Tim Geithner

Too Top-Down…Even for the Chinese Government!

It’s not surprising that Treasury Secretary Geithner’s recent G-20 proposal that governments agree to keep their current-account balances (either surplus or deficit) within 4 percent of GDP has met with resistance. After all, it assumes governments can and should manage the buying, selling, and investment decisions of hundreds of millions of Americans and billions of people worldwide.

Reform Needed, but Obama Plan Would Result in More Financial Crises, not Less

Today President Obama took his financial reform plan to the airwaves.  While there is no doubt our financial system is in need of financial reform, the President’s plan would make bailouts a permanent feature of the regulatory landscape.  Rather than ending “too big to fail” – the President wants us to believe that with additional discretion and power, the same Federal Reserve that missed the boat last time will save us next time.

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