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Tim Geithner Could Get Some Assistance at Treasury Soon

This is so exciting! Tim Geithner may get some help at the Treasury Department soon. President Obama has just announced three new Treasury appointments. From Reuters a short time ago:

President Barack Obama moved to fill three of the four most senior Treasury Department positions on Monday, including announcing his intent to nominate former department counsel Neal Wolin as deputy Treasury secretary.

Obama also named Lael Brainard, a Brookings economist, as undersecretary of the Treasury for international affairs and said he had decided to keep Stuart Levey as undersecretary of the Treasury for terrorism and financial intelligence.

Wolin and Brainard must be confirmed by the Senate. Levey was confirmed in his post in 2004 and is being asked to remain so does not require reconfirmation.

No word yet on whether they’ve found anyone to answer the telephones yet.

Let’s hope Wolin, Brainard, and Levey’s taxes are all paid up. Timmy really needs some help!

Another piece of news that might not be so good for Timmy and Barack:

There have been rumors and announcements from China about a new reserve currency.

And the IMF has said that it is considering printing hundreds of billions of dollars worth of its own currency.

Today, the two stories came together in a dramatic development. Specifically, the head of China’s central bank proposed making the IMF’s currency the world’s reserve currency, to replace the dollar.


This is an open thread.

35 Responses

  1. ACK!!! Rage Against the Machine video embedding is not working!

  2. Obama’s new nickname:

    King dooHniboR

    (read the second word backwards)

  3. BB: Do a link for the video, so that we can go to youtube & see it.

  4. bb: you replied to me on the last thread:
    The market has gone up because they no know that that are getting everything they wanted from the Geithner and Obama with almost no restrictions. I’d like to heard what Dakinikat has to say too.

    After I asked that question, I think I realized the answer from Krugman’s editorial today. He explained that the government is basically subsidizing the investors to buy up the bad assets, and if they go up, they win, if they are a bust, the taxpayers pay and the investors can still walk away. His bottom line though was that the assets are just that “toxic,” and no amount of window dressing is going to make them more valuable than they are (or rather, aren’t). So, it makes perfect sense that the investors are now jumping in with both feet, because it’s a no-lose proposition for them, but that ultimately, it’s not sustainable for the diseased system.

    Dakinikat, if you appear, can you confirm or correct my understanding? (oh Dear Eco Obiwan…)

  5. Have this awful image of Bernanke standing in the middle of a swimming pool, Sheila Bair sitting on his shoulder, Geithner sitting on Sheila’s shoulder, like a totem pole swaying in the wind, and there is no water in the pool.

    Seems Bair will be running the show for bad bad assets, Geithner for the good bad assets. Success may be signaled by how little we hear from Bair, because she’ll be visible when she’s asking Congress for more funds to run her private receivership auction. Typical.

  6. Sorry, I love that song by Rage, and I was reminded that Michael Moore was in the video, probably directed it.

    WIsh they can do that in front of the WHITE HOUSE.

    • That would be great.

      • If Micahel Moore did do something to that effect with Rage or another band in protest, I’d gain respect for him again.

        • I don’t know how Moore could still support what Obama is doing.

          • I don’t know either.

            Oh, that’s right, it’s because Obama is a MAN.

          • It’s the Peepee Principle.

            Similar to the Peter Principle, in that in male hierarchical entities (like, um, all of society), penises are weighted in comparison to competence by a margin of roughly 10 to 1.

            I could make a really bad joke here about “grading on a curve”, but I won’t.

          • Well, he’s a limp bizkit. Or a soggy biscuit.

  7. The MSM, via the AP can’t be bothered with this frivolous economy stuff — they’ve got BIG stories to report on.


  8. I know we already talked about the 60 minutes interview (great post bb) but I had to bring this quote up — it has been bothering me since I read it:

    re: the situation in Iraq:

    “You are often confronted with bad choices that flow from less than optimal decisions made a year ago, two years ago, five years ago, when you weren’t here,” Obama said. “A lot of times, when things land at my desk, it’s a choice between bad and worse.”

    Um, EXCUSE THE F*CK OUT OF ME — but isn’t this ALWAYS the situation that the President of the USA has to deal with? What exactly did he think he would be doing? Flying in Air Force One, going on vacays to Camp David & cutting ribbons?

    • Yes, actually, he did. The idea that he has to put on his big boy panties and DO the JOB is utterly foreign to him. After all, he’s never ever been required to do that before!

      This is one point that I wish the media would grow some tits (I have banished the phrase “grow some balls from my vocabulary) and press him on.

      • Speaking of growing some.. Arianna was on Larry King earlier, saying Geithner should keep his job. Everyone thinks Geithner should keep his job now. One frickin day in the market. There is a desperate hunger out there. The MSM is the crude populist. Can’t stand their superficial analysis. One tenth the discipline compared to a place like TC. But guess I’ll take a peek at Krugman on Rose. Charlie is such a wannabe. He wants to be every guest that he interviews. Quite a gift. Just wish I could slap him silly from time to time.

    • Yup, Angie, I reckon that’s more or less what Plastic Jesus was thinking.

  9. BTW, Krugman is I think supposed to be on Charlie Rose tonight.

  10. Hi Angie! I made a joke about that “less than optimal” quote on the other thread. Here it is:

    “less than optimal”

    See that’s what I mean. He has no passion whatsoever! I’ll bet when he’s in bed with Michelle he sighs like that.

    ” (sigh) That was a less than optimal experience. It felt like the Bataan Death March”

  11. IMF controlling the world reserve currency? Now there will be no place to go and hide from the New World Order.

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