Ever been to a training session at a huge company? Well, I have when I worked for a Fortune 500 company. Let me tell you what was said about problems with issues.
You don't pass blame. The blame lies squarely on the shoulders of the man at the top of the heap. Why? Because his policy allowed the issue to happen.
With that said, the problem with the AIG bonus lies squarely on the boss of Geithner, that is, the President himself.
The calls are starting to come in for the resignation of Geithner. Perhaps, the man at the top should follow the lay of the land in corporate America training sessions on responsibility.
Video: DeMint calls on Geithner to resign, Geithner admits he contacted Dodd; Update: Harry Truman, call your office!
March 19, 2009
Ed Morrissey
Are they crazy? Don’t Jim DeMint and Johnny Isakson know that Tim Geithner is the only one working at Treasury? Well, I guess the problem is defining the word “working”, after the AIG debacle blew up in the faces of Geithner and Barack Obama, thanks to Chris Dodd singing like a canary yesterday. DeMint and Isakson publicly called for Geithner’s head:
http://hotair.com/archives/2009/03/19/video-demint-calls-on-geithner-to-resign/
HT to Jim DeMint
Showing posts with label geithner. Show all posts
Showing posts with label geithner. Show all posts
Thursday, March 19, 2009
Monday, February 9, 2009
Japan Didn't Spend Enough?
Is the Treasury's Plan to 'Go Japanese' Doomed to Fail?
/PRNewswire/ -- In the latest issue of The Casey Report, the flagship publication of Casey Research, Managing Director David Galland and Chief Economist Bud Conrad have examined the decline of the Japanese economy since 1990 and note the many similarities, and a few key dissimilarities, to the United States' current crisis.
"Statements made by Treasury Secretary Tim Geithner suggest that he views the Japanese crisis as a useful comparison to the current situation in the U.S., except that Japan did not apply enough monetary stimulus early enough," says David Galland. "Our analysis suggests critical differences which could cause efforts to stimulate the economy back to life to fail."
Similar to the U.S., in the years leading up to its "Lost Decade" per-capita debt in Japan soared, by seven-fold. Also similarly, the debt bubble in Japan collapsed, dealing a crushing blow to equities and real estate markets. The Japanese government responded to its financial crunch by going on a fiscal stimulus spree. The Japanese government debt grew to 160% of the GDP. The United States' debt is currently 75% of the GDP but expected to climb significantly as further stimulus is applied.
Japan also cut its lending rate to zero percent, just as the United States has done. The Bank of Japan, similar to our Federal Reserve, acquired Japanese government bonds and providing more liquidity to weak banks. That this approach did not provide the desired results and did not revive the Japanese stock market, Treasury Secretary Geithner attributes to Japan's hesitant approach, indicating a willingness to act more forcefully, and to continue applying stimulus, in order to restart the economy.
"The Treasury secretary's words and the plans so far revealed seem to us to misunderstand some key differences between the U.S. economy now, and Japan's then," says David Galland:
-- Japan had a current account surplus throughout its crisis which
provided support to the yen, whereas going into its crisis the U.S.
has a record current account deficit and is the world's largest debtor
nation.
-- The Japanese are savers by nature. Americans are big spenders and are
entering the crisis with little or no savings.
-- The work ethic and the quality of primary education in the United
States have declined more than in Asia.
-- There are record amounts of U.S. dollars in the hands of foreigners
who are paying close attention to actions by our Treasury department.
Excessive stimulus could trigger a devastating exit from the dollar,
creating a vicious circle of a weakening dollar and soaring interest
rates.
Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs -- through subscription fees -- in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.
/PRNewswire/ -- In the latest issue of The Casey Report, the flagship publication of Casey Research, Managing Director David Galland and Chief Economist Bud Conrad have examined the decline of the Japanese economy since 1990 and note the many similarities, and a few key dissimilarities, to the United States' current crisis.
