Word: geithner
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Much of today's deflation anxiety results from keen awareness of the Japanese experience of the 1990s. Indeed, New York Federal Reserve governor and vice chairman of the Federal Open Market Committee Timothy Geithner was Treasury attaché in the Tokyo embassy for the first half of that decade. That's when a widespread banking crisis led to a credit crunch, an economic slump and eventually interest rates that were lowered to zero by the Bank of Japan. Even so, Japan's banks, which were in the process of repairing their balance sheets, were extremely reluctant to lend. Thus, even...
...example, Bair was locked in meetings with Paulson and Tim Geithner, head of the New York Federal Reserve, trying to cut a deal that would get the money flowing to the big banks but would also generate enough in insurance premiums to protect the FDIC and thus the individual deposits that millions of Americans think of as safe. Paulson had asked the FDIC to stand behind loans between banks. To Bair, that meant a whole new category of risks on her ledger and the prospect of greater FDIC payouts if the big banks cratered. In the end, Paulson and Geithner...
...major initiatives unveiled by Paulson, Bernanke and New York Fed chairman Tim Geithner over the past months have all been efforts to do for the shadow banking system what was done for the regular banking system in the 1930s. To stop the institutional run on money markets, Paulson announced on Sept. 19 an insurance fund for them that would be backed up by funds usually reserved for currency stabilization. The AIG and Merrill Lynch interventions were attempts to dissolve failing companies in an orderly fashion without panic, as was the Wachovia bailout. The opening of the discount window to investment...
Looked at from a distance, it was clear the bullet-headed dealmaker Paulson was going to squeeze what he wanted out of Congress. Over the last six months, with the help of Tim Geithner at the New York Federal Reserve Bank and Ben Bernanke at the Federal Reserve, he has driven Bear Stearns into the arms of J. P. Morgan at a fire sale price; he has forced the board of Fannie Mae to enable a government takeover even though it meant devastation for shareholders; he has stared down Richard Fuld at Lehman Brothers, who thought he could bluff Paulson...
...Paulson pondered the work before himself, Bernanke and Geithner, it was hard not to notice that, for the first time, he sounded like a very tired...