Gerry Canavan

the smartest kid on earth

Posts Tagged ‘Timothy Geithner

With an Ace in the Hole…

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Geithner folds. Despicable.

Written by gerrycanavan

July 9, 2011 at 9:12 am

World-Historical Incompetence

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I agree with basically everything Adam Kotsko says here, except that my career is only about to be derailed by a financial crisis (as opposed to having already been derailed). Notably:

In addition, given the fact that this option exists, I believe that if Obama chose to obey the debt ceiling and defaulted on U.S. debt, he would be willfully causing a global financial crisis at a time when the economy is (in part due to the failures of his own policies) still extremely weak. Given the special role of U.S. debt in the global economy, it seems likely that said crisis would be the worst in the entire history of capitalism — if the collapse of one particular asset class reputed to be of AAA quality (CDOs, i.e. securitized mortgages) caused such chaos, what would happen when the gold standard of safe investments collapsed?

One thing’s for certain: the amount of human suffering that would result would be staggering, quickly shooting Obama up the list of “History’s Greatest Monsters.” In addition, he would be creating a situation in which someone like Michelle Bachmann could realistically be elected president, most likely creating a constitutional crisis of quite a different order.

I wish I knew for sure that Obama wouldn’t let that happen.

And, right on cue…

In addition to his warnings about the cost of a default, officials said, Mr. Geithner told the lawmakers the White House did not believe it had the authority, under the Constitution, to continue issuing debt if it reached the debt ceiling. Nobody in the room disputed Mr. Geithner’s bleak assessment, the officials said.

More!

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* Ireland wants a rematch against France, but FIFA says it won’t happen. More here.

* Kurt Vonnegut’s letter home as a POW, 1944.

* The headline reads, “IBM makes supercomputer significantly smarter than cat.”

* Eric Barker calls this New York Times article on DNA testing and parental rights “thought-provoking”, and I suppose it is—but mostly I was completely aghast at the idea that a father would desert his child after a decade just because the child turned out to be “not really his,” “someone else’s kid.” Speaking off the cuff, it seems to me the best solution here would probably just be to change the law to allow children to have more than two legal parents—but regardless of the legal question there’s a clear ethical imperative to remain a parent the child you have raised and claim to love, whatever the mother might have done or said in the past. In some sense this actually seems to me to be beyond ethics, or rather before; it seems to me you’d want to stay the child’s father, that you’d be desperate to, in whatever way you could.

* Autocomplete Me is a blog devoted to revealing the weirdest gems in Google’s autocomplete feature. (Hat tip: Neil.)

* The Board of Regents for the University of California system has voted to raise tuition 32% over 2008. How the University Works declares California is burning.

* Troubled times in Casino City. Via Atrios.

* Stopping ACTA. Via Boing Boing.

* Dump Geithner: A growing consensus?

* Good and bad polling news: Even Fox News viewers overwhelmingly think the bow was appropriate (good news), but 52% of Republicans think ACORN stole 9.5 million votes in the 2008 election to put Obama in the White House (bad news). Naturally, ACORN stole NY-23 as well.

* Meanwhile, 52% of Americans are shockingly misinformed about whether an army of gorillas could beat an army of bears.

* And the news story that launched a thousand 2010 puns: there could be fishlike life on Europa. All these puns are yours, except Europa. Attempt no punning there.

Mistakes Obama Has Made

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Mistakes Obama has made: Timothy Geithner.

Written by gerrycanavan

November 17, 2009 at 4:02 am

Sunday Linkdump #2

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Sunday linkdump #2, our ruined economy edition.

* Matt Taibi has today’s must-read AIG article in Rolling Stone, “The Big Takeover.” Discussion at MeFi with more links.

* The article in this month’s Harper’s (“Infinite Debt”) is good too, but unfortunately it’s not available to non-subscribers online yet.

* Rachel Maddow on how deregulation helped get us into this mess.

* John Gray reviews Margaret Atwood’s new book on debt for The New York Review of Books.

* And Paul Krugman is very unhappy about the Geithner toxic assets plan. He’s not the only one.

Written by gerrycanavan

March 22, 2009 at 5:14 pm

Who Could Have Predicted?

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Who could have predicted that putting the people who caused the problem in charge of fixing the problem would go so wrong? Say goodnight, Timothy.

Meanwhile, the situation at AIG may be much, much worse than anyone is admitting, while Kos and Josh Marshall are making sense: the real issues remain immediate triage of the economy, long-term systemic reform, and criminal prosecution of the widespread malfeasance throughout the financial sector. The bonuses suck, but they’re really secondary. Let’s not lose focus.

Written by gerrycanavan

March 19, 2009 at 2:05 am

Going After AIG

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New York Attorney General Andrew Cuomo is apparently going after the AIG bonuses. He’s already got some details on who got paid:

The highest bonus was $6.4 million, and six other employees received more than $4 million, according to Mr. Cuomo. Fifteen other people received bonuses of more than $2 million, and 51 people received bonuses between $1 million and $2 million, Mr. Cuomo said. Eleven of those who received “retention” bonuses of $1 million or more are no longer working at A.I.G., including one who received $4.6 million, he said.

Meanwhile, Josh Marshall has been looking into various claims that failure to pay the bonuses could constitute a “default event” under the ISDA Master Agreement that would trigger AIG’s trillion-dollar liabilities immediately. Sounds as if that’s not probably not the case, though Geithner may have been fooled. (Or “fooled.”)

When are these people going to jail?

Written by gerrycanavan

March 17, 2009 at 6:30 pm

Summer’s Over

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In a move precisely calculated to keep anybody-but-Summers partisans on the reservation, Larry Summers has been passed over as Treasury Secretary in favor of New York Federal Reserve Bank chief Timothy Geithner.

Written by gerrycanavan

November 21, 2008 at 11:12 pm