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Timothy Geithner Digg Dialogg lets you submit your questions to notable leaders and luminaries. Rather than editors or journalists, the Digg community decides the most popular questions to be posed in the interview.

Timothy Geithner is the 75th U.S. Secretary of the Treasury. Prior to serving in this role under President Obama’s administration, Geithner was the President and CEO of the Federal Reserve bank of New York. He has been instrumental in directing the government’s economic response to the financial crisis, including directing the allocation of $350 billion of Wall Street bailout funds. Geithner first joined the Treasury in 1988 and worked for five Secretaries of the Treasury in various roles.

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Digg Dialogg: Timothy Geithner

Presented by the Wall Street Journal
The question period has ended and we posed the top questions to Treasury Secretary Geithner for our 9th installment of Digg Dialogg. The Wall Street Journal's Deputy Managing Editor, Alan Murray, posed the top questions from the Digg Community below!



Read comments about the interview from The Wall Street Journal Community

The top questions submitted and voted on by the Digg community are:

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  • borez, on 08/17/2009, -78/+1331Why has the federal reserve bank never been audited?
  • larryjr88, on 08/17/2009, -113/+873Goldman Sachs is a large, profit seeking company which you were/are a part of.

    Isn't it a conflict of interest to funnel tax dollars into this private company using your new power as Secretary of the Treasury, keeping in mind that you and your old buddies benefit monetarily?

    Maybe I'm mistaken, but isn't this a textbook example of political corruption?
  • Motobike_man, on 08/17/2009, -119/+877What is your position on Ron Paul's House Resolution 1207? (Which as of the writing of this question has 282 cosponsors.) http://www.auditthefed.com/
  • zwendkos, on 08/17/2009, -174/+913You failed to pay some of your federal taxes in 2001. And in 2002. And in 2003. And in 2004. Please explain.
  • keythb, on 08/17/2009, -79/+691How do you feel about the revolving door between high job positions in the treasury and Goldman Sachs?
  • bossm4n, on 08/17/2009, -58/+606Last week you requested that Congress raise the $12.1 trillion statutory debt limit, saying that it could be breached as early as mid-October. This is in addition to the increase already approved in February this year to accommodate the added debt from the $787 Billion stimulus plan. How is this anything other than runaway government spending? What will it take for us to see US debt go the other direction?
  • danielrh9, on 08/17/2009, -122/+597Why is the government only supporting aging and increasingly obsolete car makers? You've given an extraordinary amount of money to GM, but the government has failed to encourage new, innovative, and cleaner forms of personal transportation such as produced by Tesla Motors. Why has TARP money not been invested in companies such as Tesla, and will the government support similar companies in the future?
  • erikwithaknotac, on 08/17/2009, -71/+471Are you, yourself, troubled by the massive amount of government spending? What do you think will happen to the dollar over the next 10 years?
  • zwendkos, on 08/17/2009, -127/+515You are a member of the Federal Reserve, a group that so thoroughly mismanaged our monetary policy that they helped create a massive housing bubble because of foolish loans and speculation enabled by low interest rates, and then you were involved in a horribly mismanaged bailout that hasn't freed up credit markets and can't even account for all the money it spent. Why are you running the Treasury Department?
  • steamer25, on 08/17/2009, -79/+453You've amended your tax returns for the years 2001, 2002, 2004, 2005 and 2006 and found that you've owed an additional $31,536 (http://finance.senate.gov/press/Bpress/2009press/p ... Giving you the benefit of a doubt (that you are neither inept nor corrupt but were simply overwhelmed by an overly complex system), what recommendations do you have for simplifying the tax code?
  • sausman, on 08/17/2009, -97/+395Cash for Clunkers: When consumer debt and the national debt are two of the biggest problems America faces, why is the government going deeper into debt in order to destroy working cars while at the same time enabling consumers to go deeper into debt to buy a new car?
  • Feenix566, on 08/17/2009, -36/+325How much debt do you think the United States Federal Government can issue before the Chinese stop buying it?
  • Husky217, on 08/18/2009, -24/+289What are your thoughts on the following quote by Thomas Jefferson? "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
  • derekbrookmeyer, on 08/17/2009, -89/+327What is one mistake you'll admit to making since taking over as Treasury Secretary? What do you wish you'd done differently?
  • DrWRR, on 08/17/2009, -86/+312Do you oppose auditing the Federal Reserve and if so why?
  • rcguy69, on 08/17/2009, -50/+261When are we going to see Goldman Sachs and other 'too big to fail' banks split up?
  • al1encas1no, on 08/17/2009, -35/+221This website is generally dominated by a young-ish crowd.

