Archive for March, 2009
Geithner is the Idiot, Goolsbee is the Dishonest Idiot
Visit msnbc.com for Breaking News, World News, and News about the Economy Goolsbee goes out of his way to make it seem like the private investor and the government are equal partners: The leverage is not insurance. The ‘insurance’ makes it sound like the government is gonna take the losses if something goes wrong, and [...]
Make Up Your Mind Larry
How could a supposed smart person say this: White House Economic Advisor Lawrence Summers said Monday that there is substantial private investor interest in the government’s public and private partnership plan to take bad assets off banks’ balance sheets. Stocks rallied following the announcement Monday morning, and Summers reacted by saying, “we’re gratified by the [...]
Misunderstood Assets
Regular readers will remember that I have not exactly been a fan of Timothy Geithner‘s from the very beginning. Way back when he was still just a gleam in Barack Obama‘s eye, I wrote: “I challenge anyone to actually explain what makes Geithner so uniquely qualified.” It’s now becoming increasingly clear that his deepest qualifications [...]
Short Memories and Abdicated Responsibilities
Geithner: My Plan for Bad Bank Assets – WSJ.com This requires those in the private sector to remember that government assistance is a privilege, not a right. When financial institutions come to us for direct financial assistance, our government has a responsibility to ensure these funds are deployed to expand the flow of credit to [...]
Maybe You’ll Believe it from Frank Rich
Has a ‘Katrina Moment’ Arrived? A CHARMING visit with Jay Leno won’t fix it. A 90 percent tax on bankers’ bonuses won’t fix it. Firing Timothy Geithner won’t fix it. Unless and until Barack Obama addresses the full depth of Americans’ anger with his full arsenal of policy smarts and political gifts, his presidency and, [...]
More Straight-Up Bullshit from Obama
From 60 Minutes: “It’s going to take a little bit more time than we would like to make sure that we get this plan just right. Of course, then we’d still be subject to criticism. What’s taken so long? You’ve been in office a whole 40 days and you haven’t solved the greatest financial crisis [...]
Squashing Boehner
On CNN‘s “Situation Room” yesterday, John Boehner made one of the stupidest and most dishonest statements he’s ever made (and that’s saying something): BLITZER: Because he (President Obama) seemed to be talking — to me — to me, as I heard him say that, he seemed to be saying, all those Republicans who want a [...]
Tone Deaf Arrogance From The White House Budget Office
It looks like the Obama administration’s projected cumulative budget deficit of $7 trillion over the next 10 years will need substantial revision. The L. A. Times reports that the non-partisan Congressional Budget Office is expected to announce their estimate today, and it is believed to be $8.6 trillion. With so-called “fiscally conservative Democrats” already rebelling [...]
Timing The News Market
The New York Times has a story in today’s paper that will probably attract some attention. That’s despite being buried on page 4 of the Business section. The headline reads: A.I.G. Sues U.S. for Return of $306 Million in Tax Payments . Something about that will probably strike a political nerve, one imagines. While the [...]
Palin Jumps On The Bandwagon
It was dumb enough for Republican governors like Mark Sanford of South Carolina, Bobby Jindal of Louisiana, Haley Barbour of Mississippi, Bob Riley of Alabama and Rick Perry of Texas to turn down stimulus money designated for their states. But for Sarah Palin to jump on this bandwagon to nowhere is way beyond dumb. She [...]