Posts Tagged ‘Tim Geithner’

TIM GEITHNER DOESN’T GET IT

TIM GEITHNER DOESN’T GET IT

Courtesy of The Pragmatic Capitalist 

At least Ben Bernanke isn’t the only person in government who doesn’t really understand our monetary system.  Over the weekend Tim Geithner paraded himself all over the weekend talk shows while he proved that he barely deserved to pass econ 101.  That’s right, the Secretary of the US Treasury doesn’t get it.

The interviews mostly began with Mr. Geithner distancing himself from the entire cause of this crisis.  Although he was effectively the fox in the hen house (he was President of the NY Fed while we experienced the grossest bank expansion/leveraging experiment in the history of the world) Mr. Geithner continues to make it sound as if he was saddled with this problem and played no role in its cause:

“I, I think I disagree slightly in the sense that, you know, remember, this was a recession caused by a set of policies that left us with a $1.3 trillion deficit when the president came into office, an economy that was falling off the cliff. Millions of Americans had already lost their jobs. The recession was a year old at that point.”

Mr. Geithner goes on to explain that there is no chance of a double dip (famous last words?).  He displays absolutely zero sense of risk management and prescience.  This shouldn’t be surprising to anyone.  It is the tendency of government officials to adhere to the scientific method – “let’s wait for the dust to settle before we make our next moves”.   Unfortunately, that’s not how markets work and it’s certainly not how economies work.  Mr. Geithner is blindingly optimistic:

“MR. GREGORY: So just to be precise, you do not believe in a double-dip recession, that it will get worse before it gets better?

SEC’Y GEITHNER: No, I don’t. I think the most likely thing is, you see an economy that gradually strengthens over the next year or two, you see job growth start to come back again.”

Mr. Geithner then goes on to explain how he totally misunderstands how a fiat currency system in a floating exchange system works.  It’s 100% crystal clear that Geithner is living in his textbook gold standard world where the USA borrows money to finance spending - nothing could be farther from the truth.  The Treasurer of the USA says we “borrow” to “finance” our…
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Hypocrite Geithner Says Private Sector Must Drive Economy

Hypocrite Geithner Says Private Sector Must Drive Economy

GeithnerCourtesy of Mish

Like most politicians, Treasury Secretary Tim Geithner likes to talk out of both sides of his mouth, generally saying contradictory things in sound bites that may sound reasonable at first glance, but look idiotic upon closer inspection.

For example please consider Private sector must drive economy: Geithner

During an interview on NBC’s "Meet the Press," Geithner also said the government has big plans for reforming Fannie Mae and Freddie Mac, the housing finance giants that now stand behind most of the mortgages in the U.S. after being bailed out by taxpayers during the 2008 financial crisis.

Geithner said Sunday that he doesn’t expect a double-dip recession, citing encouraging signs in the economy. "The most likely thing is you see an economy that gradually strengthens over the next year or two," he said. Watch Geithner on Meet the Press.

Businesses are still "very cautious" and are trying to get as much productivity from current employees as possible, Geithner explained.

"They are in a very strong financial condition though. I think that’s very promising because there’s a lot of pent-up demand and there’s a lot of capacity still for them to step up and start to invest and hire again," he added. "The government can help but we need to make this transition now to a recovery led by private investment."

There’s a "good case" for the government to support small businesses, the unemployed and help states keep teachers in classrooms, but the transition to growth led by the private sector must happen, Geithner said.

Still, he stressed that the current system of housing finance has to change.

"We’re not going to preserve Fannie and Freddie in anything like their current form. We’re going to have to bring fundamental change to that market," Geithner said.

There’s still a good case for the government preserving some type of guarantee to make sure that people can finance a house even in a very damaging recession, he explained.

"We’re also going to have to take a look at the broad set of policies we put in place to help encourage home ownership and particularly help low income Americans get access to affordable housing," Geithner said. "We’re going to take a very broad look at how best to do that."

No Pent Up Demand

For starters Geithner is wrong about pent…
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Geithnerbabble Private Investment Blahblah Blah Zzzzz

Geithnerbabble Private Investment Blahblah Blah Zzzzz

Courtesy of Jr. Deputy Accountant 

Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha.

Ya think, Timmy?

WSJ:

Treasury Secretary Timothy Geithner said the economy has now recovered sufficiently for government to begin to make way for private business investment.