    How are you going to ensure that my generation isn't paying your generation's bills?
  • ssttuu, on 08/17/2009, -41/+220Why is a corporation like Goldman Sach's given such high levels of access to US Government?
  • Koloss, on 08/17/2009, -66/+242Who in their right mind would buy a 30 year US treasury bond today?
  • Latinbaseballer, on 08/17/2009, -41/+203What theory of Economic Thought do you feel is superior? Austrian? Monetarist? Keynesianism?
  • thecoolestguy, on 08/18/2009, -25/+183Considering Obama's promise to increase transparency, why has he voiced no support for HR 1207, that currently has 282 co-sponsors, that would audit of the Fed?

    Are we supposed to trust in the benevolence and purity of the administrators of the Federal Reserve when they lend out trillions of dollars behind closed doors?

  • SilverStandard, on 08/17/2009, -39/+197What was discussed at the 2009 Bilderberg conference?
  • Koloss, on 08/17/2009, -44/+186How much do you have invested in US treasury bonds?
  • drunkCatholic, on 08/17/2009, -121/+240Why aren't you in prison for tax evasion?
  • boozedrinker, on 08/17/2009, -89/+207Will you please tell us all where we can find the "evade" menu in TurboTax?
  • davidvoy, on 08/17/2009, -20/+131Do you admit that under Article 1 Sections 1 and 8 of the federal Constitution, only Congress, which comprises only the Senate and the House of Representatives, has the power to coin money (silver and gold coin) and regulate the value thereof?
  • GonzoMuckraker, on 08/17/2009, -41/+145Mr. Geithner: How do you feel about Congressional efforts to audit the Federal Reserve? Do you feel, as some have stated, that allowing transparency in Americas' accounting could be dangerous? If so, why?
  • Wheelingdude86, on 08/17/2009, -41/+138Would you invest !00% of your own savings into Treasury securities to back up your economic philosophies?
  • matchmuchach, on 08/17/2009, -60/+153Are you in support of the HR1207 bill to audit the Fed, from Ron Paul? And do you see any future left for the Fed when the bill gets approved?
  • ultra1bob, on 08/17/2009, -34/+125Many people including myself believe that the the greatest swindle the world has ever seen took place with the bank and investment bail out. The same people whose greed caused the collapse got huge bonuses with their crooked leveraged buyouts, etc., and now they get bonuses for, well, what? We are told that the people who got us in trouble are needed to get us out of trouble.

    Bah, I think they should be thrown in jail. Please explain why you believe it was not a swindle, and why these people shouldn't go to jail.
  • hpodity, on 08/17/2009, -27/+114The U.S. has accumulated the largest national debt in history; eventually american credit will run out, in order to reduce spending what portion(s) of the budget would be considered most expendable?
  • xbrokennomorex, on 08/17/2009, -28/+106Mr. Geithner,

