Friday, March 27, 2009
You're doing a Heck Of A Job, Timmy!
On Wednesday, Timmy Tax Cheat said the dollar could be replaced as the premier currency for world financial reserves–something recently suggested by Chinese officials. (Geithner later backtracked).
Geithner backtracked because as soon as his words hit the currency traders, the dollar dropped. Politico:
I noted earlier that Tim Geithner had been surprisingly sanguine about a new world currency, and had to be pulled back onto his tightrope by former Clinton Treasury official Roger Altman.
Currency traders noticed too: The dollar fell on his initial remarks, though it recovered a bit after Altman steered him back on message.
Nouriel Roubini, the New York University professor who predicted last year’s economic crisis, said U.S. stocks will continue falling and the government will nationalize more banks. Bloomberg:
“The stock market is a bit ahead of the real macroeconomic and financial news,” Roubini, a professor at NYU’s Stern School of Business and the chairman of consulting firm Roubini Global Economics, said in an interview with Bloomberg Television in London today. “We’ll have some major banks going belly up that will need to be taken over.”
Treasury Secretary Timothy Geithner’s new plan to remove toxic debt from financial companies won’t be enough for insolvent banks, he said.
Way to go Timmy! You're doing a heckuva job!
I checked Open Secrets and found one poltical donation of Mr. Roubini. He donated $500 to Senator Joe Lieberman in 2004:
ROUBINI, NOURIEL - NEW YORK UNIVERSITY - NEW YORK, NY 10013 12/23/04 - $500 Lieberman, Joe (D)
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