Word: tuesday
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Although her husband, rhythm-and-blues singer Ernie K-Doe, died eight years ago, he was still at his wife's New Orleans funeral after her death on Fat Tuesday at age 66. But this Ernie was a fully costumed mannequin seated in a mule-drawn carriage that followed her casket. As the widow of the self-proclaimed "Emperor of the Universe"--whose 1961 hit song "Mother-in-Law" provided the name for the music lounge the couple would later establish as a New Orleans institution--Antoinette thought it her duty to keep Ernie's memory alive with the life...
...Geithner do on Tuesday? To judge by the stock market, which dropped 4% in the wake of his Feb. 10 speech and has largely stayed on its downward trajectory since then, he survived. The Dow rallied from a 13-year low just before he began testifying to a modest gain afterward, then finished the day down again, but by just under 40 points and well off its lows. So much for Florida Republican Ginny Brown-Waite's assertion that every time Geithner speaks in public, "the stock market plummets...
...price the incredibly complicated mortgage-backed assets that are suffocating the economy by paying part of the cost for private investors to buy them off the banks' balance sheets. At the same time, the Federal Reserve, whose chairman, Ben Bernanke, took his own public flogging on Capitol Hill on Tuesday, is unveiling an aggressive plan to stimulate consumer, small-business, auto and college borrowing, an area of the economy that has in large part been frozen since the fall...
...with the vast sums of money the government is plowing into financial sinkholes like Citigroup and AIG that have been deemed too big to fail, and Geithner may have a hard time persuading it to pony up hundreds of billions of dollars more if necessary, as he said on Tuesday it might be. When the Administration rolls out its more detailed bank-bailout plans in the next few weeks, Geithner will have another chance to salvage his reputation as a salesman. But the truth is, if the plans fail on their own, it won't be Geithner's tone...
...Tuesday, Clinton met with Abbas to reaffirm Washington's support for the creation of a Palestinian state. But Clinton's aides had briefed her on Abbas' woes: nearly half his domain - Gaza - remains in the grip of Islamists Hamas, and even in his West Bank stronghold, his popularity has taken a dive for his failure to gain any concessions on the issue of Israeli settlements...