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Bloomberg TV Interview

Posted by WARREN MOSLER on June 30th, 2011

From Bloomberg:

“…the possibility of Geithner resigning is dominating our coverage tomorrow, and I’d hate for you to get shorted your appropriate time. Would it be possible to reschedule for Tuesday? We really think you have a great story, and would love to share it with our audience.”

24 Responses to “Bloomberg TV Interview”

  1. roger erickson Says:

    Damn!!! Double good news.

    Only thing that could top it is Warren being named to replace Geithner.

    We can dream, anyway.

    Reply

    WARREN MOSLER Reply:

    they way i see it the tsy sec’s main job is signing the money and running the secret service. no big deal

    Reply

    Tom Hickey Reply:

    @WARREN MOSLER,

    And as a cabinet member, he/she is a key adviser of the president on economic and financial matters. Clinton was ill-served by Rubin and then Summer’s advice, and Obama by Geithner’s. Bush was clueless about the crisis and gave Paulson a free hand, complaining he hated was he was doing. Also, recall that it was Sec. Connolly that convinced Nixon to shut the gold window. The tsy sec has POTUS’s ear and that’s a big deal.

    Reply

    WARREN MOSLER Reply:

    if the pres wants to talk to someone he doesn’t have to make them a cab member.
    and if he doesn’t want to talk to someone doesn’t matter if they are a member

    Tom Hickey Reply:

    That may be, but the tsy sec is now the president’s go-between with Wall Street. I can’t see the president appointing a tsy sec and then isolating him, any more than a sec of state or def. These are the big three. The other’s don’t really count for much and usually don’t have the presidents ear either.

    roger erickson Reply:

    @Warren Mosler,

    > if the pres wants to talk to someone he doesn’t have to
    > make them a cab member.
    > and if he doesn’t want to talk to someone doesn’t matter
    > if they are a member

    In theory, but that would require the President wanting to actually think. Anyone seen any sign of that? It’s expressly forbidden by article 1 of Lobbyist Law, and also frowned upon by Campaign Contribution Ownership clauses.

  2. roger erickson Says:

    not if this is the final reason Geithner is booted!

    “Geithner Says Failure to Raise Debt Ceiling Unthinkably Damaging” Bloomberg

    “Potential replacements for Treasury’s Geithner” Reuters
    MIKE BLOOMBERG
    Jamie Dimon
    GARY GENSLER
    Erskine Bowles (they’re joking!)
    ROGER ALTMAN
    JEFFREY IMMELT

    Bloomberg, if anyone? The others are all worse?

    Reply

    beowulf Reply:

    @roger erickson,

    What did we lose Paul Volcker AND Warren Buffett in the rapture last month? Bloomberg is certainly a heavy-hitter (though completely out of paradigm), but the other options are really terrible choices:
    Dimon — JPM took tens of billion in TARP money
    Gensler — former Vampire Squid partner
    Bowles — Catfood commissar
    Altman — pass for now
    Immelt — GE earned $14 billion last year, and paid zero income taxes, hey doesn’t Tsy Sec have something do with the IRS?

    Roger F’in Altman — this guy is so clearly the worst possible choice that you have to peg him as the frontrunner for Obama’s nod. I don’t know what looks worse- Altman was forced to resign from his last Tsy job, he was GM’s pre-bankruptcy advisor (TARP again!) or he’s on the board of the freakin’ Bilderberg Group (the porn industry has a better public image).
    http://www.bilderbergmeetings.org/governance.html

    Reply

    TC Reply:

    @beowulf,

    I agree. This guy would be a disaster.

    Reply

    Robert Kelly Reply:

    @roger erickson,
    Correct me if I’m wrong, but doesn’t Goldman Sachs decide who the Treasury Sec’y will be?

    Reply

    Tom Hickey Reply:

    @Robert Kelly,

    Hey, this is a democracy. Chase and Morgan get their say, too.

    Reply

    Dollar Monopoly Reply:

    @Tom Hickey,

    hmmm….i don’t see an extra seat at the table for main street. Must be an oversight. Go figure.

  3. Dan Furlano Says:

    He says he is not leaving.

    http://www.thedailybeast.com/content/dailybeast/articles/2011/06/30/tim-geithner-denies-leaving-treasury.html

    Reply

    roger erickson Reply:

    @Dan Furlano,

    Now he says he’ll probably leave, just not today.
    http://www.washingtonpost.com/business/economy/geithner-considering-leaving-his-treasury-post/2011/06/30/AGUp1asH_story.html

    ” “I’ve never had a real job,” Geithner told his interviewer”

    Understatement of the decade.

    Reply

    roger erickson Reply:

    @Dan Furlano,

    “During his tenure, Geithner has continually won over Obama in contentious policy debates. He shaped the president’s response to the financial crisis, successfully arguing that the government should not seize struggling banks.”

    He’s going to go down in financial history as the anti-christ of economics, and hero to Control Frauds everywhere.

    Reply

    beowulf Reply:

    @roger erickson,
    He’s going to go down in financial history as the anti-christ of economics, and hero to Control Frauds everywhere.
    I’ve always thought of him as more like “the Aleister Crowley of public finance”. :o)
    http://en.wikipedia.org/wiki/Aleister_Crowley

    Seriously though. I’m sure he’s a perfectly nice guy, he’s just really really bad at his job. But he didn’t appoint himself, it wasn’t the horse’s fault Caligula made him Consul.

    Reply

    Sam Reply:

    @beowulf,

    Only in America does this completely meaningless evaluation count as a human value. It is Geithner’s actions that reveal him, not his sociopathic ability to be “nice.” Ben Bernanke is probably “nice.” George Bush could be “nice.” Etc.

    Keith Newman Reply:

    @beowulf,
    Ha! Ha! Ha! Very funny (and too true): “his sociopathic ability to be “nice”…”

    TC Reply:

    @beowulf,

    The guy is excellent at his job. He’s just horribly wrong in what he thinks is the proper course.

  4. roger erickson Says:

    Geitner: “More recently, he urged Obama to propose cutting the annual deficit by $4 trillion over 10 years, despite other top advisers advocating that the president focus squarely on the nation’s high unemployment.”

    Wow. His record just gets worse every year. Or is he just being used as the excuse for those advisers changing their minds? Maybe both?

    Reply

  5. Tom Hickey Says:

    The president is going to need a lot of campaign cash to win what look to be stacking up as a close election. Count on him to make the most of his appoint of a Treasury secretary as a fundraising opportunity.

    Reply

    Matt Franko Reply:

    @Tom Hickey,
    They probably “sell” these appointments to the highest bidder:

    “Interestingly, under U.S. government ethics rules, while Paulson is required to sell the shares, he is also exempt from paying taxes on any capital gains on the sale if he obtains a certificate of divestiture. The rule granting the exemption is designed to make sure prospective government employees who own a lot of stock are not dissuaded from joining the government.

    Earlier this week, the Economist magazine estimated the rule eliminate a tax liability of up to about $200 million for Paulson”

    Geithner is in the way of a large contribution… Resp,

    Reply

    mario Reply:

    @Matt Franko,

    the games are seemingly endless aren’t they…ugh

    Reply

  6. Art Says:

    This seems like a good place to put this – did anyone happen to catch this CNBC snafu (?) back in late April?

    http://symmetrycapital.net/index.php/blog/2011/07/and-the-award-for-most-misleading-headline-goes-to/

    Reply

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