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    • Exchange Rates 101
      In light of the collapse of the Ruble I think it’s worth revisiting what controls exchange rates. Supply and Demand. Yeah, if you know something about the subject you’re probably shaking your head. Supply and Demand doesn’t set prices in many cases in the way that an Economics 101 course tells you. Such texts will [...]
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Tim Geithner; Herbert Hoover – Depression revisited

Unlike fellow Conflucian “headliner” Dakinkat (see her must-read post), I am not an economist, and I do not purport to have expertise in the field. I offer this post based on the claims of Paul Krugman and Barack Obama that the fiscal crisis facing the United States and its citizens today is more comparable to the conditions of the Great Depression than any other crisis faced since then. If that is true, no wonder I find the details of whiz-kid tax evader Tim Geithner’s newly dubbed Financial Stability Act (this is NOT the TARP redux bill just passed by the Senate) personally depressing. So, by the way, does Wall Street.

Treasury Secretary Timothy F. Geithner announced a vast new rescue plan for the financial sector. Stocks plunged following the unveiling of the program to use $1.5 trillion or more in public and private funds to bail out banks and financial institutions and thaw frozen credit markets. The plan would create a $500 billion fund to buy up toxic bank assets such as bad real estate loans and commit up to $1 trillion to reopen lending markets for consumer, student, small business, auto andcommercial loans.

The Dow Jones industrial average was down 383 points in afternoon trading. The tech-heavy Nasdaq plummeted 63 points, and the Standard & Poor’s 500-stock index dropped 43 points.

(source)

Here are the highlights of the Geithner plan, according to The New York Times:

0210-biz-GEITHNER-web

Now, read these excerpts from an overview of the Hoover administration’s approach to the Great Depression, which set in 6 to 8 years before Franklin Delano Roosevelt was first elected. Continue reading

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