Mr. Geithner’s comments on Sunday, which echo previous sentiments expressed by President Barack Obama, reflect a turning point in the government response to the worst economic downturn since the Great Depression, a period marked by deep federal intervention in the financial, housing, auto and other industries.

“We need to make that transition now to a recovery led by private investment,” Mr. Geithner said Sunday on NBC’s “Meet the Press.”

Mr. Geithner hit two Sunday talk shows, delivering the Obama administration’s message that the economy was recovering, but warning that high unemployment would continue to linger.

“I think the most likely thing is you’ll see an economy that gradually strengthens over the next year or two, you’ll see job growth start to come back, investments expanding … but we’ve got a long way to go still,” Mr. Geithner said.

Times like these you begin to wonder if Geithner was really just hired to serve as this administration’s weasel.

Check out On Wall Street, crime pays very well via the socialists at WSWS:

Treasury Secretary Timothy Geithner, appearing on several Sunday morning interview programs, endorsed Feinberg’s contention that he had no authority to halt the bonus payments—without noting that the Obama administration had insisted that Congress not enact any legally binding restrictions on executive pay and bonuses. In other words, the “pay czar” was impotent because the White House wanted it that way.

On NBC’s “Meet the Press,” Geithner was asked how he could justify a situation where those whose financial operations caused the present economic slump were raking in seven- and eight-figure salaries and bonuses, while ordinary people are struggling to survive. He made no real answer, only pointing to the financial reform legislation signed into law last week by Obama as though it provided a solution.

Squirm, mother&^**ker, squirm. Geithy still doesn’t have an answer on Fannie and Freddie and probably won’t for the foreseeable future. Let’s just talk about the government stepping back instead. 


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The Great Geithner/Bernanke B*fight

The Great Geithner/Bernanke B*fight

Courtesy of Jr. Deputy Accountant 

Once you see it…

It begins… now.

Business Insider:

Chairman of the Federal Reserve Ben Bernanke has come out in support of maintaining the Bush tax cuts saying that it would be a means of stimulus for the U.S. economy.

Just hours before, U.S. Treasury Secretary Timothy Geithner said that the Obama administration would allow the tax cuts to expire. Geithner’s hand was forced after three Senate Democrats came out in support of extending the cuts.

Here’s Bernanke’s crackpot scheme in a nutshell:

“In the longer term, I think we need to be taking steps to reassure the American people and the markets that our fiscal situation is going to be well controlled,” Bernanke said under questioning from Representative Spencer Bachus of Alabama, the committee’s senior Republican. “That means that if you extend the tax cuts, you need to find other ways to offset them.”

That’s where he fires up the press and buys up whatever he doesn’t already own that hasn’t been written off by now. The plan is genius because he’ll be able to find all variety of crap asset to buy as banks have been clinging to some of it as long as possible. It’s still worth something, right?

Because his only other option is… oh wait, devaluation.

He’s already proven he likes to do it, what’s to stop him? Tim Geithner? Please. 

****

Read also the Business Insider article:

Bernanke Vs. Geithner As Fed Chief Backs Bush Tax Cuts

Courtesy of Gregory White at The Business Insider/Clusterstock 

tim geithner, ben bernanke, eating, ap photoChairman of the Federal Reserve Ben Bernanke has come out in support of maintaining the Bush tax cuts saying that it would be a means of stimulus for the U.S. economy.

Just hours before, U.S. Treasury Secretary Timothy Geithner said that the Obama administration would allow the tax cuts to expire. Geithner’s hand was forced after three Senate Democrats came out in support of extending the cuts.

Both the Fed and the administration agree that the economy needs some other kind of additional stimulus. But the administration is refusing to consider Bernanke’s position that the tax cuts could be a means of further stimulus.

This could lead to a conflict between the two parties.

Don’t miss: Here are the potential slow down factors the Fed is worried about >

 


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Tim Geithner Backtracks on Elizabeth Warren

Tim Geithner Backtracks on Elizabeth Warren

Courtesy of Jr. Deputy Accountant 

Less than a week ago, reports were that Tim Geithner opposed Elizabeth Warren to head financial reform’s new consumer protection agency. Now word is out that he’s all for it:

U.S. Treasury Secretary Timothy Geithner said on Wednesday that Elizabeth Warren has the credentials needed to head the new Bureau of Consumer Protection set up as part of a landmark financial reform overhaul.

In an interview on PBS’ "Charlie Rose Show," Geithner was asked whether Warren was Treasury’s top candidate for the consumer watchdog post but said it was President Barack Obama’s decision to make.

