Geithner’s Problem In A Nutshell

    Yesterday was his boss’s turn. Today’s it’s Tim Geithner’s. There are two crises going on, a financial one and an economic one. Yesterday, Obama went to Indiana (a red state that he flipped and needs to suck up to, so they’ll keep going blue), and then to national television, to talk about the economic situation. His message was that the only way to make the | Read More »

    A Response to Reader George Jetson

    On another thread, you asked the question, Is there a published analysis of the net cost to taxpayers of the TARP plan? Here’s a preliminary draft of one. This comes from two economists at the University of Chicago, and they find a likely net cost (representing a transfer of value from taxpayers to stakeholders of banks) in the range of a few tens of billions | Read More »

    Pure as the driven snow, except when they are not

    How can this be? I thought only Republicans had these entanglements. How inconvenient. Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior [Bank], overseeing her family’s 50% ownership stake. She now serves as Barack Obama’s national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her — and perhaps to the campaign. Naturally, the Obama campaign says Ms. Pritzker has done | Read More »