Tag Archives: Timothy Geithner

Summers’ Time and the Leaving is Easy

From The Washington Post:

President Obama‘s top economic adviser, Lawrence H. Summers, will step down as director of the National Economic Council after the November elections and return to a teaching post at Harvard University, the White House announced Tuesday.

The departure of Summers, 55, will complete the turnover of three of Obama’s four top economic advisers as the administration struggles with the political fallout of a stubbornly weak economy.


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Glenn Dreck

From Time:

On March 23, Treasury Secretary Timothy Geithner unveiled the Obama Administration’s toxic-bank-assets plan. The stock markets cheered the news, sending the Dow up 497 points.

This meant one thing: it was time for Glenn Beck to break out the Jenga set.

The new populist superstar of Fox News has made a refrain of predicting that government policies are leading to disaster — dark, ruinous, blood-in-the-streets kind of disaster.


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Insanity Is Her Currency

From Think Progress:

Earlier this week, right-wing fanatic Rep. Michele Bachmann (R-MN) started peddling false conspiracy theories that the world was moving toward a unified global currency — and that the U.S. might join in as early as next week’s G-20 conference. The myth was started when China’s central bank governor suggested replacing the dollar as the world’s reserve currency. Though the suggestion has nothing to do with a unified global currency, Fox News’ Major Garrett decided to ask President Obama whether he supported the fictional prospect of such a move. (Obama, for the record, does not.)

Today on Glenn Beck’s radio show, Bachmann declared that the U.S. will soon be moving to “give up the dollar as our currency and we would just go with a One World currency.” Such action, she warned, would mean the U.S. as a country would be “no more”…


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The Bonus Round

SAN FRANCISCO (MarketWatch) — Top Wall Street executives reacted harshly on Friday to proposed legislation that would punitively tax bonuses awarded to employees at firms receiving federal assistance.

Citigroup Inc. Chief Executive Vikram Pandit and Bank of America Corp. Chief Executive Ken Lewis issued strongly worded internal memos about the proposed tax legislation, according to the online edition of The Wall Street Journal, while J.P. Morgan Chase & Co. Chief Executive Jamie Dimon sought to reassure his top executives that the firm is engaging with lawmakers on the matter.
The legislation, passed by the House on Thursday, would impose a 90% tax on bonuses for employees making over $250,000 a year at companies receiving at least $5 billion in federal aid under the Troubled Asset Relief Program, or TARP.
Citi’s Pandit criticized the proposed legislation in a memo to employees on Friday, arguing that it could result in the firm losing top talent.


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Obama-nomics

WASHINGTON (Reuters) – U.S. President-elect Barack Obama has chosen seasoned policymakers Timothy Geithner and Lawrence Summers as his two top economic lieutenants to direct the fight to rescue the economy and stem the worst financial crisis in more than 70 years.


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We don’t know where the buck stops, but that’s okay, because there are no bucks left!

From Paul Krugman at The New York Times:

Everyone’s talking about a new New Deal, for obvious reasons. In 2008, as in 1932, a long era of Republican political dominance came to an end in the face of an economic and financial crisis that, in voters’ minds, both discredited the G.O.P.’s free-market ideology and undermined its claims of competence. And for those on the progressive side of the political spectrum, these are hopeful times.

There is, however, another and more disturbing parallel between 2008 and 1932 — namely, the emergence of a power vacuum at the height of the crisis. The interregnum of 1932-1933, the long stretch between the election and the actual transfer of power, was disastrous for the U.S. economy, at least in part because the outgoing administration had no credibility, the incoming administration had no authority and the ideological chasm between the two sides was too great to allow concerted action. And the same thing is happening now.

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Fizzly Bear

From The Swamp at the Baltimore Sun:

President Bush said some very nice things about the Federal Reserve’s rescue, once removed, of Bear Stearns, the wobbly investment bank.

“… We’ve taken strong and decisive action,” Bush said. “The Federal Reserve has moved quickly to bring order to financial markets. Secretary (Henry) Paulson is supportive of that action, as am I,” said Bush, referring to the Treasury Secretary.

Not everyone is joining Bush in singing the Fed’s praises. Some say the central bank’s actions violate notions of fairness. Why is a large investment bank rescued while homeowners are left to the rough justice of foreclosure and bankruptcy?


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