Tim Geithner got really, really mad the other day. So mad over problems with financial regulations, that he even swore and raised his voice during a meeting last week, and his PR handlers want the world to know that Tim Geithner ain’t foolin’ around no more. (more…)
Treasury Secretary Tim Geithner is in China today, doing whatever it takes–no matter how shameless and sordid– to make sure that the Chinese don’t pull out of American bonds, which are tanking in value thanks to Geithner’s multi-trillion-dollar gift to Wall Street. The Chinese are not happy, and since the Chinese loaned America all the money it’s now blowing, they call the shots.
The Tim Geithner lifting ass today in China sounds a lot different from the Tim Geithner who recently played the role of alpha Chinaman Dominator when he was trying to impress the wannabe macho men in Congress. The Treasury Secretary’s old self was captured perfectly in a NY Times article headlined “Geithner Hints At Harder Line on China Trade.” (more…)
The results are in and, completely and utterly to no surprise at all, the US banking system is in decent fundamental shape. Yup, Dr. Geithner and Nurse Bernanke had the 19 largest banks in the US drop trow, grabbed their balls, told them to turn their heads and cough, and pronounced them in more or less good health. $74 billion short of rude, independent vigor perhaps, but short nothing more than a run of penicillin here and a couple of aspirin there. As needed. Of course it was only last September, when Lehman was allowed to fail for the unforgivable sin of not being Goldman Sachs, that US banking was well and truly on the brink of collapse, with the electronic/institutional equivalent of a run on the system. Since then we have heard nothing but a relentless stream of bad news about the US and world economy. But, carry on folks, nothing to see here. All is well.
