Another embarassing moment - brought to you by the Obama administration

So our Tax Cheat In Charge, otherwise known as the Secretary of the Treasury, goes to China. And while there he gave a speech to Chinese college students somewhere in Beijing.

Apparently after the speech was over, Tax Cheat Geithner took some questions from his audience. "Chinese assets are very safe," Geithner said in response to a question from one of the students. This was in reference to the approximately $768 billion worth of US T-Bills owned by the Chinese.

His answer “drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.”

There’s another line from that speech that probably brought the house down too. Something about "very disciplined" future spending.

So we’ve become the laughingstock of China now!

[Sigh!]

But I’ll console myself with this thought: We might have sold them some worthless crap investments, but they BOUGHT worthless crap investments!