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Great Leap Forward

Breaking News: Citi Gets Treasury

Looks like Goldman is going to lose the bid for Treasury. The WashPost reports Citi is going to get it. http://www.washingtonpost.com/business/obama-said-to-name-jack-lew-to-replace-geithner-at-treasury/2013/01/09/3256b2c4-5a71-11e2-b8b2-0d18a64c8dfa_story.html?wpisrc=al_comboPNE_b

Oh, I know that Timmy Geithner was not technically an employee of Goldman, but recall that Mayor Bloomberg–like everyone on Wall Street–presumed he was working for Goldman. And he denied that he was ever a bank regulator, including when he headed the NYFed.

In any case, the top spot at Treasury is traditionally reserved for either Goldman or Citi. Looks like it is Citi this time.

There had been a popular movement to push President Obama to choose Paul Krugman. Interesting idea, but couldn’t happen. The last rumor was that it would be Larry Summers. That would have been an unmitigated disaster. Aside from Alan Greenspan and Bob Rubin, there’s no individual who played a bigger role in creating the Global Financial Crisis. And he’d do it again.

Anyone know where the odds-makers are betting Timmy goes?

4 Responses to “Breaking News: Citi Gets Treasury”

desertfoxJanuary 10th, 2013 at 5:20 pm

We know that President Obama picked the wrong advisers to help get this country through the crisis that began with President Bush. There are no Attorneys General who will go after
the frauds of Wall Street and those who control the largest US banks. Even if we had an AG who would, it seems the political leaders have given them immunity with deregulating this sector of the economy. At the moment, there is not much to prevent the financial sector from doing the same things again and again.

I listened to the honorable Dr. Wray on the Mike Norman show. And, what I came away from listening is this broadcast was, we need a simple, to the point answers to what needs to be done to save the people of the US from a tyranny of the powerful. Is it all hopeless? Is the world economy going to collapse? There are people losing their jobs, their houses, cars, and their lives, daily. There are no TV cameras there to chronicle these loses. Too few newspaper reporters to write about such things. We, the People, need answers.

Capitalism is based on supply and demand. Demand has been weakened by the loss of
the US industrial base. Is there a country which has lost their industrial base and continued being a prosperous country? Any lowering of taxes on the working people, or some sort of tax rebate to help the demand side, only ends up in the hands of the management and investors of foreign industries. How can this country regain its economy, for its people to have useful lives again where employment is so dismal?

Time is getting short. The public needs to know what can be done to save the economy.
We need concise solutions from economists like Dr. Wray. What things will help our economy and these ideas should be easily understood so that the public can demand these changes, programs and cures for this economy from their political leaders.

Respectfully,

Arnie

James ThomasJanuary 10th, 2013 at 5:25 pm

"Anyone know where the odds-makers are betting Timmy goes?"

I suppose that Hell has the popular vote but I'm betting JP Morgan or Goldman.

BrainsmartJanuary 11th, 2013 at 4:58 pm

Ignore my last comment , the word is that Citi will defiately get the top spot , the fix as my old friend Bobby Moore used to say is definately in .

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