Friday, November 21, 2008

Treasury Sec. Tim Geithner; Possible Carleton Connection?

If news reports are correct then US legal tender (for all debts private and public) minted after his confirmation will be signed by Timothy Geithner, the current President of the Federal Reserve Bank of New York. Also he will engineer this nations financial recovery. And in doing so, he will get me a job...

Right, back to the economy (and everyone else's jobs), here's what everyone else is saying about this pick:

The largest knock against Geithner is the Fed's decision to let Lehman Bros. fail, but he's among the more credible and connected candidates out there and the only one with first-hand experience in the trenches of the current credit crisis. US NEWS TICKER

After completing his studies, Geithner worked for Kissinger and Associates in Washington, DC, for three years and then joined the International Affairs division of the US Treasury Department in 1988.

In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.

In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003.[4] In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty. Wikipedia

As president of the New York Federal Reserve since 2003, Mr. Geithner has straddled Wall Street and Washington as a central player in trying to resolve the most significant financial crisis in more than 60 years. He would bring a deep understanding of Wall Street and a close working relationship with Ben S. Bernanke, the chairman of the Federal Reserve, his partner in the $700 million bailout, along with Treasury Secretary Henry M. Paulson Jr.

Though not an economist, Mr. Geithner has a deep understanding of monetary and fiscal policy and broad experience in international trade issues. Before the current crisis, he was involved in the bailouts of Mexico, Indonesia, Korea, Brazil and Thailand. Although he served in the Clinton administration, he is not viewed as partisan and enjoys good relations with both Democrats and Republicans in Congress.NYT

Here's my question: Does he know President Oden? I mean the man is Darmouth Graduate (class of '83) and a fly fisher. Wouldn't surprise me if President Oden knows the man. If President Oden does know him, does that mean that Carleton College is more of an AIG instead of a Lehman Brothers? No? Damn...
Well, about that job.

Update: Apparently the stock markets liked this choice by President-elect Obama and rewarded him with a 500 point jump in the Dow Jones industrials.

Wall Street is ending a volatile week with an unexpected jolt of confidence following reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary. The major indexes have jumped more than 5 percent, with the Dow Jones industrials surging nearly 500 points.

Stocks have erased about half of the losses that came in steep selling Wednesday and Thursday.

Wall Street appears buoyed by reports that Obama plans to name his economic team on Monday -- offering investors some hope of a smooth transition in an uncertain market. AP


Michelle said...

Pabs, you are totally scooping me. I go to write these things and they are already up. I'm so pleased :-).

Vernon Malcolm said...

Now that the anti-science, superstition-based initiative presidency is coming to an end, we need several public works science Manhattan projects to make us great again and boost us out of this Grotesque Depression. First we must provide free advertising-based wireless internet to everyone. Then we must criscross the land with high speed rail. We must develop microorganisms that may be freely distributed like bread yeast and become commonplace to improve our future. Because bovine flatulence is the major source of greenhouse gases, we must develop microorganisms which can be grow in the home that will provide all of our nutrition. Then we must create microorganisms which turn our sewage and waste into fuel. Since paranoid schizophrenia is the cause of racism, bigotry, homelessness, terrorism, ignorance, exploitation and criminality, we must provide put the appropriate medications, like lithium, in the water supply. We must require dangerous wingnuts who refuse free mental health care to be implanted with drug release devices and microorganisms. Osama bin Laden and Timothy McVeigh were the ultimate superstition based initiatives. We should encourage international organizations to do likewise. In order to fund this we must nationalize the entire financial, electrical and transportation system and abolish the silly feudal notion that each industry should be regulated by its peers. Real estate and insurance, the engines of feudalism, must be brought under the Federal Reserve so we may replace all buildings with hazardous materials to provide public works. Insects, flooding and fire spread asbestos, lead and mold which prematurely disables the disadvantaged. Furthermore, as feudalism is the threat to progress everywhere, we must abolish large land holdings by farmers, foresters or religions and instead make all such large landholding part of the forest service so our trees may diminish greenhouse gases. We must abolish executive pay and make sure all employees in a company are all paid equally. We must abolish this exploitative idea of trade and make every home self sufficient through the microorganisms we invent.