In a sign of desperation, the U.S. has dispatched Housing and Urban Development Secretary Alphonso Jackson to Beijing to beg the Chinese to use some of their $1.3 trillion in foreign reserves to buy more U.S. mortgage backed securities. Talk about chutzpa! We bash them publicly, but behind the scenes we go hat in hand seeking their help. If the Chinese have any sense they will send the Secretary packing. After all, why should they use Chinese taxpayer money to bail out the U.S. housing market by purchasing securities that no American would touch with a ten-foot chopstick?
The chinese aren't stupid…they may have been suckered a little in the past so far, but they wise up quick…..this offer is going nowhere quick and it made the chinese laugh im sure
The chinese aren't stupid…they may have been suckered a little in the past so far, but they wise up quick…..this offer is going nowhere quick and it made the chinese laugh im sure
One thing I don’t understand is why HUD secretary for panhandling? Isn’t it the job of treasury secretary or someone from FED to handle the nations monetary/fiscal crises? This Alphonso’s bio reads like a mid-level bureaucrat; hard to imagine him convincing skeptical hard nosed China central bankers.
Another question is, why China? Japan is equally awash in $ and if there is anyone in Asia that may take a financial bullet for US, it is probably BoJ. We surely enjoy more goodwill with Japan than China.
Anyway, if the story is true i.e HUD secretary is gone “fund raising”, we are approaching the iceberg and there aren’t enough lifeboats!
One thing I don’t understand is why HUD secretary for panhandling? Isn’t it the job of treasury secretary or someone from FED to handle the nations monetary/fiscal crises? This Alphonso’s bio reads like a mid-level bureaucrat; hard to imagine him convincing skeptical hard nosed China central bankers.
Another question is, why China? Japan is equally awash in $ and if there is anyone in Asia that may take a financial bullet for US, it is probably BoJ. We surely enjoy more goodwill with Japan than China.
Anyway, if the story is true i.e HUD secretary is gone “fund raising”, we are approaching the iceberg and there aren’t enough lifeboats!
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