Geithner want to export socialized banking

I guess the plan is for American taxpayers to insure American financiers while they go glob trotting looking for investors in far away places.  If this sounds like a Weekly Standard version of war hunting,  ultimately they end up being the same.  Who exactly is Obama talking to?

“I don’t have any enthusiasm for…trying to shrink the relative importance of the financial system in our economy as a test of reform, because we have to think about the fact that we operate in the broader world…It’s the same thing for Microsoft or anything else. We want US firms to benefit from that…Now, financial firms are different because of the risk, but you can contain that through regulation.” 

Let me get this straight. Congress, the Tea Party, guarantees investments made by Big Banks using developing nation incomes around the world? Is he serious?

Here is Kotlikoff, explaining the fraud in Obama's budget, declaring the US Congress essentially bankrupt. Who is going to provide the insurance payments when one of Geithner's big finance groups makes a blunder with overseas money? No one, that's the point. The next time Ben digitizes the accounts of big finance with taxpayer risk, the man is gone, and the Fed with it.

The real story is collecting dollars from overseas to fund American entitlments, because we are about $2 trillion short in available capital (WEF report) and American banks are on the hunt for to gather that money with US Congressional guarantees to foreign investors.  We are not exporting banking, we are exporting our entitlment shortfalls.  The suckers in this scheme are Indian, Chinese and Brazilian savers.  The idea is that slick American bankers can convince foreign savers that Americans, like me, intend to insure the collected savings.  The scheme fails to account for the Internet, and the idea that we Americans post detailed accounts about the bankruptcy of Congressional promises.  
HT DeLong