Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy - Eric Janszen

[Master Shake]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

I am glad Geithner is a "normal" American with debt, mortgages, and personal financial challenges/successes. I am tired of multi-millionaires running our country.

None of our politicians are responsible. None of them have done a good job.
At least Geithner can feel my pain and perhaps that will lead to a solution that helps me.

What makes you think that Geithner is not one of the Eilte? He wouldn't be Treasury Secretary if he wasn't.

From Wikipedia:

Geithner was born in Brooklyn, New York, USA.^[4] His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by Ann Dunham-Soetoro, mother of President Barack Obama, and they met in person at least once.^[5] Timothy Geithner's mother, Deborah Moore Geithner, is a pianist and piano teacher in Larchmont, New York where his parents currently reside. Geithner's maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower and served as a vice president of Ford Motor Company.

[Down Under]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

On the other hand, waiting for gold to get cheaper before buying has not worked since mid 2008. My forecast for a bottom in the last correction down to $780 in August 2008 was exceeded by $40 (5%).

According to Kitco, on 24 October 2008, London AM Fix was 692.50, PM Fix was 712.50.

[mercerbear]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

You forgot to take your blue pill this morning MercerBear. Please remember to regularly take your medication, or we'll have to call Nurse Ratchet. You may become contagious to the other inmates.

Hahaha, nice one

[charliebrown]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

Yes i want a politician to feel our pain, but on the other hand this guy is a moron. I sort of understand the first time home buyers, buying their first modest houses in the 2000's seeing them rapidly run out of sight, and stretching themselves to get in, but this guy is a high end speculator at the worst time. If one would just look at rent vs. own, or price to income it was very apparent this bubble was going to pop. I forgive J6P. I do not forgive mr. smarty-pants, college educated, financial guy.

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

You forgot to take your blue pill this morning MercerBear. Please remember to regularly take your medication, or we'll have to call Nurse Ratchet. You may become contagious to the other inmates.

I second. Furthermore, what the hell was Obama thinking appointing this clown? I never "drank the Obama cool-aide" but I was cautiously optimistic that our new leader might bring some fresh perspective and good decision making to the White House. So far, not so much.

I have a feeling that we're about out of chances to try the right solution to the crisis but all we are getting is more of the same from policy makers. The political stranglehold FIRE interests enjoy in Washington seems so overwhelming that no progress can be made. I don't see a light at the end of the tunnel yet.

[mercerbear]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

Don't like the guy already for the fact he's now in the position to fling my future tax revenue around to "paper over the problems" after having flung his equity around to further an overeager speculation of his own during the go-go years. I'd sooner see you leaving than arriving, Mr. "Eager-Geithner".

I second. Furthermore, what the hell was Obama thinking appointing this clown? I never "drank the Obama cool-aide" but I was cautiously optimistic that our new leader might bring some fresh perspective and good decision making to the White House. So far, not so much.

I have a feeling that we're about out of chances to try the right solution to the crisis but all we are getting is more of the same from policy makers. The political stranglehold FIRE interests enjoy in Washington seems so overwhelming that no progress can be made. I don't see a light at the end of the tunnel yet.

[charliebrown]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

I'm late to the gold party too. I fear just backing up the truck at 930. I have 300 GLD at a cost of 74, own them free and clear. I have 300 more where I wrote a feb call at 99 (boy I hope it does not moon shot before 2/20), and I have 500 more where I sold calls for 81.00, so I'm going to get called out at the end of the month. I have 10 oz physical. I have limit orders to start buying at 850, if we ever see that again.

My thoughts are as follows.
Own some physical and some GLD. The GLD you can trade up and down to make some profit which can offset your cost of the physical. You can also use GLD as kind of a pre-buy for physical. For example I have a limit order at 85.00 for 100 shares of GLD. If this triggers, I can sit back and think about buying some physical. Maybe wait for further price weakness, or really beat the bushes for physical gold with a low mark up. Once I find the physical, I can sell the corresponding GLD.

