Word: geithner
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Treasury Secretary Timothy Geithner has unveiled a new plan to combat the financial crisis: persuading private financial institutions to buy up toxic assets with the government's backing. While this is a step up from former Secretary Henry Paulson's original bailout plan - in which the government itself would buy up the bad securities - it is still not the right approach...
...Geithner hopes to encourage private investors to buy these asset-backed securities, giving the banks cash and eliminating further downside risk to their portfolios. But why not try to make the securities more valuable in reality, so that investors want to buy them from the banks without receiving government support...
...Washington Save the Economy, Save the World Calling the Bush Administration's financial-rescue plan "late and inadequate," Treasury Secretary Timothy Geithner outlined a revamped plan for stabilizing the ailing U.S. economy. Markets fell in response to the proposal, which critics hammered for offering few details. But Geithner laid out several key goals...
Alas, it was into this unfilled void that the then unenthroned U.S. Secretary of the Treasury, Timothy Geithner, stumbled. In a written response to Senate questions, he suggested that China had been manipulating its currency. (Some in the U.S. have long alleged that by supposedly keeping its currency undervalued against the dollar, China gives its exporters an unfair advantage in American markets.) Since Geithner's was the new Administration's first real comment on relations with Beijing, Chinese leaders reacted as if a hostile shot had been fired across their bow. But Obama then called China's President Hu Jintao...
China's reaction to Geithner, however, gave a hint of the importance that Beijing attaches to relations with the U.S. and of how jumpy officials are about them. So before something else intrudes, now is the time to ponder what the foundation of a comprehensive new architecture for Sino-U.S. relations might look like...