Word: geithnerã
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Perpetually stressed U.S. Treasury Secretary Timothy Geithner??an East Asian Studies graduate from Dartmouth—may finally have an assistant treasury secretary for financial markets (from Cornell) to help him out. Now it's up to the Senate to approve her, and we all know how long that takes...
...largely unregulated financial institutions, and rightly so. The huge systemic risks associated with hedge funds and other unregulated firms in the financial system have a ruinous potential in our economy. Yet these bodies have been allowed to operate with a minimal level of oversight for years. Treasury Secretary Timothy Geithner??s call for an expansion of financial regulation and increased transparency faces a long struggle through Congress but will prove a crucial framework for promoting future economic stability. Mangers at hedge funds and other unregulated market players are often reluctant to open their bets to scrutiny or reveal...
...inspire confidence in the market in 1932 and 1933 because it lacked the “vigorous intellectual leadership” necessary to do so. Weak leadership did not overcome antagonism between the 10-year-old Fed and the New York Clearinghouse—a fate that could befall Geithner??s public-private fund today...
...Geithner, fortunately, does not face this old-fashioned run on the bank. Yet cooperation from the private sector is just as crucial today as it was in 1933. Creating an effective public-private fund requires incentives for private investment, and incentives depend on specific terms. This is exactly what Geithner??s fund is missing and exactly why future Friedmans and Schwartzes might criticize Geithner for “absence of vigorous intellectual leadership...
...Krugman has called “no harm, no foul.” It is rather a watershed moment that could determine the future of this potential public-private relationship as the United States continues to grapple with recession. Like Harrison’s hasty actions in March 1933, Geithner??s imprecision risks alienating those with whom he hopes to partner...