So funny to watch you two.....Gruss goes out of his way to look for positives....Sam goes out of his way to look for negatives. If this had been a Bush appointee, the roles would have been reversed.
On Tue, Nov 25, 2008 at 10:52 AM, Sam <[EMAIL PROTECTED]> wrote: > http://www.iht.com/articles/2008/11/25/business/25sorkin.php > But Geithner's involvement in several ultimately ill-fated efforts to > buttress the American financial system is the very reason some Wall > Street CEO's a number of whom spoke on the condition of anonymity > for fear of piquing the man who regulates them question whether he's > up to the challenge. > > "We have only two things to say about Tim Geithner, who we do not > know: AIG and Lehman Brothers," said Christopher Whalen of > Institutional Risk Analytics. "Throw in the Bear Stearns/Maiden Lane > fiasco for good measure," he said, referring to the site of the New > York Federal Reserve, where many rescue discussions took place. > > "All of these 'rescues' are a disaster for the taxpayer, for the > financial markets and also for the Federal Reserve System as an > organization. Geithner, in our view, deserves retirement, not > promotion." > > Ouch. > > "He was in the room at every turn of the crisis," said another > executive who participated in several such confidential meetings with > Geithner. "You can look at that both ways." > > > On Mon, Nov 24, 2008 at 3:03 PM, Gruss Gott <[EMAIL PROTECTED]> wrote: > > SPEAKING of The Economist, our official assessment of Barack Obama's > > Treasury secretary nominee, New York Fed president Timothy Geithner, > > is up: > > > > Assuming he is nominated Mr Geithner brings two crucial qualities. > > First, he represents continuity. From the first days of the crisis > > last year, he has worked hand in glove with Ben Bernanke, the Fed > > chairman, and Mr Paulson. He can continue to do so while awaiting > > confirmation. If Citigroup, for example, needs federal help, Mr > > Geithner will be involved. An unknown when he joined the New York Fed > > in 2003, he is now a familiar face to the most senior executives on > > Wall Street and to central bankers and finance ministers overseas. > > > > Second, he represents competence. He has spent more time on > > financial crises, from Mexico and Thailand to Brazil and Argentina, > > than probably any other policymaker in office today. Mr Geithner > > understands better than almost anyone that in crises you throw out the > > forecast and focus on avoiding low probability events with > > catastrophic consequences. Such judgments are excruciating: do too > > little, and you undermine confidence and generate a bigger crisis that > > needs even bigger policy action. Do too much, and you look panicked > > and invite blowback from Wall Street, Congress and the press. At times > > during the crisis Mr Geithner would counsel Mr Bernanke on the > > importance of the right "ratio of drama to effectiveness". > > > > Ah, glorious, glorious competence. How we've missed you. > > > > http://www.economist.com/blogs/freeexchange/2008/11/meet_mr_geithner.cfm > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:281460 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