    The American people want the Federal reserve audited. Will you support this, without having Congress make a law forcing you to allow them to conduct it?
  • Hercules, on 08/17/2009, -18/+95How and why did banks like Goldman Sachs get bailouts (by bailing out AIG) and then other banks were left to fail? Also, why does it seem that so much monetary policy and benefits go to the banks and companies who already reap the greatest benefits, and cause the greatest amount of harm? Why do they get a benefit, when average Americans are left to suffer the brunt of their actions in the form of layoffs, loss of retirement revenue, etc?
  • richmomz, on 08/18/2009, -12/+87Do you feel that there is an inherent conflict of interest when the U.S. Treasury is staffed by workers from the very financial institutions it is supposed to be regulating? I have similar concerns about the Federal Reserve, a quasi public-private entity which has total control over our nation's monetary policy with no government oversight. As the support in Congress for HR 1207 shows, a lot of people are concerned that all the positions of monetary significance within our government appear to be controlled by the very institutions they are supposed to regulate, with little or no public scrutiny into their activities.
  • calvincooper66, on 08/18/2009, -16/+91Do you own or control any stock in Goldman Sachs?
  • horatiod, on 08/18/2009, -21/+95Where did the 23.7 trillion go?
  • rmxz, on 08/17/2009, -11/+84Too big to fail, or too big to allow? Some say that the reason the big banks got bailed out - and encouraged to merge with each other is because they were "too big to fail". Wouldn't it be safer for the US economy if, instead of mergers, these big banks were sent into bankruptcy -- and the bailout money used to fund better run smaller organizations like many local credit unions to buy the assets of the failed large banks?
  • Navx256, on 08/18/2009, -16/+87Mr. Secretary,
    Due to the fact that the Federal Reserve has pursued a monetary policy of disastrously inflating the U.S. Dollar without fail:
    (1) What is the relevance of the Federal Reserve as a monetary institution, which, in practice, only inflates the currency during periods of economic depression despite deflationary pressures necessary to restoring vitality and economic health?
    (2) Is the United States prepared to experience hyperinflation?
    (3) Can you discuss any plans for the introduction of a new regional currency (such as the "Amero") or a world currency (such as Keynes' fantasy "bancor")?
    (4) In such a disastrous scenario (or in preparation, as it is bound to happen) has the Treasury Department discussed any alternatives to readopt a Gold Standard (or other currency based in a commodity of actual wealth) to replace such a worthless fiat currency?
    (5) Finally, could you please reconcile how Keynesian economic theory persists despite being disproved empirically by "stagflation," a theoretical impossible combination of inflation and economic stagnation, in the 1970s and today?

    Thank you for your time sir.

    -Sincerely,
    A Concerned Student of Sound Economics
  • steamer25, on 08/17/2009, -24/+95Why has the Obama administration followed the example of the Bush administration and others in protecting companies from market regulation (bailouts--including low primary interest rates, Fanny, Freddy, etc.) in favor of government regulation? How is the wisdom of an aristocracy greater than that of the crowds?
  • eviscero, on 08/17/2009, -46/+114When did you first realize you have no idea what you're doing?
  • astitious, on 08/17/2009, -27/+92Do you ever feel the urge to come clean and expose the corrupt system of crony-capitalism that is stealing from regular people?
  • joe8pack, on 08/18/2009, -14/+78Will you support efforts to audit the Federal Reserve?
  • Entroper, on 08/18/2009, -6/+70There have been a lot of recent reports that consumers are spending less and saving more. Wall Street seems to react unfavorably to these reports, and clearly, less spending is bad for companies' balance sheets in the short term. But in the long term, isn't consumer saving good for the stability of the economy? Isn't overspending/overborrowing exactly what got us into this mess? Also, doesn't consumer saving recapitalize the banks and allow them to lend more, thereby stimulating new opportunities for growth?
  • Koloss, on 08/17/2009, -15/+721. The US debt is rising at unprecedented levels.
    2. Foreigners are raising concerns and becoming less willing to buy US bonds.
    3. US savings are still relatively low.

    Given all these pressures, who is left to buy US treasury bonds and if nobody
    is, will you tell congress the truth, that the money has run out and they will
    have to stop spending or will the FED start monitizing the debt?
  • mrocked1, on 08/17/2009, -55/+111How do you sleep at night?
  • jer2eydevil88, on 08/18/2009, -10/+65Questions below should be answered in laymen's terms (this is Digg after all).
    1.) Why is globalization positive for our country?
    2.) Why is the Federal Reserve a private institution?

  • JohnnyKdiggs, on 08/17/2009, -31/+85These questions are brutal.

    I think he deserves a softball - What about an audit is the Fed so opposed to? What about transparency is objectionable? Please be specific and, whenever possible, provide references for the historical facts you discuss.

    :-)
  • bigboomboy, on 08/17/2009, -8/+61What is a realistic timeframe to get out of the deficit?
  • ltshinysides, on 08/17/2009, -27/+79I have heard / seen stimulus money being inserted into "shovel ready" construction projects. If you look across the board many local governments have very poor websites that are unable to distribute up to date information. What is your thoughts on "keyboard ready" technical projects that can bring small communities up to speed with the rest of the world?
  • dpollitt, on 08/17/2009, -16/+68What have you done to make sure the bailout money is being spent wisely, and how have you reported your findings back to Congress?
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