Rahm Taking Direct Interest in Reg Reform
October 29, 2009
Earlier today, Treasury Secretary Tim Geithner was up at the House Financial Services Committee testifying on the administration's proposal for dealing with threats to the financial system ("Too Big To Fail," etc.). One day earlier, he and White House chief of staff Rahm Emanuel held a closed-door meeting with Democrats on the committee to field questions about the proposal and urge them to hang together. For Rahm, it was at least the second time this week he'd participated in an event with top Treasury officials.
Tim Geithner as Leading Economic Indicator
September 28, 2009
Or would that be a lagging indicator? Whatever the case, John Harwood reports in his NYT "Caucus" column that: [S]igns that economic growth is resuming have eased the sense of crisis surrounding Mr. Geithner’s work. The economic 'message' meetings in Mr.
Do I Dare Defend Paulson Again?
September 22, 2009
Yes! Steve Weisman over at The Peterson Institute posted a nice riff yesterday about James Stewart's recent New Yorker piece reconstructing the week Lehman collapsed. His (and Stewart's) conclusion? Hank Paulson screwed up massively: My takeaway is that while Lehman executives were oblivious to the warning signs over the imminent failure of their storied investment firm, Treasury Secretary Henry Paulson may have increased the odds of a Lehman collapse by taking a hard line opposing a government role in its rescue.
Call of the Wolf
September 16, 2009
Long before Martin Wolf became the chief economics columnist for the Financial Times, he wrote the newspaper letters--lots and lots of letters. It was the early 1980s, the height of the Thatcher era, and Wolf was running research at a think tank in London that was sympathetic to the government's pro-trade agenda.
TNRtv: Should Geithner Have Told Regulators To F*ck Off?
August 05, 2009
Simon Johnson, professor at MIT's Sloan School of Management, senior fellow at the Peterson Institute for International Economics, and co-founder of BaselineScenario.com, offers support for Treasury Secretary Timothy Geithner's expletive-laden outburst against financial regulators, arguing that their selfish opposition to Obama's plan is putting us all at risk. --Ben Eisler Check out the latest on TNRtv: Sherman: Is China Finally Sticking It To North Korea? Johnson: How To Deal With Thieving Mortgage Lenders Eisler: When Lawmaking Gets Bloody
Who's Afraid Of Consumer Financial Protection?
July 28, 2009
The debate over re-regulation of the financial sector has finally, and irreversibly, turned partisan. This helps define issues in ways that may be more familiar and thus easier to understand. In the blue corner we have Treasury Secretary Tim Geithner. Secretary Geithner's overall banking policy continues to be problematic, and his broader re-regulation effort is hampered by all the free passes he gave to bank CEOs earlier this year. But on consumer protection he has the right message and he delivered it forcefully to Congress last week: we need a Consumer Financial Protection Agency (CFPA) and
The SE&Ds of Change
July 27, 2009
China has arrived ... again. Beijing is growing confident enough in its own power and position in the world that it is increasingly and actively influencing world events. It can choose--and has chosen, in many cases--to play a helpful role in tackling shared threats. But China has also been standing its ground on disagreements with the United States.
Secretary Geithner's China Strategy: A Viewer's Guide
July 27, 2009
On Monday and Tuesday of this week, Treasury Secretary Geithner--and Secretary of State Clinton--meet with a high-level Chinese delegation. According to official previews (i.e., the apparent contents of background briefings given to wire services), the economic topics are China's concerns about the value of the dollar (i.e., their investments in the U.S.) and the amount of debt that the U.S.
Stimulus Vs. Bailouts?
July 17, 2009
Last week, the Treasury Department quietly announced it was moving ahead with plans to purchase toxic assets from banks, but in scaled-back form. To my colleague John Judis, this must have been welcome news. For months now, he and I have debated whether President Obama’s efforts would be best spent fixing the financial sector or reviving spending by consumers and businesses.
Let Hillary Cover For Summers
November 15, 2008
Asking Hillary to head the State Department might create some headaches for Obama, but could help him in at least one extremely important way: by giving him cover to appoint Larry Summers as Treasury Secretary. As Jon Chait notes, some feminists are already pushing back against a Summers appointment--saying impolitic remarks he made while President of Harvard should disqualify him for the job.