What it says and what it does are too different matters.
According to this review Mr. Geithner thinks quite a lot of himself. He takes credit (credit?) for the lion’s share of the TARP bailout, which he sees as a success and not as many have come to see in the years since, an overreaction to a meltdown brought on by easy money which fundamentally undermined our economy.
“I felt like a guy in the boiler room of the Titanic, desperately bailing to keep the ship afloat for a few more hours while the DOJ attorneys complained from their first-class cabin that their champagne wasn’t properly chilled.”
Justice claims the Journal bribed officials to get information. In China? No, that can’t be.
Some at the paper think the “wistleblower” is a Chinese agent seeking revenge for the Journal’s reporting on high level officials.
Sadly, it’s that time of year again. The big bill. A little help (maybe) from The Wall Street Journal.
The Journal Reports that in March a debate was had within the White House around whether a “dragnet” of citizen records should be created.
The Wall Street Journal got this right in an editorial today:
Luigi Zingales asserts in this Wall Street Journal op-ed that America is starting to look a little too much like Italy (his mother country) economically.
Increasingly merit has less to do with “success” in the United States than access to persons of power, especially government power.
I have been very open in my support for Ron Paul. I personally believe he is the last best chance for us to save the remnant we have of the Republic and from there reestablish it to what it should be. I also think that Ron Paul has an excellent chance of beating Obama. He might even have a better shot than Romney.
One of the biggest stories not being covered by the old media is the contrast in crowd numbers between the 2 GOP rivals. Ron Paul, week after week is getting crowds of 5,000, 6,000, nearly 10,000 to hear him speak. Romney can barely fill a college lecture hall. And this is why Romney’s camp is getting nervous.
Thanks again to Tyler at ZeroHedge.com
In the attached piece Tyler Durden posts the recent op-ed in the Wall Street Journal by Mark Spitznagel who makes the case that current Fed policy strongly favors the wealthy, specifically the investment bankers. His analysis is right on in this site’s opinion.
The Fed, having gone on an unprecedented credit expansion spree, has benefited the recipients who were first in line at the trough: banks (imagine borrowing for free and then buying up assets that you know the Fed is aggressively buying with you) and those favored entities and individuals deemed most creditworthy. Flush with capital, these recipients have proceeded to bid up the prices of assets and resources, while everyone else has watched their purchasing power decline.
But Nobel Prize winner and cat lover Paul Krugman says that Spitznagel’s perspective is all wrong. The Fed is actually making life harder for the bankers.
The 1603 tax credit plan was originally funded by the stimulus plan but ran out in December. Now the president wants the $10 billion program revived. Republican leaders are not so sure that is a good idea.
The administration originally claimed that just over 100,000 jobs were created by the plan which pays a direct subsidy to certain companies engaged in “green” energy projects. The House leadership would like to see where the administration got its numbers. A deadline of March 29th was set.
Guess what? No information on where this job creation number came from was presented to leadership. Yes the president is pushing harder for the credit.
In an interview yesterday with the BBC, the British Prime Minister warned of “excessive growth in payment unrelated to success that’s frankly ripping off the shareholder and the customer and is crony capitalism and is wrong.”
Though there may be some merit to putting some executives’ pay in the spotlight, such pay in and of itself is not the result of “crony capitalism” per se.