February 6, 2013 |
WASHINGTON -- It didn't take long for former Treasury Secretary Timothy F. Geithner to land a new job, and it's not on Wall Street -- though it's in the same area code. The Council on Foreign Relations, a nonpartisan think tank based in New York, said Wednesday that Geithner would become its newest senior fellow later this month. He stepped down as Treasury secretary on Jan. 25. President Obama has nominated White House Chief of Staff Jacob J. Lew to replace him. Geithner has followed this route before.
January 23, 2013 |
WASHINGTON - In unveiling a new stimulus plan, Japan's central bank for the first time set an ambitious inflation target aimed at breaking the nation out of its long deflationary trap and economic stagnation. But many analysts and investors were disappointed with Tuesday's action. They said the moves by the Bank of Japan, in response to relentless nagging by Japan's new prime minister to be more aggressive, fell far short of what was needed to put the world's third-largest economy on a path of sustained growth - offering little hope that Japan would provide a boost to the fragile global economy any time soon.
January 15, 2013 |
Revolutionary changes are coming at us at supersonic speed, bringing new challenges that are existential and global. Yet our political system seems incapable of adapting to, or even fully acknowledging, those changes. Instead, the system is constricted by ideas and attitudes better suited to the 19th century. In the current issue of Vanity Fair, Todd Purdum equates the current era with the decades before and after 1500 during which the New World was discovered and explored, trade became a global enterprise, the Reformation broke the religious monopoly of the Roman Catholic Church, the feudal system gave way to nation states and movable type and the printing press created the first form of mass communication.
January 10, 2013 |
WASHINGTON - President Obama on Thursday will nominate his chief of staff, Jacob J. Lew, a fiscal policy expert with deep Washington roots, as his new Treasury secretary to help lead the administration through budget battles ahead. Lew, 57, would replace Timothy F. Geithner, who has been planning to leave the administration this month, according to a White House official. The official announcement is expected to come at 10:30 a.m. Pacific time. “Throughout his career, Jack Lew has proven a successful and effective advocate for middle-class families who can build bipartisan consensus to implement proven economic policies,” the White House said.
January 10, 2013 |
In “The Fountainhead” and her other tomes of hyper-libertarian fantasy, Ayn Rand posits that society is composed of “Makers and Takers.” In her vision, it is the creative supermen of industry who are the Makers and it is the work-averse, collectivist leeches who feed off the wealth of capitalist empire builders who are the Takers. This week's news about AIG and the big banks suggests that Ayn Rand was wrong. A pretty strong argument can be made that the Makers in American society are the millions of men and women who raise their children the best they can, take part in the life of their communities as coaches, classroom helpers and volunteers for a thousand good causes and put in long hours as employees keeping the nation's businesses and industries going while receiving diminishing pay and benefits.
January 8, 2013 |
WASHINGTON -- At the same time American International Group Inc. has been running high-profile ads thanking America for the bailout that saved the company, the insurance giant reportedly is considering joining a shareholder suit against the U.S. government for the rescue. The AIG board will meet Wednesday and could decide to join a $25-billion suit led by former chief executive Maurice "Hank" Greenberg, the New York Times reported . The suit by Greenberg's Starr International Co. alleges that the 2008 bailout of AIG by the Treasury Department and Federal Reserve Bank of New York in which the government received an 80% ownership stake in the company violated the rights of shareholders.