geithner

The Great Geithner: Ex-Treasury Secretary Gets Bailout Book Deal

The former Treasury Secretary has an agreement with Crown Publishers, an imprint of Random House, Inc. Crown announced Thursday that Geithner's book, currently untitled, is scheduled for 2014 and will provide a "behind-the-scenes" account of the financial crisis.

U.S. Hits Borrowing Limit, Moves to Avoid Default

The U.S. government is running up against its $16.4 trillion borrowing limit and is taking steps to avoid default. Reaching the limit Monday sets up another dispute between the White House and Congress over taxes and spending in the new year.

Geithner: U.S. Won't Devalue the Dollar to Boost Exports

The U.S. will not weaken the dollar in order to boost its exports, Treasury Secretary Timothy Geithner promised. "It is not going to happen in this country," Geithner told Silicon Valley business leaders of devaluing the dollar, according to Reuters.

Geithner Says U.S. Favors Significant Yuan Appreciation

Treasury Secretary Timothy Geithner said the U.S. favors a "gradual, but still significant" appreciation of the yuan. Geithner said the U.S. would prefer China let market forces drive up the value of the currency, The Wall Street Journal said. Geithner noted that the yuan had strengthened by about 2.5% in six weeks.

TARP Draws to a Close Next Week, With Lower Costs Than Thought

After countless angry political speeches and the threat of economic collapse, the government%u2019s $700 billion bailout of banks, insurance companies and auto companies draws to a close Sunday - and it will likely cost only a fraction of what was expected. It will be years before it is possible to produce exact figures related to the bailout, which encompassed everything from mortgage finance colossuses Fannie Mae and Freddie Mac to auto company General Motors.

China Warns Against Duties on Imports to U.S.

China denounced a bill passed by the U.S. House of Representatives that aims to push up the value of the Chinese currency. The bill, which would let U.S. companies petition for duties on Chinese imports to compensate for the impact of the weak yuan, would hurt the global economy if it became law, the Chinese government said today.

Yuan Hits High Vs. the Dollar as China Nudges Exchange Peg

The Chinese yuan hit a post-revaluation high against the dollar Monday after the People's Bank of China set the yuan's reference rate for trading at its highest level since the central bank began publishing the daily fix in 1994. The yuan can rise or fall 0.5% each day from the reference point.

Boehner: Time to Fire Treasury Chief Geithner

House Minority Leader John Boehner will call on President Barack Obama to fire Treasury Secretary Timothy Geithner and adviser Lawrence Summers in a speech today. In a speech in Ohio due at 8am today, Boehner will attack Geithner and Summers as promoting "19 months of government-as-community organizer," Politico reported.

Geithner Slams Bush Policies, Calls for Tax Cuts to Lapse

Treasury Secretary Timothy Geithner attacked the Bush administration%u2019s policies as "misguided," saying that renewing the Bush tax cuts for the highest-earning Americans would worsen the budget deficit. Extending the cuts would force the government to borrow more and impede more effective measures to stimulate economic growth, Reuters reported.

Geithner: Bush Tax Cuts for Wealthiest Should Be Allowed to Expire

Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government%u2019s deficit. Speaking on two TV programs Sunday, Geithner said letting the tax cuts for those making $250,000 a year or more expire would demonstrate the country%u2019s commitment to controlling the deficit, The New York Times reported. He said that the tax increase would not affect economic growth.

China Won't Let Yuan Float So Freely After All

Last month, China said it would loosen the tight link between its currency, the yuan, and the U.S. dollar. It was a move welcomed by economists and world leaders who felt China was engaging in unfair currency manipulation. But on Wednesday, the government in Beijing backpedaled a bit.

China Promises More Flexibility on Yuan

China's central bank said it will allow more flexibility in the exchange rate of its currency, the yuan. This seems intended to help foreign economies as China's shows increased strength. Critics have said an undervalued currency gives China an unfair trade advantage.

What to Watch in China: Will the Yuan Appreciate?

If you want to know what Beijing really believes about China's red-hot economy, its real estate market or the state of the global recovery, forget the numbers that the government can manipulate. Look at whether it allows China's currency to rise against the dollar.

Econ Note: Geithner Says China Must Reform Currency Policy

Treasury Secretary Timothy Geithner told lawmakers Thursday China is making progress in addressing U.S. concerns over the glaring trade imbalance between the countries, but much works remains to be done to promote a level playing field between the nations.

Capitol Hill Revisits the Lehman Brothers Collapse

Timothy Geithner and Ben Bernanke told lawmakers on Tuesday that the Lehman bankrupcty is the best example of the need for the Obama administration's proposed financial regulatory reforms. Former CEO Dick Fuld defended the bank, claiming it was hit by a "perfect storm."

Obama, Geithner Target Loan Help To Worst-Hit Areas

As part of an effort to redirect TARP funds from Wall Street to Main Street, the Treasury Department Wednesday announced a program that will help local financial institutions get more loans out to people and businesses in the communities hardest hit by the recession.

A $3.8 Trillion Budget Has More Problems Than Pork

No one can deny that a budget with a $3.83 trillion bottom line has a fair amount of waste embedded in it. But like pornography, art and classic rock, government waste is in the eye of the beholder. The bigger issue is a congressional culture of out-of-control spending.

Volcker Is New Voice of Banking Reform

Former Fed Chairman Paul Volcker's won a major battle in his crusade for banking reform Thursday when President Obama announced his support for Volcker's plan to restrict the size and activities of the largest U.S. financial institutions.

Geithner: We're on the Road to Recovery

Treasury Secretary Timothy Geithner told National Public Radio in an interview Tuesday that he strongly believes we are on the road to recovery, but it won't be fast. "We were in a very deep hole," he said, which will take a long time to repair.

TARP: One Big Success but Many More Failures

The Congressional Oversight Panel's December report on TARP concluded that it "proved decisive enough to stop the panic and restore market confidence," but failed to address many of the "ongoing problems" in the financial markets and the broader economy. However, it didn't call for ending the program.