"Statements made by Treasury Secretary Tim Geithner suggest that he views the Japanese crisis as a useful comparison to the current situation in the U.S., except that Japan did not apply enough monetary stimulus early enough," says David Galland. "Our analysis suggests critical differences which could cause efforts to stimulate the economy back to life to fail."
Similar to the U.S., in the years leading up to its "Lost Decade" per-capita debt in Japan soared, by seven-fold. Also similarly, the debt bubble in Japan collapsed, dealing a crushing blow to equities and real estate markets. The Japanese government responded to its financial crunch by going on a fiscal stimulus spree. The Japanese government debt grew to 160% of the GDP. The United States' debt is currently 75% of the GDP but expected to climb significantly as further stimulus is applied.
Japan also cut its lending rate to zero percent, just as the United States has done. The Bank of Japan, similar to our Federal Reserve, acquired Japanese government bonds and providing more liquidity to weak banks. That this approach did not provide the desired results and did not revive the Japanese stock market, Treasury Secretary Geithner attributes to Japan's hesitant approach, indicating a willingness to act more forcefully, and to continue applying stimulus, in order to restart the economy.
"The Treasury secretary's words and the plans so far revealed seem to us to misunderstand some key differences between the U.S. economy now, and Japan's then," says David Galland:
-- Japan had a current account surplus throughout its crisis which
provided support to the yen, whereas going into its crisis the U.S.
has a record current account deficit and is the world's largest debtor
nation.
-- The Japanese are savers by nature. Americans are big spenders and are
entering the crisis with little or no savings.
-- The work ethic and the quality of primary education in the United
States have declined more than in Asia.
-- There are record amounts of U.S. dollars in the hands of foreigners
who are paying close attention to actions by our Treasury department.
Excessive stimulus could trigger a devastating exit from the dollar,
creating a vicious circle of a weakening dollar and soaring interest
rates.
Casey Research is a team of highly experienced investors and trained economists who spend countless hours researching powerful economic trends and the very best ways to profit from same. Their clientele is made up of individual and institutional investors who share the costs -- through subscription fees -- in exchange for unbiased research and information they can use in managing their portfolios to produce above-average returns.
Monday, February 2, 2009
"Oops, I Forgot" is Recurring Theme
Have you been paying attention? Not only did Obama's treasury nominee Geithner not pay his taxes, now Daschle shows up on the wrong side of a tax bill.
Why is it that those have been nominated to lead America are free to disregard the law of the land? Would the Fed look the other way for most Americans? Why aren't these Obama friends getting fried by the media or by the Feds for breaking the law?
Where are their cancelled checks? Will they be audited to see what else they forgot to mention?
How can these men be trusted to do what is right for America? How can these men be trusted at all?
Just wondering about it all as I sit and honestly do my taxes.
Why is it that those have been nominated to lead America are free to disregard the law of the land? Would the Fed look the other way for most Americans? Why aren't these Obama friends getting fried by the media or by the Feds for breaking the law?
Where are their cancelled checks? Will they be audited to see what else they forgot to mention?
How can these men be trusted to do what is right for America? How can these men be trusted at all?
Just wondering about it all as I sit and honestly do my taxes.
Wednesday, January 28, 2009
Tired of the Bash
The news and talk shows are interesting to listen to these days. Sometimes, there are some very valid points. And then there's...
Why is it that hard core Democrats place all the blame on President Bush when Congress was controlled by Democrats?
How is the economic stimulus plan really going to help the economy? Build a road to where? And how long will that job last?
Why not let those who take from the government give back?
Why does Geithner appoint a lobbyist?
Why does the White House and friends sound like sore winners?
Just a thought. Just want to hear constructive criticism by those whose voices are heard most often. Just tired of the bash.
Why is it that hard core Democrats place all the blame on President Bush when Congress was controlled by Democrats?
How is the economic stimulus plan really going to help the economy? Build a road to where? And how long will that job last?
Why not let those who take from the government give back?
Why does Geithner appoint a lobbyist?
Why does the White House and friends sound like sore winners?
Just a thought. Just want to hear constructive criticism by those whose voices are heard most often. Just tired of the bash.
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