Commenting on Treasury Secretary Timothy Geithner’s latest bank bailout plan, Nobel Prize-winning economist Joseph Stiglitz told Reuters: Quite frankly, this amounts to robbery of the American people. I don’t think it’s going to work because I think there’ll be a lot of anger about putting the losses so much on …
Great observation by Michael Barone on Treasury Secretary Timothy Geithner’s latest bank bailout plan: Democrats like Barack Obama and Barney Frank, at least on the campaign trail or in sound bites, have portrayed the financial crisis as the product of deregulation. The solution, they say, is more regulation. … My …
“We are the United States of America, we are not Sweden.” U.S. Treasury Secretary Timothy Geithner, March 23, 2009. “The Swedish state is not prepared to own car factories.” Swedish enterprise minister Maud Olofsson, March 22, 2009. “Today, Treasury Secretary Tim Geithner and National Economic Council (NEC) Director Larry Summers …
When President Barack Obama introduced Sen. Judd Gregg (R-NH) as his nominee for Commerce Secretary, Obama said of Gregg: “He shares my deep-seated commitment to guaranteeing that our children inherit a future they can afford.” After yesterday’s Senate Budget Committee hearing, we now know why Gregg eventually decided he could …
Saturday Night Live opened their show this weekend with a parody of Treasury Secretary Timothy Geithner: Unfortunately, Treasury policy is just as rudderless as seen on SNL. What’s needed now, more than ever, are ideas based on principles; not ad hoc, “solutions” that don’t provide people enough information to make …
The AP reports: “President Barack Obama’s Treasury secretary says the administration will unveil a series of rules and measures in the coming months to limit the ability of international companies to avoid U.S. taxes. ” We only ask because: January 7, 2009: “But even an experienced financial expert like [Nancy] …
How much government meddling will our nation’s banks put up with before they start rejecting the federal government’s TARP funds? Looks like we’re starting to find out. Last week ProPublica reported that IberiaBank of Lafayette, Louisiana became the first bank to return TARP cash to the Treasury. From the bank’s …
Politico reports today: It was a perfectly reasonable question, and on the surface it seemed like a perfectly reasonable answer. But when Senate Banking Committee Chairman Chris Dodd went on Bloomberg TV Friday and mused about the possibility of bank nationalization, panicked investors sent the Dow plummeting a hundred points …
The federal government’s Troubled Asset Relief Program been complicated and controversial from the beginning. First sold by then Treasury Secretary Hank Paulson as a plan to buy mortgage-related assets from U.S. financial institutions,TARP quickly morphed into an incoherent slush fund. New Treasury Secretary Timothy Geithner has had a very similar problem …