I dont think it is likely the gvt will confiscate your gold. first of all they are not contrained in printing money by the amount of gold they have like they were on the gold standard. Secondly unless the price of gold goes to nose bleed territory in a hurry i dont think they are going to confiscate GLD.

However we live in interesting times. If the wheels do come off the bus all bets are off. That is why I think it is a good idea to have some physical. I dont know what the magical number is, 2K by the end of the year?? I'm hoping I can see it coming and that I will have time to move from GLD to physical, maybe I will get caught with my pants down who knows.

I looked over bullion vault that seems interesting. If I keep my gold in swizterland can the gvt get their hands on it? Will I be in trouble with the IRS. I know it does not generate any income, but I think i still have to report it. Can the gvt squeeze bullion vault or me to roll over?
They can most likely eliminate the ability for me to repatritate the money. So if disaster strikes, I live in the US and my money is in switzerland. Dont know if that is such a great deal either. I dont have enough gold to relocate, and i dont want to leave this great country either.

Ive been looking at the OECD data and some countries are really in trouble. A default by Russia could be the tipping point.

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

Geithner's home buying track record sounds every bit as speculative/flaky as all the rest of the people we don't feel much sympathy for. You know, the ones that used to get slightly hoarse telling you that you were missing the boat by not doubling down on your property holdings, back in 2004-2005. I can remember one or two that got so vehement you could see the vein in the side of their neck bulging slightly as they were talking at you on this theme, while you were haplessly buttonholed at some party.

To read this guy's household budget profile, apparently pulling every scrap of equity out of his properties at the most aggressive rate, to "leverage up" and "climb the socio-geographic ladder" leaves a slightly repugnant aftertaste. Don't like the guy already for the fact he's now in the position to fling my future tax revenue around to "paper over the problems" after having flung his equity around to further an overeager speculation of his own during the go-go years. I'd sooner see you leaving than arriving, Mr. "Eager-Geithner".

[Mega]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

I sense Gold is being "Held" At sub $1,000......suspect that there are people in the back ground wanting to use it for Brent woods 2. Thing is NO ONE in their right mind will invest in either Wall st or "the City".

The British were clever enough to finance the world, but without being the world reserve currancy. In Apirl we are going to face it...........from there on wards it down hill all the way!

What ever Gold does in $, i know its going MEGA in £!
Mike

[mercerbear]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

That is a good point. Ideally the Treasury Secretary is not ultra-wealthy and out of touch, and also shows that he knows how to manage household finances prudently.

Haha, one out of two....But, then again, politics are supposed to be about compromise! Personally, I think I'd prefer a rich guy who hasn't made poor personal finance choices running the Department of Treasury!

[dtimwinn]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

Buy the actual gold (via bullion coins) or funds such as GLD and IAU?

[jtabeb]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

also shows that he knows how to manage household finances prudently.

Humor, yes?

[hugh_lawson]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

If gold is going to $2,500 by 2015, why would now not be a good entry point? Obviously, not as good as 2001, but on an upward trend so a decent option for the longer term.

The strong run-up in gold's price recently has me thinking it will take a breather soon before going back above $1000. I'm looking for it to drop back to around $820. If it does, I will buy more then.

I am basing this on Elliot Wave Theory which I have recently started following. It looks like gold is about to complete the fifth wave of an upward impulse, with a correction to follow.

I'd be interested to hear from some more experienced technical analysts on gold's current price.

[FRED]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

I am glad Geithner is a "normal" American with debt, mortgages, and personal financial challenges/successes. I am tired of multi-millionaires running our country.

None of our politicians are responsible. None of them have done a good job.
At least Geithner can feel my pain and perhaps that will lead to a solution that helps me.

That is a good point. Ideally the Treasury Secretary is not ultra-wealthy and out of touch, and also shows that he knows how to manage household finances prudently.

[aaron]

Re: Timmy Geithner the debt serf: Out of the pan and into the FIRE Economy

I am glad Geithner is a "normal" American with debt, mortgages, and personal financial challenges/successes. I am tired of multi-millionaires running our country.

None of our politicians are responsible. None of them have done a good job.
At least Geithner can feel my pain and perhaps that will lead to a solution that helps me.