"Let me just say she is an incredibly capable, effective advocate for reform," Geithner said. Treasury has denied rumors of conflict between Geithner and Warren, a Harvard law professor who heads a congressional panel overseeing the 2008 bank bailout program and who has sharply criticized banks.

Then again that doesn’t sound like anything but a half-assed through-the-teeth endorsement to me. Either he is really that easily flip-flopped or completelyfull of sh*t. I think a nice little mix of both. 

*****

Change of Heart- Tom Petty


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The Trouble with Tim’s Treasury

The Trouble with Tim’s Treasury

Courtesy of New Deal 2.0, by Marshall Auerback

thumbs-down-150

FinReg may fall short if power is channeled into Geithner’s hands.

More depressing news from the “change” President.  The Washington Post has reported that one of the major impacts of the FinReg bill passed last week by Congress is the accretion of new power to Obama’s Treasury Secretary.  According to the Post, Tim Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

Make no mistake:  this is Timmy’s bill, plain and simple, as the Post makes clear: “The bill not only hews closely to the initial draft he released last summer but also anoints him — as long as he remains Treasury secretary — as the chief of a new council of senior regulators.”

The Geithner Treasury repeatedly pushed back against many sensible legislative proposals that would have made significant structural changes to practices that brought about the current economic crisis. And the article itself represents latest in a series of attempts to embellish the Treasury Secretary’s hagiography.

Reading it, one wonders whether the Washington Post inhabits a strange parallel universe.  Have the writers actually paid attention to what is truly happening in the economy? The WaPo persists in towing the party line that Geithner’s tenure has been marked with conspicuous success, supposedly by advocating a response to the financial crisis that allegedly later proved correct: “Geithner vigorously resisted calls by some lawmakers and financial experts to nationalize the nation’s largest and most troubled banks during the most perilous days. Instead, he helped get the financial system back on its feet, in particular by pressing for stress tests of big banks.” (my emphasis)

Oh, really?  I would argue that Washington continues to allow the big banks to operate “business as usual” and to cook the books to show profits so that they can pay out big bonuses to the geniuses who created the toxic waste that brought on the crisis. Most continue to show profits based not on fundamentally health lending activity, but one-off gains, and accounting gimmickry.  Commenting on the latest JP Morgan results, my friend and colleague Randy Wray has noted:

JP Morgan’s results were horrendous: it lost…
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Tim Geithner Has Completely Forgotten the Point of TARP, Calls it a Success

Tim Geithner Has Completely Forgotten the Point of TARP, Calls it a Success

Courtesy of Jr. Deputy Accountant 

Maybe Tim Geithner was too busy scheming on backroom bailouts running the NY Fed around the time TARP was passed but it appears as though he has forgotten that its original intention was to foster improved credit conditions for US consumers. OK wait, its truly original intention was to buy up crap assets but that got ditched shortly after it was passed so let’s go with "bank lending" instead. Either way, he seems to be confused as to the definition of "working".

CNN Money:

Treasury Secretary Tim Geithner defended the government’s bailout of the financial system on Tuesday, saying it has been a "critical" part of the economic recovery and will ultimately cost less than expected.

Geithner is testifying before the Congressional Oversight Panel, the main watchdog for the Troubled Asset Relief Program, or TARP. The government enacted TARP in 2008 at the height of the financial crisis. The program is due to expire in October.

While the economy remains challenged, Geithner said TARP and other "extraordinary actions" taken to combat the financial meltdown "have helped stabilize the financial system and restore economic growth."

So what WAS the goal, exactly, Timmy? Free money for the bankers? Some kind of sick money laundering operation using the sick banks to buy up Treasury debt? You tell me since you’re the one who seemed to think it worked out the way it was supposed to.

I’ll be over here waiting for credit markets to unfreeze whenever you’re ready to talk.


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Talk of Trade Wars with China, Tariffs, and Currency Manipulation Move to Forefront; US Trade Imbalance – Whose Fault is It?

Talk of Trade Wars with China, Tariffs, and Currency Manipulation Move to Forefront; US Trade Imbalance – Whose Fault is It?

Courtesy of Mish 

BEIJING, CHINA - MAY 15:  (CHINA OUT) Dollars and yuan notes are seen at a bank on May 15, 2006 in Beijing, China. China's official exchange rate rose today to 7.9982 yuan per U.S. dollar, its highest level since a revaluation in last July, the government said. (Photo by China Photos/Getty Images)

Congress is one again shaking its currency-manipulation rattle. What’s different this time is Geithner appears to be listening.

