Thanks for posting the link…..great read

Thanks for posting the link…..great read

This is not OT!

SD-R thank you for sharing. The article’s author is Simon Johnson, former chief economist of the International Monetary Fund (IMF). He was on NPR’s On Point earlier this week discussing this article. Yes, this is along the lines of The Rolling Stones and the Jim Jubak articles we discussed here a few days ago.

Johnson has a great deal of credibility, he knows what he’s talking about and he’s certainly no conspiracy theorist wacko. As we know, the housing debacle was the cornerstone of the whole financial crisis nightmare that is still unraveling; therefore, this article is very much on topic in this blog.

This is not OT!

SD-R thank you for sharing. The article’s author is Simon Johnson, former chief economist of the International Monetary Fund (IMF). He was on NPR’s On Point earlier this week discussing this article. Yes, this is along the lines of The Rolling Stones and the Jim Jubak articles we discussed here a few days ago.

Johnson has a great deal of credibility, he knows what he’s talking about and he’s certainly no conspiracy theorist wacko. As we know, the housing debacle was the cornerstone of the whole financial crisis nightmare that is still unraveling; therefore, this article is very much on topic in this blog.

This is not OT!

SD-R thank you for sharing. The article’s author is Simon Johnson, former chief economist of the International Monetary Fund (IMF). He was on NPR’s On Point earlier this week discussing this article. Yes, this is along the lines of The Rolling Stones and the Jim Jubak articles we discussed here a few days ago.

Johnson has a great deal of credibility, he knows what he’s talking about and he’s certainly no conspiracy theorist wacko. As we know, the housing debacle was the cornerstone of the whole financial crisis nightmare that is still unraveling; therefore, this article is very much on topic in this blog.

From the article:

The challenges the United States faces are familiar territory to the people at the IMF. If you hid the name of the country and just showed them the numbers, there is no doubt what old IMF hands would say: nationalize troubled banks and break them up as necessary.

Interesting read from the IMF perspective. I noticed it did not mention Geithner used to work for the IMF. I wonder if that was on purpose?

http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html?page=-1

In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner’s record in handling the Asian crisis: “Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis.”

In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.

Geithner thought Asia’s problem was the same as the ones that had shattered Latin America in the 1980s and Mexico in 1994, a classic current account crisis. In this kind of crisis, the central cause is that the government has run impossibly big debts.”

*Just an observation from a conspiracy theorist wacko…

From the article:

The challenges the United States faces are familiar territory to the people at the IMF. If you hid the name of the country and just showed them the numbers, there is no doubt what old IMF hands would say: nationalize troubled banks and break them up as necessary.

Interesting read from the IMF perspective. I noticed it did not mention Geithner used to work for the IMF. I wonder if that was on purpose?

http://www.smh.com.au/opinion/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html?page=-1

In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner’s record in handling the Asian crisis: “Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis.”

In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.

Geithner thought Asia’s problem was the same as the ones that had shattered Latin America in the 1980s and Mexico in 1994, a classic current account crisis. In this kind of crisis, the central cause is that the government has run impossibly big debts.”

*Just an observation from a conspiracy theorist wacko…