Tales from the Trail

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May 16, 2011

CORRECTS POLL NUMBER ON OBAMA’S HANDLING OF ECONOMY

The United States is due to hit its $14.3 trillion debt limit today, and tensions are understandably on the increase with Republicans and Democrats wide apart on the budget deal the GOP wants in exchange for increasing the ceiling.

Washington Extra – Ducking the issue

October 16, 2010

U.S. Treasury Secretary Timothy Geithner testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on The Treasury Department's Report on International Economic and Exchange Rate Policies on Capitol Hill in Washington September 16, 2010.

We were all primed for the release of the Treasury’s global currency report this afternoon, which would have included a ruling on whether China was a currency manipulator. But a decision was taken to delay the report until after the Group of 20 summit in Seoul in mid-November.

Calm before the storm: Does silence on Warren signal decision soon?

September 15, 2010

An eerie calm has descended over the blogosphere after the feeding frenzy that broke out earlier this week on whether President Barack Obama was poised to name Elizabeth Warren to lead the new consumer financial agency.

Washington Extra – homing in on the American dream

August 17, 2010

Sounds like people had plenty to say about the future of Fannie Mae and Freddie Mac at a Treasury forum today. For example, Bill Gross of PIMCO, who oversees more than $1 trillion in assets, called for a massive program to refinance mortgages at low rates as a way to lift the economy – a more sweeping recommendation than Treasury organizers had anticipated. “It is not tenable to leave in place the system we have today,” Treasury Secretary Timothy Geithner acknowledged, but said the government must still have some role. USA-HOUSING/

from Photographers' Blog:

Tim Geithner : What’s In Your Wallet?

May 22, 2009

What's in U.S. Treasury Secretary Timothy Geithner's wallet? Not much.

While testifying in front of a House Appropriations Subcommittee on Capitol Hill Thursday Geithner was shown a $50 Billion Zimbabwean bank note (rendered worthless by Zimbabwe's hyperinflation) by U.S. Representative John Culberson (R- TX) and asked if he had ever seen one himself. Geithner immediately pulled a piece of Zimbabwean currency out of his own pocket and showed it off to the committee. At the next break in the hearing I approached Geithner and asked how he happened to have a piece of foreign currency in his pocket. His response was "I often have some foreign currency in my wallet. Want to see?" He pulled a very thin and mostly empty wallet from his pocket.

Treasury’s guide on how to spend 12 zeros after the 1

February 10, 2009

A trillion dollars is a million million dollars or 12 zeros after the one.

And that’s how much apparently every program costs to save the U.S. economy these days.

A TARP by any other name…

November 18, 2008

WASHINGTON – TARP, the four-letter acronym for a $700 billion government bailout, has lost its original definition and needs a new name.