In January Bloomberg reported that Tim Geithner called the CEO of Standard and Poor’s after the company downgraded US debt to explain that the move would have “ramifications” for the company. Now S&P finds itself embroiled in a lawsuit driven by the Justice Department which S&P says is punishment for the downgrade.
Geithner was able to get in and out of Washington DC pretty much unscathed. But his legacy will haunt the Treasury for a good while.
I will say that he did his job – for the banks.
Many people are mystified by the kids at the Ron Paul rallies screaming “End the Fed!”
They ask themselves, “Why should we end the Federal Reserve? The Fed helps maintain economic stability right? Every country has to have a central bank. These “End the Fed” kids are nothing but “Paulbots.” The people on CNBC and Bloomberg tell me that the Fed acts in my best interest. I think the people on Bloomberg and CNBC ought to know what’s right for me and my money. Harry Reid is right. Those hard money people and kids at the Ron Paul speeches are nothing but a bunch of anarchists!”
But the main reason many people feel this way is because they fundamentally don’t understand what the “End the Fed” people are really saying and why they are saying it.
The answer I believe is, yes, absolutely. Frankly I think that some people in Washington were hoping for a crash before now.That they haven’t gotten one has lead to significant consternation.
Politico says it’s more of a “chicken little” situation. Regardless of what fable the partial “shutdown” and renewed debt limit debate most resembles, president Obama has lost credibility with the American public on economic matters. (And other matters too. Remember last month’s crisis in Syria?)
13%-18% of the government is “shut down.” Now we move to the debt ceiling debate – again. Former OMB Director David Stockman gives his take.
I’m pretty sure this is physically impossible.
Robert Lenzner at Forbes would like to know about a few things.
Bitcoin is a challenge to the fiat nonsense which rules the day. It is an alternative to the magic backed dollar system we currently operate under.