Geithner picked for Treasury

[brendan]

Any information out there about his economic philosophy? Does this pick say anything to you about likely policy under the Obama admin?

[Serge_Tomiko]

Re: Geithner picked for Treasury

Any information out there about his economic philosophy? Does this pick say anything to you about likely policy under the Obama admin?

The Wikipedia article should be all you need. He is a bankster through and through.

[Yaowarat]

Re: Geithner picked for Treasury

The Wikipedia article should be all you need. He is a bankster through and through.

Jim Rogers has called him an idiot. I like Rogers.

[brendan]

Re: Geithner picked for Treasury

The Wikipedia article should be all you need. He is a bankster through and through.

The Wikipedia has almost nothing about his economic philosophy. I want to know what to expect with regard to his attitude towards inflation, wealth distribution, the FIRE economy, market fundamentalism, etc. The news reports contain no helpful information, but perhaps someone here knows about him.

[bill]

Re: Geithner picked for Treasury

The Wikipedia has almost nothing about his economic philosophy. I want to know what to expect with regard to his attitude towards inflation, wealth distribution, the FIRE economy, market fundamentalism, etc. The news reports contain no helpful information, but perhaps someone here knows about him.

whats Summers role???? FED?
http://www.bloomberg.com/apps/news?p...6Ys&refer=home

Nov. 21 (Bloomberg) -- President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.

http://en.wikipedia.org/wiki/Group_of_Thirty Geithner

Summers
http://www.itulip.com/forums/showthr...8489#post58489

[GRG55]

Re: Geithner picked for Treasury

whats Summers role???? FED?
http://www.bloomberg.com/apps/news?p...6Ys&refer=home


http://en.wikipedia.org/wiki/Group_of_Thirty Geithner

Summers
http://www.itulip.com/forums/showthr...8489#post58489

The best thing about Geithner is he didn't come from Goldman.

The worst thing about Geithner is it wasn't Paul Volcker.

[bill]

Re: Geithner picked for Treasury

The best thing about Geithner is he didn't come from Goldman.

The worst thing about Geithner is it wasn't Paul Volcker.

this just in about Summers.

http://www.bloomberg.com/apps/news?p...3lM&refer=home

November 21, 2008 18:40 EST
Summers to Join Obama White House, Boosts Fed Chances (Update2)

By Brendan Murray and Michael McKee
Nov. 21 (Bloomberg) -- Harvard University professor Lawrence Summers will join the Obama administration with a ready-made sales pitch for substantial economic stimulus and a chance that the role springboards him to the Federal Reserve.
The return of Summers to Washington after eight years at Harvard gives President-elect Barack Obama a fierce advocate for fiscal stimulus to revive the economy. It also positions him to succeed Fed Chairman Ben S. Bernanke, whose term at the helm of the central bank expires in January 2010, said Vincent Reinhart, former director of the Fed's Division of Monetary Affairs.

http://www.nytimes.com/2008/11/07/us...7geithner.html

Published: November 7, 2008
Is linked to Obama by: Robert E. Rubin and Lawrence H. Summers, two former Clinton treasury secretaries who have been advising the Obama campaign. Mr. Geithner was an aide to both men. Paul Volcker, the former Fed chairman who is also advising Mr. Obama, was on the committee that selected Mr. Geithner for his current job.
Served as an assistant attaché in the American embassy in Tokyo before being assigned as a special assistant to Mr. Summers when he was treasury under secretary. Ultimately Mr. Geithner became a treasury under secretary under Mr. Summers at the end of the Clinton administration.

[GRG55]

Re: Geithner picked for Treasury

this just in about Summers.

http://www.bloomberg.com/apps/news?p...3lM&refer=home

http://www.nytimes.com/2008/11/07/us...7geithner.html

The best thing about Summers is he isn't Rubin.

The worst thing is that in the entire Bloomberg article it never mentions exactly what cabinet position Summers is going to occupy. spooky, non?

[bill]

Re: Geithner picked for Treasury

The best thing about Summers is he isn't Rubin.

The worst thing is that in the entire Bloomberg article it never mentions exactly what cabinet position Summers is going to occupy. friendy, non?

