Word: geithner
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...likely that investors will be reluctant to bet on nascent signs of improving credit so long as the housing market remains in turmoil. On Wednesday morning President Obama and Treasury Secretary Timothy Geithner will appear at a high school in Arizona to unveil their new plan to stem the tide of housing foreclosures. The financial community's response to that plan will likely be writ large in the stock market averages by late morning...
...Obama’s aides, the nightmare is a depression like the one that struck Japan in the 1990s, and a slow government response is the bogeyman. Geithner and National Economic Council Chairman Larry Summers were Clinton officials when a real-estate bubble in Japan burst, dragging the country into a decade-long slump. Alarmed by the downfall, they watched Tokyo gradually approve stimulus spending and scatter funding across projects—to no avail...
...takeaway for liberals was clear: In such a situation, government must spend rapidly and lavishly to avoid a similar fate. This month, Geithner pledged that the administration was “going to do our best” to eschew Japan’s example. Last October, Summers compared the downturn to our current recession in a Financial Times column. And, in his first White House press conference, Obama warned that if Washington dithered, the U.S. might suffer a “lost decade” like Japan...
...Unlike Geithner's plan, this solution is simple and transparent. It does not require the government to price complicated derivatives. It requires only one decision: by what uniform percentage principal should be reduced. And unlike all of the other plans out there, it does not require significant government spending. It is also politically palatable, as it does not discriminate and does not rescue certain institutions while leaving others to fend for themselves. Homeowners get the most direct benefit, and the solution is efficient because of its flat-tax-like nature. Just about everybody wins...
...Geithner, Timothy • coach is flown...