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$4.49
By Margaret B. Jones
$16.47
$24
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Don Hankins (CC BY 2.0)
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“Today the stock market is high not from profits from expanding sales revenues, but from labor cost savings,” former Reagan Treasury Secretary Paul Craig Roberts writes in CounterPunch.
Posted on Mar 6, 2013
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A look at the day’s political happenings, including California voters make an about-face on marijuana legalization and an Illinois lawmaker offers an interesting comparison on gun control.
Posted on Feb 27, 2013
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A look at the day’s political happenings, including CNN interrupting Joe Biden’s gun control presentation to report on another school shooting and a heated on-air argument between MSNBC’s “Morning Joe” co-hosts.
Posted on Jan 10, 2013
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A look at the day’s political happenings, including AIG’s decision on whether to join a lawsuit against the government over the financial crisis bailout and the White House’s response to a petition to deport Piers Morgan.
Posted on Jan 9, 2013
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AP/Francisco Seco
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The Nobel Prize-winning economist and public advocate is at the top of every liberal’s wish list for President Obama’s second-term Cabinet appointments.
Posted on Jan 5, 2013
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AP / Charles Dharapak
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If you saw the broadcast of Tuesday’s State of the Union address, you might have caught Treasury Secretary Timothy Geithner looking a little uneasy on his perch next to a solemn Secretary of State Hillary Clinton, which could have something to do with the state of his position at the White House.
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AP / Lauren Victoria Burke
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Back in July of 2008, when most of us were still blissfully ignorant about the approaching economic apocalypse, then-Treasury Secretary Henry Paulson was very aware of some important market distress signals, and he chose to share some of those with an elite group of financial executives, Bloomberg reported Tuesday.
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Flickr / World Economic Forum (CC-BY-SA)
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Treasury Secretary Timothy Geithner denied in an interview with former President Bill Clinton recent reports that he was considering stepping down from his post after Congress hammers out an agreement on the federal debt limit later this summer. (more)
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AP / Jacquelyn Martin
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By Robert Scheer — Endorsing the Republican agenda of financial industry deregulation, reversing New Deal safeguards, President Clinton pursued policies that in the long run created more damage to the American economy than any other president since Herbert Hoover.
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AP / Cliff Owen
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By Robert Scheer — Paul Volcker, or the “big guy,” as President Barack Obama refers to the former Federal Reserve chair who heads his Economic Recovery Advisory Board, nailed it in a series of blistering remarks on the sorry state of our economy.
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AP / Pablo Martinez Monsivais
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By Robert Scheer — It’s not working. Time for the president to concede that the economy is at best stagnating and at worst about to take another steep nose dive.
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White House / Pete Souza
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Back in 2008, when Treasury Secretary Timothy Geithner was just the lowly president of the New York Federal Reserve, he was involved in some interactions with embattled insurance giant AIG that apparently resulted in AIG withholding important information from the public. Now Geithner’s under pressure from at least one concerned member of Congress to testify about this matter.
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Wikimedia Commons / Presidencia de la Nación Argentina
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The Troubled Asset Relief Program, otherwise known as TARP, was scheduled to expire at the end of this year, but Treasury Secretary Timothy Geithner told Congress on Wednesday that it’ll stick around until October 2010, partly as a precautionary measure in case of economic emergency and partly to help struggling homeowners, banks and small businesses.
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AP photo / Ron Edmonds
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By Robert Scheer — We are so inured to tales of business corruption that even a devastating exposé in The Wall Street Journal no longer shocks us. The fact that the chairman of the New York Federal Reserve Bank made millions off his secret purchase of Goldman Sachs stock has barely registered a blip of outrage.
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AP photo / Susan Walsh
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In testifying before Congress on Tuesday, Treasury Secretary Timothy Geithner asked for what he called “new resolution authority” to grant the federal government the ability to more successfully take on financial institutions like AIG (i.e., non-banks) in the future.
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AP photo / Gerald Herbert
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We’ve seen a lot of Timothy Geithner lately in the news—usually looking concerned yet purposeful as he stands behind the president in photos and press conferences—but we haven’t heard a great deal straight from the source. On Thursday, CNN’s Ali Velshi managed to get the treasury secretary talking, but what Geithner had to say is distinctly underwhelming.
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AP photo / Lawrence Jackson
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By Robert Scheer — What an insipid anticlimax! Rising to “a challenge more complex than our financial system has ever faced,” Treasury Secretary Timothy Geithner promised on Tuesday to give trillions more to the very folks who profited from that malignant complexity.
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bloomberg.com
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It’s the first full day of Obama’s administration and things are looking a bit different in D.C. Treasury secretary nominee Timothy Geithner called for “fundamental reform” of the $700 billion bailout, claiming the existing bailout package favored big business over struggling families.
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treas.gov
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Almost a year ago, Citigroup’s then-director Robert Rubin downplayed the enormity of the economic catastrophe headed our way and made a pre-emptive move to shift any potential blame to politicians instead of financial experts such as himself. Fast-forward to the present and the picture changes considerably.
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Wikimedia Commons / federalreserve.gov
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Friday brought more news from purportedly reliable sources close to Barack Obama, this time suggesting that the president-elect was zeroing in on Timothy Geithner as his pick for treasury secretary and New Mexico Gov. Bill Richardson for commerce secretary.
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AP photo / J. Scott Applewhite
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By Robert Scheer — This is not change we can believe in. Not if Robert Rubin or his protégé, Lawrence Summers, get to call the shots on the economy in President-elect Barack Obama’s incoming administration.
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It’s clear from this monologue by Rep. Elijah Cummings that, when he wonders aloud if Neel Kashkari is a “chump” for enabling companies like AIG to hand out huge executive bonuses while seeking federal bailout money, Cummings already knows the answer.
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AP photo / Lauren Victoria Burke
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Perhaps we should be more surprised than we are by the news that Treasury Secretary Henry Paulson and his DOT crew managed to sneak a handful of sentences into the approved bailout bill that amounted to a $150-billion “quiet windfall” for American banks, as The Washington Post put it.
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abcnews.go.com
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Treasury Secretary Henry Paulson certainly has his Democratic detractors, but they aren’t the only ones who have some serious doubts about his controversial $700-billion bailout plan. In an appearance on ABC’s “This Week With George Stephanopolous” on Sunday, former House Speaker Newt Gingrich blasted Paulson’s plan, calling it “un-American” and even opining that Paulson should have resigned.
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Treasury Secretary Henry Paulson’s proposed bailout carries a price tag of $700 billion, a staggering figure that CNN has helpfully translated into terms that every American can understand by consulting the McDonald’s (apple) pie chart.
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Flickr / epicharmus
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President Bush and Treasury Secretary Henry M. Paulson Jr. attempted to head off mounting market woes and investor freak-outs at the pass on Monday as Wall Street suffered its worst losses since right after the Sept. 11, 2001, terrorist attacks.
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Finally, after months of hanging in the pink slip rumor mill, John Snow can move on. The White House has named Henry M. Paulson as the newest Treasury secretary; here’s what we know according to the Washington Post and NYT:
He was reluctant to accept the job.
He worked in the Pentagon as a young man.
He “has been a Goldman Sachs executive since 1974, pulling down a compensation package in 2005 of $37 million.”
He is “a birdwatcher who can often be found in Central Park with his binoculars.”
Thank you mainstream media for your thorough profile of this very important man.
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