He can manage these new licensed sharks liquidation process.
http://www.bloomberg.com/apps/news?p...atY&refer=home

Bank Regulator to Let Investors Buy Troubled Lenders (Update2)

By Alison Vekshin
Nov. 21 (Bloomberg) -- A U.S. bank regulator is prepared to offer private-equity firms and other investors a national bank charter, a step that may help the government find new buyers for failing financial institutions.
The Office of the Comptroller of the Currency today announced it granted the first national ``shelf charter'' to Ford Group Holdings Inc., which is backed by investors including Texas homebuilder Hilltop Holdings Inc. and three private-equity funds. The agency said additional applications will be considered and approved as troubled lenders are identified.
``By granting the preliminary approval, the OCC expands the pool of potential buyers available to buy troubled institutions,'' the Washington-based agency said in a statement.
The OCC said shelf charters will be evaluated based on the management team, access to capital and ability to bid on troubled financial institutions in the FDIC sale process. Ford Group won conditional preliminary approval, and final approval would be granted when Ford is approved by the FDIC to buy a collapsed bank.
``We expect bank failures to continue at a higher rate than we've seen in the previous few years,'' FDIC Chairman Sheila Bair said yesterday in a speech in Baltimore.

http://www.occ.treas.gov/ftp/release/2008-137.htm

[tsetsefly]

Re: Geithner picked for Treasury

this just in about Summers.
The return of Summers to Washington after eight years at Harvard gives President-elect Barack Obama a fierce advocate for fiscal stimulus to revive the economy.


http://www.bloomberg.com/apps/news?p...3lM&refer=home

http://www.nytimes.com/2008/11/07/us...7geithner.html

they never learn, anyone out there think we will have deflation?

[D-Mack]

Re: Geithner picked for Treasury

The economist mentions two qualities

Assuming he is nominated Mr Geithner brings two crucial qualities. First, he represents continuity. From the first days of the crisis last year, he has worked hand in glove with Ben Bernanke, the Fed Chairman, and Mr Paulson. He can continue to do so while awaiting confirmation. If Citigroup, for example, needs federal help, Mr Geithner will be involved. An unknown when he joined the New York Fed in 2003, he is now a familiar face to the most senior executives on Wall Street and to central bankers and finance ministers overseas.

Second, he represents competence. He has spent more time on financial crises, from Mexico and Thailand to Brazil and Argentina than probably any other policymaker in office today. Mr Geithner understands better than almost anyone that in crises you throw out the forecast and focus on avoiding low probability events with catastrophic consequences. Such judgments are excruciating: do too little, and you undermine confidence and generate a bigger crisis that needs even bigger policy action. Do too much, and you look panicked and invite blowback from Wall Street, Congress and the press. At times during the crisis Mr Geithner would counsel Mr Bernanke on the importance of the right “ratio of drama to effectiveness”.

http://www.economist.com/world/unite...ry_id=12668365

[bill]

Re: Geithner picked for Treasury

they never learn, anyone out there think we will have deflation?

Over the next 6-9+- ?mths will be massive liquidation of banks and from this process will arise cleaned bank machinery ready to stimulate.
process example:http://blogs.wsj.com/deals/2008/11/2...national-city/

I’m sure Summers will be chairman of Council of Economic Advisers, one step away from the Fed.
http://en.wikipedia.org/wiki/Council...nomic_Advisers
http://www.whitehouse.gov/cea/
If Bernanke performance is unsatisfactory he can be replaced by Summers.

[rabot10]

Re: Geithner picked for Treasury

Geithner = 500 points on the DOW - Monday we get to meet the whole team. Could be a big up week in the markets on lite trading jmho

[bill]

Re: Geithner picked for Treasury

Over the next 6-9+- ?mths will be massive liquidation of banks and from this process will arise cleaned bank machinery ready to stimulate.
process example:http://blogs.wsj.com/deals/2008/11/2...national-city/

Liquidation talk
http://www.bloomberg.com/apps/news?p...0M0&refer=home

Nov. 22 (Bloomberg)
“It’s likely to get worse before it gets better,” Obama said today in his weekly radio address. He said that this week “financial markets faced more turmoil,” potentially leading to a “deflationary spiral” that may plunge the nation further into debt and cost millions more jobs.

Stimulate talk

“And now we risk falling into a deflationary spiral that could increase our massive debt even further,” the president- elect said.
Obama said he and his top economic advisers will be working out the details of an “economic recovery plan” that will be “big enough to meet the challenges we face that I intend to sign soon after taking office” on Jan. 20.

[tsetsefly]

Re: Geithner picked for Treasury

The economist mentions two qualities:
Assuming he is nominated Mr Geithner brings two crucial qualities. First, he represents continuity. From the first days of the crisis last year, he has worked hand in glove with Ben Bernanke, the Fed Chairman, and Mr Paulson. He can continue to do so while awaiting confirmation. If Citigroup, for example, needs federal help, Mr Geithner will be involved. An unknown when he joined the New York Fed in 2003, he is now a familiar face to the most senior executives on Wall Street and to central bankers and finance ministers overseas.

Im alarmed that the Economist thinks continuity and involvement in the crisis for one years is a good thing. Seeing how Bernanke and Co. have handled things...