Word: geithners
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...minimal strings attached did not prevent the first $350 billion from vanishing, with the government overpaying about $78 billion for the assets it bought. The banks told pesky reporters and congressional watchdogs that how they spent the bailout cash was really none of their business. And now, Tim Geithner informs us, the financial system needs $2 trillion more...
...Nearly everyone believes one thing and it is at the core of any consensus about keeping the economic system out of a depression. Time is more important than money, if the money is enough to make a good start. It would have been uncomfortable for Secretary Geithner to say out loud that he might well have to come back to Congress for more money. If the damage to credit markets gets worse, Congress will probably be cooperative even if it results in more fighting...
...only thing Geithner could have said that was almost certainly accurate is that he has a good plan, he is working on details which are hard to pin down because the crisis is spreading so quickly, and he will be back for more money once he understands where the problems are getting much worse. He is being asked to ride a bicycle in a hurricane. It may not be reasonable to ask how many times he might fall...
During his recent confirmation hearings, Timothy Geithner, the new U.S. Treasury Secretary, described China as a "currency manipulator." Like all politicians, he qualified his statement with various good wishes toward the Chinese, but the damage was quickly done. Markets began to wonder if China would retaliate by scaling back its massive purchases of U.S. government debt, contributing to a 70-basis-point sell-off in 10-year U.S. Treasury bonds between...
...Geithner's utterance caused interest rates to jump, costing prospective American homeowners (and many that were seeking to refinance existing mortgages) around 10% more in interest charges. Making home loans more expensive is not a great way to get the housing market moving - nor is it a great way to instill confidence in debt markets. The sell-off quelled a major rally in Treasuries as investors who had been flocking to the safe haven of government paper amid the global recession questioned whether Treasuries had become too expensive. In the last four months of 2008, yields (which decline as prices...