Please consider Geithner signals U.S. patience waning on China currency.

Treasury Secretary Timothy Geithner indicated U.S. patience on China’s currency policy was wearing thin on Thursday as a key lawmaker warned that he would move soon on legislation that would penalize Chinese goods.

Striking his toughest tone on the yuan since delaying a decision in early April on whether to name China a currency manipulator, Geithner told a U.S. Senate hearing Chinese policies had a harmful worldwide impact.

"A stronger renminbi would benefit China because it would boost the purchasing power of households and encourage firms to shift production for domestic demand, rather than for export," he told the Senate Finance Committee.

"The time is long past for any Treasury Department to admit publicly what everyone else already knows, that China is manipulating the value of its currency in order to gain an unfair advantage in international trade," said Charles Grassley, the senior Republican Senator on the committee.

Democratic Senator Charles Schumer told Geithner to "be prepared" because lawmakers would move forward soon with legislation that would slap anti-dumping penalties and countervailing duties on goods from China and other countries with a "fundamentally misaligned" currency.

Senator Graham Threatens Veto-Proof Currency Legislation

Congress is increasingly frustrated with the China’s currency peg, so much so that senators suggest there may be enough votes to override a presidential veto. Bloomberg reports Graham Says China Yuan Measure Has ‘Huge’ Support in Congress.

U.S. Senator Lindsey Graham said legislation aimed at getting China to raise the value of its currency has “huge” support in Congress, and President Barack Obama “runs the risk” of being overridden if he vetoes it.

“The frustrations with China’s trade practices are growing by the moment,” Graham, a South Carolina Republican, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend.

He called the measure a “test” of the administration because Obama “campaigned that he would stand up to China currency manipulation.” Graham has joined Senator Charles Schumer, a New York Democrat, in sponsoring legislation targeting China’s yuan.

Lawmakers are pushing for a vote on


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Geithner on “Sustaining the Unsustainable”; Bill Gross, Robert Mundell say Sovereign Default Likely Inevitable

Geithner on "Sustaining the Unsustainable"; Bill Gross, Robert Mundell say Sovereign Default Likely Inevitable

tim geithnerCourtesy of Mish

Sustaining the Unsustainable 

Treasury Secretary Tim Geithner had me laughing out loud over his statement yesterday in Beijing where he took part in the two-day U.S.-China Strategic and Economic Dialogue.

"European leaders face the difficult challenge of trying to restore sustainability to an unsustainable system."

Yes Tim, that challenge would indeed be "difficult", in fact, impossible by definition.

It is a contradiction in terms and thus logically impossible to suggest it is possible to "sustain the unsustainable". Geithner needs math lessons or logic lessons, most likely both.

Sovereign Default Inevitable

With Geithner focused on the impossible, others have a more practical outlook. For example, Bill Gross and Noble Prize winning economist Robert Mundell say Sovereign Default May Prove Inevitable for Nations.

Pacific Investment Management Co.’s Bill Gross said restrictive lending rates and austerity measures that slow growth may leave default as the “only way out” for some sovereign borrowers dealing with mounting debt and deficits.

“Credit and equity market vigilantes are wondering if in many cases sovereigns haven’t already gone too far and that the only way out might be via default or the more politely used phrase of ‘restructuring,’” Gross wrote in his June investment outlook today on the Newport Beach, California-based company’s website. “It may not be possible for a country to escape a debt crisis by reducing deficits.”

“At the now-restrictive yields of Libor plus 300-350 basis points being imposed by the EU and the IMF alike, there is no reasonable scenario which would allow Greece to ‘grow’ its way out,” said Gross, co-chief investment officer of Pimco and manager of the world’s biggest mutual fund.

Nobel Prize-winning economist Robert Mundell said reworking debt may be “inevitable” for one or two countries that share Europe’s common currency in the next five years.

“Debt restructuring may be needed for one or two fiscally weak euro members,” he said today at a conference in Warsaw. “In five years it may be inevitable, but it doesn’t mean euro deconstruction, it just means debt restructuring.”

Geithner Pleads Bazooka Be Fired

As noted above, it is not only “difficult” it is impossible by definition to achieve the unachievable, thus extremely foolish to even attempt such a maneuver.

However, logical impossibilities did not stop Geithner’s plea to fire the $1 trillion


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Cramer: You Hitting The Pipe Dude?

Cramer: You Hitting The Pipe Dude?

