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Sen. Grassley, R-Iowa, talks about how he helped the Internal Revenue Service with tax reforms and tax avoidence in the 1980's. He says that it is necessary to discuss Geithner's tax mistakes because of tax system principles that America is built upon. Sen. Grassley asks Geithner go into detail about... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:29 PM The Unpaid Tax Debt of the Nation

To be openly responsible for tax policy, to correct the tax gap, and to strengthen the financial system... the duties of the Secretary of Treasurer go on and on. Could Timothy Geithner take them on? Sen. Chuck Grassley, R-Iowa, reminded that we cannot sweep his former transgressions under the rug.... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:31 p.m. Geithner Has Plan to Stabalize Economy

The committee asked Timothy Geithner if he had a comprehensive plan to help stabalize the core of the U.S. financial system. Geithner replied in the affirmative and detailed the key points in his plan to rescue the economy. Most importantly, he said that we need to restore confidence in banking... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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Sen. Chuck Grassley, R-Iowa., source: Senate.gov Sen. Grassley, R-Iowa, believes that it is finally time to set the record straight. By not discussing tax returns, it would be like Geithner was “sweeping them under the rug.” Due to the numerous staff and media questions that have not yet been answered,... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:30 p.m. Who cares about TurboTax?

Image taken from turbotax.intuit.com. Grassley says he was champion of penalties for IRS employees who don't follow the law. He continues to point out the late taxes that Geithner submitted about his self-employment. "Were you liable for your self-employment income from 2001-2004?" "Yes" "Did you receive checks for the tax... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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7:25 PM Comprehensive Tax Plan

The comprehensive plan of Geithner has no actual facts or figures associated with them. While Geithner is talking about protecting the tax payer and the transparency of the new financial plan. The previous plan was supposed to have transparency what will change with this new plan? Geithner was a part... Continue reading

Posted Nov 14, 2012 at The Right Way

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Geithner apologized for wasting the Committee's time because of his mistakes. He also admits that when you lose trust and confidence, it takes time to get that confidence back. Although he's addressing President Barack Obama's proposed economic programs in his comments about trust, it appears that this statement applies to... Continue reading

Posted Nov 14, 2012 at The Right Way

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Under questioning from Sen. Grassley, R-Iowa, about Geithner's "careless, avoidable mistakes", Geithner apologized for his tax mistakes and promises that he has paid back what he owes and that he is ready to serve Americans and his country. Geithner says that his going to try to restore America's trust and... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:22 p.m. "This is my commitment to you."

Geithner promises in his statement that his mistakes were avoidable, careless, and unintentional. He took responsibility for his actions and begs the committee to look instead at the major economic crisis, not his mistakes. The current economic crisis, Geithner says, is a result of a fragile, unstable, unfair, and unjust... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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7:21 p.m. Geithner Believes Economy Can Be Stronger Than Ever

Timothy Geithner emphasized that, when the U.S. economy’s recovery is established, its citizens can once again live within their means. He said that the economy was previously “too fragile and unstable” and, thus, “unfair and unjust.” Geithner would like to see a more resilient system with more protection for consumers... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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7:17 PM Not Afraid of Commitment, eh?

Timothy Geithner mentions how large of a commitment the Secretary of the Treasury will be making during this upcoming term. After a polite apology for his past tax-evasion mistakes, he accounts for them as being "careless and avoidable mistakes," though unintentional. Being in the audience, it's hard not to be... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:18 p.m. Former Federal Reserve Chairman Pushes for Confirmation of Geithner

Former Federal Reserve Chairman Paul Volcker Paul Volcker, a former Federal Reserve Chairman, supports Timothy Geithner nomination for Treasury Secretary. Volcker, who spoke at Geithner's graduating class at Dartmouth, cites Geithner's unique hands- on experience and key role as point man as the regional president of the New York Fed.... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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7:15 PM Geithner's Transparency?

