretary of State.

Then CNBC broke the news that Geithner was likely to be picked as the Secretary of the Treasury and pushed the spin that it was a “Geithner rally”, not a “Clinton rally”. A lot of Wall Street insiders don’t even like Geithner all that much and see him too closely attached to Hank Paulson’s disastrous handling of the bailout deal and allowing Lehman Bros. to tank.

Whether the rally had anything to do with either news story is debatable, but the rally actually began after the news services first reported Clinton’s acceptance and before they reported the Geithner story.

I’m smelling the Clinton vs NBC/MSNBC feud factoring into the way this was spun so forcefully by CNBC as a “Geithner rally”.

I wonder if CNBC would have spun it as a “Clinton rally” if whoever it was in the Clinton team that leaked the news about Hillary accepting the real #2 job in the Obama administration had given that scoop to NBC first instead of the New York Times.

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By Folktruther, November 22, 2008 at 12:25 pm Link to this comment

What is not being said, and must be said, is that Rubin, Summers, and Beernake are all Jewish.  This would not be important if they did not all strongly support Zionism.  Zionism is the ideology that drives bot the War on Terrorism and neoliberalism.

The reason war and neoliberalism are linked is because the movement is funded by Jewish busnessmen like Addleson, who hates to waste money on taxes and doesn’t want governements telling him what to do, and who lobbies for Israeli policies in the US power system.

This is disatrous for both Israel and the US, the outcome being threatened, among others, being the ‘Transfer’ of the Palestinians, their ethnic cleansing by mass murder as well as forced emigration.  the mass starvation of Gaza is now going on with the support of both Bush and Obama.

It is essential that leftists distinguish anti-Semitism from anti-Zionism and attack the latter, especially in the US.  Obama is increasingly wedded to Zionist war and neoliberalism.  This is not a continuation of Clinton, it is a continuation of Bush.

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thebeerdoctor's avatar

By thebeerdoctor, November 22, 2008 at 7:40 am Link to this comment

Mr. Geithner, being somewhat less known than other insiders of the financial cabal, presents a younger fresh face for the mainstream news organizations, who attribute importance to such cosmetic matters (he’s the same age as Barack Obama!). But, as William Greider has pointed out, anyone involved in banking now, absolutely must conceal the fact that most of financial institutions are in fact insolvent, and that is why the present Treasury Secretary’s 700 billion dollar goody bag, has done nothing.
It is also difficult for many people to grapple with the reality that capitalism no longer exists, that it is now just a rhetorical device (Joe the plumber) to convince those without, to give even more to those who need nothing.

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By leilah, November 22, 2008 at 5:37 am Link to this comment

I heard he was a dummy.  But anyway, he’ll be like all the rest including Obama, he’ll do as he’s told.

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By BlueEagle, November 21, 2008 at 11:26 pm Link to this comment

samosamo - Great collection of quotes! I’ve read them all before, but to have them in one place in such a relevant order as to tell a story is nice.

I hope everyone at Truthdig reads these quotes and realizes that if they ever want real change they must shed like upon the banksters not politicians.

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G.Anderson's avatar

By G.Anderson, November 21, 2008 at 10:32 pm Link to this comment

This is just one more reminder how we need a viable third party in this country.

Just more of the same lunancy that got us where we are, I guess instead of the stock market going down to 7,000 we will see it at 5,000…

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By samosamo, November 21, 2008 at 9:16 pm Link to this comment

Blue Eagle:

Correct. I read Daniel Estulin’s ‘The Bilderber Group’ with its correlations of the central bankers of the world, the council of foreign relations and the trilateral commission. This is not good for america and it definitely sends me bad signals as to obama’s intent and why he was elected president. It could be a ‘seemingly honest man making history as a the first black president where in actuality he has been told what his agenda is already’, time will tell. Or it may be and outside attempt to convince obama to do the elite’s bidding.
Check this link:

“Permit me to issue and control the money of the nation and I care not who makes its laws”. — Mayer Amsched Rothchild, a prominent European banker in the eighteenth century

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By BlueEagle, November 21, 2008 at 8:28 pm Link to this comment

Obama did not choose Timothy Geithner. Rockefeller sent a note to Zbigniew Brzezinski to tell Obama that Geithner would be the next Treasury Secretary.

Timothy Geithner is a Rockefeller agent and the #1 puppet at the Fed (not puppet Bernanke). He is the one that actually tells all other Fed puppets what’s going to happen. This is not Change I can believe in. Putting the symbolic head of the private banking cabal in a position of the government.

Timothy Geithner is also a member of Council on Foreign Relations (CFR) whose declared purpose is to eliminate the sovereignty of the United States. He is basically put in place to usher in the NWO and a new one world currency, when the FRN collapses.

Read the full bio:  and look into all the organizations he’s been associated with.

Timothy Geithner was also at the 2008 Bilderberg Group meeting

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By KDelphi, November 21, 2008 at 5:56 pm Link to this comment

Besides, correlation does not equal causation. The “stock mkt” is a huge casino.

I dont know much about this guy, but, I know he helped orchestrate who would be in on the Bailout.

He also worked for Kissinger.

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By troublesum, November 21, 2008 at 5:45 pm Link to this comment

Geithner doesn’t like government regulation.  That’s why stocks rose.  You can see where Obama is going with the wall street bailout.

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