Word: geithners
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...Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner on May 13. Yet experts say such action by the Federal Government, while not a bailout, could possibly endanger the nation's AAA credit rating. Without short-term assistance, California could plunge deeper into chaos and become a drag on the nation's economic recovery. (The Page: "California Budget Deadlock...
...Beck's material wasn't original - modern art is stupid, consumer-product warning labels are inane - but he is a great performer, flying around the stage and making fun of his profuse sweating and apocalyptic fears. He did an impression of Tim Geithner as an elf from Lord of the Rings and a solid inflation joke about Geithner's being turned away from Antiques Roadshow after bringing a barrel of U.S. dollars. This was much better than my runaway-inflation joke about paying $20 to watch a Glenn Beck concert in a movie theater...
When Treasury Secretary Timothy Geithner unveiled the details of his plan to save America's banks a little over two months ago, the markets raved, the country sighed with relief and Geithner went from punch line to potential hero overnight. Now the plan is in trouble, as parts of it struggle to get off the ground and others are dead in the water, Administration officials say. But oddly, that may be good for Geithner...
...situation has become bad enough that the FDIC, which is responsible for the "legacy loan program" to remove toxic loans from banks' books, is considering alternative plans to the one rolled out at the end of March by Geithner. A senior Treasury official says the legacy securities program, which is intended to handle toxic securities, is "chugging along nicely" and that they are seeing "interest on both sides" of potential sales. The official says that while some banks may be reluctant to participate, Treasury is not worried...
...Geithner repeats constantly, both in public and in private, that the Obama Administration is committed to returning to fiscal responsibility - pushing deficits down to 3% of GDP - in the "medium term." On his first visit to Beijing, the Treasury Secretary could claim to his Chinese hosts that the necessary precondition for that return to fiscal sanity - a little bit of economic growth - might be on the horizon. Considering where things were the last time he met China's Premier - in October of last year, when the global economy was, as Geithner says now, "falling off a cliff" - that...