Nominee Timothy Geithner is seen as the man needed to take the wheel as the second portion of the Troubled Asset Relief Program. After the majority approved the original TARP program this hearing is about the future of America's future economics faith. Geithner is talking about transparency for his future... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:15 p.m. Prepared Statement from Timothy Geithner

Admittedly, Geithner sees that he is wrong. In his opening statement, he admits that that there needs to be more of a commitment to make the world economy a better place. "I believe that our national security depends critically on our economic strength at home," said Geithner. His statement seems... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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Chairperson of the President's Economic Recovery Advisory Board Paul Volcker, D-N.J., source: DealBreaker Paul Volcker, D-N.J., emphasizes the "serious road" to recovery. People throughout the United States, he explains, are in fear of future inflations and are losing confidence in the dollar. These worries underscore the committee's responsibilities and the... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:14 p.m. Geithner Emphasizes Foundations of American Economy

Timothy Geithner began his statement tonight by discussing what he believes is important in the U.S. economy. He said that the nation must have confidence in its financial system, fiscal prudence, and the value of its currency. He then stressed that, while markets are important, strict regulations on economic markets... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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President Obama's nominee for Secretary of Treasury, Timothy Geithner, just began his testimony. Geithner thanked the committee evaluating him for their concerns. But how will he address them? He has spoken about the extraordinary challenges that America faces: small-business failing, wide-spread financial uncertainty. Geithner mentions having to "do what is... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:08 p.m. Reasoning for Supporting Geithner

Senator Charles Schumer (D-NY) spoke in the hearing in defense of Geithner. While passionately arguing for Geithner's continued work with the Treasury Department, Schumer stated that "We need the very best to correct those mistakes." He meant Geithner. Geithner can lead the U.S. into "brave new economic worlds" and he... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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Democrat Timothy Geithner; Source: the Examiner. We have waited a long time to hear Timothy Geithner speak to his qualifications as Secretary of the Treasury. He had accepted the challenge to take on this governmental position during a troubled economic period. The former Chairman of the Federal Reserve, Democrat Paul... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:01 PM Sen. Charles Schumer, D-N.Y.

Sen. Charles Schumer, D-N.Y., thinks that Timothy Geithner will help America become that strong nation once again and that Geithner is uniquly qualified for the position of Secretary of the Treasury. Schumer believes that America's economy needs to be stimulated, and that we need to export more than we import... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:03 p.m. Senator Charles Schumer Stresses His Support

Senator Charles Schumer Senator Chuck Schumer has started his statement in the hearing. He has expressed his support for Timothy Geithner, repeatedly calling him “Tim” and pointing out that he knows Geithner on a personal level. Schumer has outlined exactly what the U.S. needs to do to fix the economy,... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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Grassley notes in his statement that Geithner said he would have known that he owed $48,268 in taxes and interest to the Internal Revenue Service “if only his accountant had warned him.” If Geithner doesn’t know how to file his own taxes correctly, how can he be trusted in a... Continue reading

Posted Nov 14, 2012 at The Right Way

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7:00 p.m. Baucus Expresses Confidence in Geithner

In Sen. Max Baucus’s (D-Mont.) opening statement, he detailed his confidence in Timothy Geithner. He said that a treasury secretary must selflessly work to achieve the task at hand, that is, fixing the economic crisis, and give the U.S. the respect it deserves. He then expressed his utmost confidence in... Continue reading

Posted Nov 14, 2012 at 8 Stops on the Blue

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6:58 PM Timothy Geithner's Written Testimony

Timothy Geithner, I-N.Y., source: TheDailyEconomist Timothy Geithner, I-N.Y., President Obama's nominee to be Secretary of Treasury, began his testimony by emphasizing the need for confidence in our financial system (despite the mistakes he made on his personal taxes). He admits that strong enforcements of financial regulations are vital to economic... Continue reading

Posted Nov 14, 2012 at The Right Way

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Opening Statement, Baucus

Sen. Max Baucus, D-Mont. Source: Crooks and Liars Sen. Max Baucus, D-Mont., Chairman of the Committee on Finance, gave his opening statement on the Senate hearing of Timothy Geithner's nomination as Secretary of the Treasury. Baucus believes that Geithner's tax return mistakes are innocent. However, he noted that American and... Continue reading

Posted Nov 14, 2012 at The Right Way

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