Bloomberg TV Interview
Posted by WARREN MOSLER on June 30th, 2011
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June 30th, 2011 at 10:06 pm
Damn!!! Double good news.
Only thing that could top it is Warren being named to replace Geithner.
We can dream, anyway.
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WARREN MOSLER Reply:
July 1st, 2011 at 7:04 pm
they way i see it the tsy sec’s main job is signing the money and running the secret service. no big deal
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Tom Hickey Reply:
July 1st, 2011 at 7:48 pm
@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.
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WARREN MOSLER Reply:
July 1st, 2011 at 8:06 pm
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:
July 1st, 2011 at 8:45 pm
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:
July 1st, 2011 at 11:47 pm
@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.
June 30th, 2011 at 10:16 pm
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?
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beowulf Reply:
June 30th, 2011 at 11:52 pm
@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
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TC Reply:
July 5th, 2011 at 12:32 pm
@beowulf,
I agree. This guy would be a disaster.
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Robert Kelly Reply:
July 1st, 2011 at 7:35 am
@roger erickson,
Correct me if I’m wrong, but doesn’t Goldman Sachs decide who the Treasury Sec’y will be?
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Tom Hickey Reply:
July 1st, 2011 at 10:10 am
@Robert Kelly,
Hey, this is a democracy. Chase and Morgan get their say, too.
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Dollar Monopoly Reply:
July 1st, 2011 at 10:25 am
@Tom Hickey,
hmmm….i don’t see an extra seat at the table for main street. Must be an oversight. Go figure.
June 30th, 2011 at 11:00 pm
He says he is not leaving.
http://www.thedailybeast.com/content/dailybeast/articles/2011/06/30/tim-geithner-denies-leaving-treasury.html
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roger erickson Reply:
June 30th, 2011 at 11:49 pm
@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.
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roger erickson Reply:
June 30th, 2011 at 11:51 pm
@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.
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beowulf Reply:
July 1st, 2011 at 12:17 am
@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.
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Sam Reply:
July 1st, 2011 at 2:23 pm
@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:
July 1st, 2011 at 9:46 pm
@beowulf,
Ha! Ha! Ha! Very funny (and too true): “his sociopathic ability to be “nice”…”
TC Reply:
July 5th, 2011 at 12:33 pm
@beowulf,
The guy is excellent at his job. He’s just horribly wrong in what he thinks is the proper course.
June 30th, 2011 at 11:56 pm
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?
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July 1st, 2011 at 12:21 am
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.
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Matt Franko Reply:
July 1st, 2011 at 5:56 am
@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,
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mario Reply:
July 1st, 2011 at 10:27 pm
@Matt Franko,
the games are seemingly endless aren’t they…ugh
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July 3rd, 2011 at 11:48 am
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/
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