Word: geithner
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Seems like the mastermind of our bailout from the Depression 2.0 would have majored in Economics. But Tim Geithner actually majored in the same subject as Kirsten Gillibrand while at Dartmouth: Asian Studies...
...case the American economy does fall apart, we can rest assured that Geithner will be able to communicate with our new Chinese lords in Mandarin. In any case, he looked kind of nerdy while at Dartmouth, compared to now at the confirmation hearings, where he looked kind of in charge. Check after the jump for some sex and relationship advice, courtesy of Cornell...
...that score, of course, the jury is still out. Geithner and the Administration have resisted outright nationalization of the banks because of the cost, complexity and political hazards of doing so. Instead, they are trying to get the market to price the incredibly complicated mortgage-backed assets that are suffocating the economy by paying part of the cost for private investors to buy them off the banks' balance sheets. At the same time, the Federal Reserve, whose chairman, Ben Bernanke, took his own public flogging on Capitol Hill on Tuesday, is unveiling an aggressive plan to stimulate consumer, small-business...
...Which is not to say that appearances don't matter at all. Geithner was chosen as Treasury Secretary over the rough-edged but more experienced former Treasury chief Larry Summers in part because Geithner was considered a smoother salesman. And Geithner will always be saddled with the hard-to-explain $34,000 tax shortfall that almost cost him the nomination. For now, though, Democrats are defending the Treasury Secretary against the bad reviews. "Every Administration official responding to this economic crisis, especially Treasury Secretary Geithner given his role, is working under the equivalent of an electron microscope that dramatically magnifies...
...Still, Congress is already unhappy with the vast sums of money the government is plowing into financial sinkholes like Citigroup and AIG that have been deemed too big to fail, and Geithner may have a hard time persuading it to pony up hundreds of billions of dollars more if necessary, as he said on Tuesday it might be. When the Administration rolls out its more detailed bank-bailout plans in the next few weeks, Geithner will have another chance to salvage his reputation as a salesman. But the truth is, if the plans fail on their...