Word: geithners
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...know how he feels - things are really tough right now, you know? - but sometimes life isn't that simple. Sure, Paul Krugman looks like the guy every recession-weary gal dreams of, but it takes more than Princeton professor duds and a neatly trimmed beard to fix the economy. Geithner's nice enough, right? There's nothing wrong with him, right? And even though he seems unsure of himself and half the time I have no idea what he's talking about, Obama likes him, which has to count for something, right...
Since the first, dramatic interventions into the financial system by the Treasury Department and the Federal Reserve during the collapse of Bear Stearns a year ago, Timothy Geithner has based his approach on one underlying theory. The crisis, the former New York Fed president and now Treasury Secretary believes, is the result of the collapse of a shadow banking system that grew over the past 30 years to rival the traditional banking system in size but lacked all four of the safeguards that had been imposed after repeated collapses of the traditional system in the early part of the 20th...
...Geithner, his predecessor Hank Paulson, FDIC chief Sheila Bair and Fed Chairman Ben Bernanke have so far used ad hoc powers to erect two of those crucial four pillars. Last fall they introduced Fed-sponsored insurance for money-market deposits, the equivalent of the FDIC insurance that exists for regular bank accounts. At the same time, they opened Fed lending to financial-services companies, making the Fed the lender of last resort for those firms, just as it is for traditional banks. In the past two days, Geithner unveiled the final two safeguards that he, Bernanke and Bair believe will...
...power to seize financial firms that are on the verge of collapse is already the most controversial new provision. Under Geithner's plan, the companies would have to be so big and in such bad shape that their insolvency could threaten the financial stability of the U.S.; if they are, the boards of the FDIC and the Federal Reserve, in consultation with the Treasury Secretary, could decide either to bolster them with financial assistance or to seize them and break them into parts...
...realize how radical your proposal is?" Republican Congressman Donald Manzullo of Illinois asked Geithner during an appearance Thursday in front of the House Financial Services Committee. "You're talking about seizing private businesses...