In Over His Head (The $64B Question: ‘How’d He Get There?’) At least to me, the truly provocative question about former Treasury Secretary and New York Federal Reserve President Tim Geithner isn’t what was going on at the senior-most levels of government during the height (depth?) of The 2008 Financial Crash (sorry, “Great Recession” is a...Read More
Looking for the New Volcker’s Regular readers of this blog know that I could hardly be a harsher critic of modern-day Wall Street: its practices; its obscene pay for little or no economic contribution (“Wall Street is Worthless“); and its corrupting influence on our government and society generally. And I’ve got plenty of company. As...Read More
Geithner: ‘Increase Financial Literacy’ I wish it were from The Onion, but unfortunately, it’s not: While Americans from Wall Street to Main Street focus on much-needed financial reforms that will set and enforce clear rules across the financial marketplace, we also need to recognize that most Americans don’t have the knowledge and skills they need...Read More
“Geithner Says China Has Faith in U.S.” –headline, The New York Times (6/3/09) [Editor’s Note: Sorry, I’m on a China kick — just one more in that vein. And yes, it does bear on real estate. In fact, whether China keeps buying U.S. debt — and therefore whether mortgage rates stay low — is probably...Read More
Pundits Weigh in on Geithner Plan Thanks to the FDIC’s loan guarantee, there is a big upside if the assets do well. That upside is there to lure the rich guys in. That is why the big funds were happy; that is why the stock market went up. For the high rollers, this casino could...Read More
Is the U.S. Dollar a “Legacy Currency”? “China Urges New Money Reserve to Replace the Dollar”—The New York Times (3/24/09)Legacy: of, relating to, or being a previous or outdated computer system. Here’s a tip: when someone refers to something as a “legacy [blank],” it’s not a compliment (or a good omen). So it’s unnerving —...Read More
