Word: geithners
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...that was before U.S. Treasury Secretary Timothy Geithner unveiled his plan to do just that with the toxic debts of U.S. banks. The move has won plaudits on Wall Street and even a knowing nod from Main Street U.S.A., which understands that the plan is a necessary evil. In Germany, it has also fueled a fierce debate about whether Merkel is wrong and how Berlin might get toxic assets off German banks' books without making taxpayers foot the bill. (See 25 people to blame for the financial crisis...
...reasons in favor of Geithner's proposals are too numerous to mention. Among them, and perhaps at the top of the list, is that proper regulation would have prevented all of the events which caused the credit crisis, and, perhaps in turn, the recession. It is impossible to say whether that is true, but it sounds true, which is even better. (Vote for the 2009 TIME 100 Finalists...
...will take years to create new regulations and build and staff new regulatory agencies. In the meantime, the current crisis will have passed. In Geithner's mind he is doing something for future generations which might face a financial crisis if it were not for his proactive efforts now. But, the whole process of re-regulating the financial system will never be much better than the diligence of the people who run the companies which are regulated...
...stock market rally over? Up through Thursday's close, stocks were up 21% over two weeks, a gain fueled by positive news from the moribund housing market, an uptick in durable goods orders, and a well received plan from Treasury Secretary Timothy Geithner to clean up the banking industry's toxic-asset mess. (Read "Banks: How Toxic Are They...
...Obama, President Barack • laughter of during 60 Minutes interview somehow manages to become a big news story • opinion of that Geithner is doing a heck of a job • use of teleprompter at press conference by somehow manages to become a big news story...