Courtesy of Karl Denninger at The Market Ticker 

Unbelievable

You have to be kidding me.

If it doesn’t blow sky high right now it won’t at all?

I think this sort of nonsense is amusing.

"You’re fighting The Fed and Geithner right now if you hate stocks"?  "We’ve seen P/Es come down so much…"

Huh?  We’ve sold off ten percent and that’s a "big" P/E decrease?

You’ve got to be kidding me.

The entirety of the rally off the 2009 lows was predicated on the US borrowing and spending $1.5 trillion a year, or 11% of GDP, for the last two years!

The extreme volatility you’ve seen the last couple of weeks is not about Greece.  Nor is it about Merkel, or Sarkozy, or any of the clown car brigade in Washington DC.

The volatility is the market debating whether governments worldwide can continue to borrow and spend 10% or so of their GDP on an ongoing, continual and perpetual basis.

It’s that simple folks, because the underlying economic fundamentals and private activity has not come back at all – there has been zero advancement in private activity sufficient to allow any pullback of that support! 

If this cannot be continued, and the recent events in Greece strongly suggest that it cannot, then market prices are dramatically too high, as they reflect a fully-priced in "V" shaped recovery that is being created and sustained as a consequence of this deficit spending!

The bottom line is that simple, and yes, we will have a fulfillment of that debate soon.

Within 48 hours?  Not a chance.

But in the near future?  You bet, and if the resolution of that debate is that governments will have to withdraw their artificial "stimulative" measures due to inability to sustain the deficits then that repricing will continue in earnest – in that event it is nowhere near over.


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Kimble Charting Solutions

DAX Index Hits Two 18-Year Support Lines, Creates Large Bullish Reversal

Courtesy of Chris Kimble

Has the DAX index from Germany experience a large decline of late? Yes, it has!

Has the decline broken long-term rising support lines? Not so far!

This chart looks at the DAX index on a monthly basis over the past 25-years. Over the past 6-years, it has traded sideways inside of the blue rectangle at (1).

The decline this year saw the DAX hit two 18-year rising support lines at (2) last month, where a large bullish reversal took place.

Until broken, important support remains in play at (2), which is bullish for this key index....



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Zero Hedge

Aaand Its Gone... The Biggest Support For Asset Prices

Courtesy of ZeroHedge View original post here.

Authored by Lance Roberts via RealInvestmentAdvice.com,

Since the passage of “tax cuts,” in late 2017, the surge in corporate share buybacks has become a point of much debate. I previously wrote that stock buybacks were setting records over the past couple of years. Jeffery Marc...



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Niema Moshiri, University of California San Diego

When you hear the term “evolutionary tree,” you may think of Charles Darwin and the study of the relationships between different species over the span of millions of years.

While the concept of an “evolutionary tree” originated in Darwin’s “...



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Here's how scientists are tracking the genetic evolution of COVID-19

Why do scientists care about mutations on the coronavirus? Alexandr Gnezdilov Light Painting

Niema Moshiri, University of California San Diego

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Activists demand revamp of anti-redlining law

By Anna Peel. Originally published at ValueWalk.

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Q1 2020 hedge fund letters, conferences and more

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There is nothing new in WallStreet, it is only the players that change. Sometimes a market player or an event gets ahead of the crowd and WallStreet has to play catch up.

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Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
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...

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The Technical Traders

Founder of TradersWorld Magazine Issued Special Report for Free

Courtesy of Technical Traders

Larry Jacobs owner and editor of TradersWorld magazine published a free special report with his top article and market forecast to his readers yesterday.

What is really exciting is that this forecast for all assets has played out exactly as expected from the stock market crash within his time window to the gold rally, and sharp sell-off. These forecasts have just gotten started the recent moves were only the first part of his price forecasts.

There is only one article in this special supplement, click on the image or link below to download and read it today!

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10 ways to spot online misinformation

 

10 ways to spot online misinformation

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Courtesy of H. Colleen Sinclair, Mississippi State University

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While coronavirus rages, bitcoin has made a leap towards the mainstream

 

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Get used to it. Anastasiia Bakai

Courtesy of Iwa Salami, University of East London

Anyone holding bitcoin would have watched the market with alarm in recent weeks. The virtual currency, whose price other cryptocurrencies like ethereum and litecoin largely follow, plummeted from more than US$10,000 (£8,206) in mid-February to briefly below US$4,000 on March 13. Despite recovering to the mid-US$6,000s at the time of writin...



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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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