DRAWING on OBSERVATIONS

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Timothy Geithner commits to staying on at treasury.

Ball point pen on newsprint

Ball point pen on the morning newsprint

The Deficit for the coming year is eleven percent of GDP and the most optimistic of forecasts project unsustainable debt for at least ten more years.

Translation: A Hard Rain’s A-Gonna Fall.

I saw ten thousand talkers whose tongues were all broken,
indeed.

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From lost elections and failed health care, to unemployment and discontent on Main Street. These guys are sitting center stage.

Ball point pen on the morning newsprint

It’s not a spaghetti western, it’s Timothy Geithners testimony about the state of our economy. And while he’s no Clint Eastwood or Lee Van Cleef, he is seeking to become a regulatory gun slinger by expanding his power over hedge funds on Wall Street.

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With joblessness on the rise and the Dow Jones sinking like a stone, the Obama administration has gone to the full court press on the economy. The tab could rise to 3 trillion dollars.

Ball point pen on the morning newsprint

Swing a cat in Washington and you’re likely to hit someone who hasn’t paid their taxes. That’s making life difficult for our new president who is having trouble finding 15 people to fill his cabinet that aren’t tax cheats. Tom Daschle and Nancy Killefer each withdrew their names from consideration to be in President Obama’s cabinet because of issues over unpaid taxes. We can add their names to the list that includes Timothy Geithner, who ironically, in his capacity as Secretary of the Treasury, will be in charge of collecting back taxes, interest and penalties from the two who withdrew.

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Ball point pen on the morning newsprint

Obama unveiled his economic team yesterday. The starting Director of the White House Domestic Policy Council, from the University of North Carolina and University of Michigan, Melody Barnes. At Secretary of the Treasury, from Dartmouth College and John Hopkins, Timothy Geithner. Starting Director of the White House Budget Office, from Princeton University and London School of Economics, Peter Orszag. At Chairman of the White House Council of Economic Advisers, from the College of William and Mary and Massachusetts Institute of Technology, Christina Romer. Starting at Director of the National Economic Council, from Massachusetts Institute of Technology and Harvard University, Lawrence Summers
The stock market has rallied 900 points in two sessions.

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