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Geithner and Bernanke: Week 2
Monday, January 11, 2010
It seems that both the Treasury Secretary and the Fed Chairman may see things get even worse during the second week of the new year than they were in the first week.
Rebuttals to Bernanke's speech last week by luminaries John Taylor and Edward Chancellor appear in today's papers, while the Geithner-AIG controversy enters a more serious phase, the New York Fed, the White House, and Congress supporting the Treasury Secretary amid more calls for him to step down. Bloomberg reports on the circling of the wagons:
Click to play in a new windowChris Whalen notes over at The Big Picture that there might not be much help coming from the Obama Administration as "The child president has not a clue about financial anything. Notice how the White House was flummoxed by the latest AIG revelations. And both Rahm Immanuel and Larry Summers are said to be eyeing the emergency escape pods."
It should be an interesting week...
2 comments:
In 2009, most state budgets were bailed out by the massive Federal Stimulus program. Only about 1% of State and local employees lost their jobs. Spending contiuned "steady as she goes".
As the stimulus funds slow to a trickle, 2010 will require massive layoffs in government workers. The
Battle Royale with government unions is about to begin.
Rahm Immanuel eyeing the exit? What would the president do without his brain?
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