• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    Ivory Bill Woodpecke… on PUMA to Bernie People
    Ivory Bill Woodpecke… on PUMA to Bernie People
    riverdaughter on PUMA to Bernie People
    riverdaughter on PUMA to Bernie People
    ProNewerDeal on PUMA to Bernie People
    churl on PUMA to Bernie People
    riverdaughter on PUMA to Bernie People
    riverdaughter on PUMA to Bernie People
    Ivory Bill Woodpecke… on PUMA to Bernie People
    Ivory Bill Woodpecke… on PUMA to Bernie People
    Ivory Bill Woodpecke… on PUMA to Bernie People
    riverdaughter on PUMA to Bernie People
    tdraicer on PUMA to Bernie People
    wnc-n on PUMA to Bernie People
    ProNewerDeal on PUMA to Bernie People
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama Bernie Sanders big pharma Bill Clinton cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donald Trump Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean John Edwards John McCain Jon Corzine Karl Rove Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare OccupyWallStreet occupy wall street Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans research Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    July 2016
    S M T W T F S
    « Jun    
     12
    3456789
    10111213141516
    17181920212223
    24252627282930
    31  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

  • Top Posts

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

Follow

Get every new post delivered to your Inbox.

Join 652 other followers