Geithner Tells Obama He’ll Remain at Treasury

Geithner Tells Obama He’ll Remain at Treasury
By Ian Katz - Aug 7, 2011 5:48 PM ET

Treasury Secretary Timothy F. Geithner, a central figure in the U.S. government’s bailouts of Wall Street banks and efforts to raise the debt limit, told President Barack Obama that he intends to remain in his job.

Geithner, 49, will stay on at least through the 2012 election, according to an administration official who was not authorized to comment publicly.

Geithner, the last remaining member of Obama’s original economic team, made his announcement after months of speculation over his future. He told White House officials this year that he was considering leaving once a deal to raise the nation’s borrowing limit deal was reached. Obama signed an increase in the limit on Aug. 2.

http://www.bloomberg.com/news/2011-08-07/geithner-tells-obama-he-plans-to-stay-in-his-job-as-treasury-secretary.html

Backlash against Fed’s $600bn easing

Backlash against Fed’s $600bn easing

By Alan Beattie in Washington, Kevin Brown in Singapore and Jennifer Hughes in London

http://www.ft.com/cms/s/0/981ca8f4-e83e-11df-8995-00144feab49a.html#axzz14PCgOWTZ

Published: November 4 2010 18:43 | Last updated: November 4 2010 18:43

The US Federal Reserve’s decision to pump an extra $600bn into the economy has galvanized emerging market central banks into preparing defensive measures and sparked criticism from leading global economies.

The Fed’s initiative, in response to rising concern about the weakness of the US economy, has fuelled fears of a sharp drop in the dollar and a fresh flood of capital inflows into emerging markets.

Brazil and Germany on Thursday criticised the Fed’s action a day earlier, and a string of east Asian central banks said they were preparing measures to defend their economies against large capital inflows.

Guido Mantega, the Brazilian finance minister who was the first to warn of a “currency war”, said: “Everybody wants the US economy to recover, but it does no good at all to just throw dollars from a helicopter.”

Mr Mantega added: “You have to combine that with fiscal policy. You have to stimulate consumption.” Germany also expressed concern.

An adviser to the Chinese central bank called unbridled printing of dollars the biggest risk to the global economy and said China should use currency policy and capital controls to cushion itself from external shocks.

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http://www.ft.com/cms/s/0/981ca8f4-e83e-11df-8995-00144feab49a.html#axzz14PCgOWTZ

Welcome to Socialism Unemployment “remain elevated for an extended period,”

Obama Aides See ‘Extended Period’ of Unemployment (Update1)

By Rebecca Christie and Mike Dorning

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXaMufrB.FA0

March 16 (Bloomberg) -- U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February, three Obama administration economic officials said today.

The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again.

“We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee. They predicted the economy would add about 100,000 jobs a month on average -- not enough to bring the jobless rate down substantially.

Today’s projections are in line with the 10 percent average unemployment forecast for this year in last month’s budget plan. Christopher Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York, said the administration’s language risks damping expectations for a recovery.

“They need to work on the message, and right now the message is that there is not a lot to be hopeful about,” Rupkey said. “Warning about a slow jobless recovery can help make it a reality.”

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http://www.bloomberg.com/apps/news?pid=20601087&sid=aXaMufrB.FA0