Word: geithner
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...good time is usually had by all - except when the global financial markets are sending out warnings of extreme stress to come. By August 2007, the storm known as the subprime crisis had been gathering for much of the year, and inside the Fed, Timothy F. Geithner, president of the New York Federal Reserve Bank and a vice chairman of the Federal Open Market Committee (which sets interest-rate policy), had quietly been raising red flags among his colleagues. Earlier that month, the European Central Bank had startled traders by pumping close to 100 billion euros into the short-term...
...wasn't a popular view back then. "He had taken a lot of heat" for the position inside the Fed, a colleague says. Some regional Fed presidents thought he was excessively gloomy. As an insider put it, they thought Geithner had been captured by his constituents - the heads of the largest banks and investment firms in New York, most of whom were leveraged to the hilt and deeply vulnerable to turmoil in the mortgage-backed-securities market. But Geithner's view prevailed that week with his boss, Ben Bernanke. A few weeks later, the Fed slashed its key interest rate...
...falls to Geithner to lead the way out of this mess. As Barack Obama's nominee to be Secretary of the Treasury, Geithner will be tugging on the economic levers himself - levers that are, thanks to outgoing Secretary Hank Paulson, far more powerful than they had been. Colleagues say Geithner privately acknowledges that the U.S. economy is still sinking fast and the root cause of the problem - the housing bust and ensuing credit crunch - is still very much with the nation. Critics will ask at his confirmation hearing how the incoming Administration plans to prevent things from getting even worse...
Depending on what Summers and Geithner propose, the size of the total package could easily top $500 billion in the first year, dwarfing the $150 billion stimulus Bush pushed through Congress in February. The inertia that typically keeps Congress from spending itself silly has gone on vacation: Republicans are in retreat, and even they agree that something dramatic is necessary. If anything, only the President-elect is talking about scrubbing the federal budget carefully for savings...
...friend at Berkeley—who added that not hiring Romer was “a big mistake” on Harvard’s part. Romer will join the ranks of Obama’s recently appointed economic advisors: Federal Bank of New York president Timothy F. Geithner will serve as treasury secretary; former University President and former Treasury secretary Lawrence H. Summers will serve as NEC chief; and Congressional Budget Office director Peter R. Orszag will direct the Office of Manamgent and Budget. All three have close ties to former Treasury secretary Robert E. Rubin, an executive...