Administration officials say they are postponing their plan to produce a detailed road map for overhauling the nation’s financial regulatory system by April, in time for the Group of 20 meeting in London. Though officials say they will still develop basic principles in time for the meeting, the plan will not include much detail.But at least he's made two nominations to help him out at the Treasury.
Treasury officials are also still scrambling to decide details of their plan to buy up as much as $1 trillion in toxic assets from the nation’s banks, one month after being widely criticized for presenting a plan that lacked any specifics on how it would work.
Analysts say it is far too early to know if Mr. Geithner and his team will be effective. But some worry that political and financial constraints have made them reluctant to grapple with the full magnitude of the crisis.
UPDATE: For more skepticism on Geithner's indispensability, read Rick Moran's post on the role of Tim Geithner in exacerbating the Asian financial crisis of the late 1990s.
7 comments:
"Temporary nationalization is another way for the federal government to deal with large banks in danger of failing. This is where the government takes over a failing bank, cleans its balance sheets, and then quickly sells it off. In general, which do YOU think is the better way to deal with failing banks: government financial aid WITHOUT any government control of the bank, OR, nationalization, where the government takes temporary control?"
Aid Without Gov't Control 29%
Nationalization 56%
Neither/Other(vol.) 11%
i love the irony of the party that has spent the past 30 years loudly declaring that government always screws things up, and that all is needed for wonderful prosperity is for government to get out of the way of business -
now demanding that the administration save wall street and the banking industry from itself
on the other hand, it hasn't escaped democrats that geithner was implicated in the recent mass stupidity, and that what he has submitted so far has been less than a plan
i tend to think that that accounts for the startling popularity of even more radical, literally 'socialist' measures as apparantly endorsed, above, that the administration has so far shied away from taking up
it was the bush administration that loudly sounded the alarm bells, and demanded that we throw money at the failed banks. so far the banks have eaten our money but failed to loosed up the credit. frozen credit is the main problem, or at least that's what the financial analysts tell us.
my prediction is that the governments of the world are going to use the protective cover of mutual international action at this conference to announce that they will take over the issuing of credit themselves
Haha. Thanks for this. Also check out this video: http://www.youtube.com/watch?v=JpgspiiqXNE
Obama doesn't care!
Tacitus V
I think you brought up THE question. It gets lost in all the busyness and lack thereof that what we need is credit flowing. All the energy spent trying to assign or escape blame is pretty nonproductive. The only productive actions are those that will unfreeze credit and there is little to none of that on either side.
Those who love old jazz should visit TV's site Jazz Incunabula. I've been enjoying some good recordingss and interesting history there.
As usual, the masters-of-the-universe Democrats have no idea what they are doing. Their decades old response to any problem is to take tons of money from productive people and give tons of money to unproductive people.
mr mighty quinn - i think i have more respect for the ordinary hard working people who benefit from medicare, medicaid, social security, and unemployment insurance than you do. maybe you think dishwashers, agricultural and slaughterhouse workers, hotel workers, office clerks, and so many others are 'unproductive', but you have a lot to answer for for your own productivity with an attitude like that. perhaps you'd care to share with us your wonderful contributions to society
god knows i washed enough dishes, cooked enough breakfasts, and vacuumed enough department store carpets while getting my college degrees to have respect for minimum wage workers. i am now priviledged to make a nice living as an engineer, but i never manage to work up enough selfishness to begrudge my tax dollars to those with less
and Betsy, as a fellow member of our ancient tribe, knows how much we are called on to value charity, and respect and compassion for the less fortunate
ok, betsy, maybe that last one was a bit over the top...
:-)
TV, my charity and my tax dollars are two very different things. One embodies choice and trust, the other is mandatory and opaque.
You think they are equivalent? That would be VERY telling.
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