Tuesday, May 17, 2011
Treasury Secretary and alleged financial genius Timothy Geithner, who famously was unable to figure out his own income tax, has just had a swirly government-approved fluorescent lightbulb pop to dim life over his head to indicate that He Has An Idea. And what an idea it is!
Because the Obama administration can't legally borrow any more money after hitting the debt ceiling yesterday, he's raiding the "untouchable" pension funds for federal retirees and replacing the money with valuable government IOUs which, strangely, aren't acceptable to any of the government's other creditors.
"Borrowing" from pension funds has a long and illustrious history in the private sector, and is frequently associated with news stories about weeping old people who have "been robbed of everything" and sleazy financial officers who receive long jail terms.
In this case, however, Geithner has good reason not to worry about prosecution.
After all, Eric Holder still has his hands full trying to build criminal cases against the CIA employees who helped find Osama bin Laden.