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Obama Shuts Down “Car Czar” Idea, Treasury Secretary Geithner to Steer Ship
U.S. President Barack Obama has decided against naming a "car czar," and is instead asking U.S. Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. "Larry" Summers to head a task force on revamping the U.S. auto industry, Bloomberg News reported yesterday (Monday).
The president was under pressure to say who would handle the issue before tomorrow, when General Motors Corp. (GM) and Chrysler LLC must give progress reports on plans to restructure as a condition of $17.4 billion in U.S. Treasury loans. The so-called car czar – an approach that had some support in the American auto industry – was viewed…
17Feb2009 | Money Morning | 0 comments | ContinuedWELCOME TO A TRILLION-DOLLAR DEFICIT, MR. PRESIDENT
If you are a typical citizen, you like deflation. You want your wages and investment income to stretch as far as possible. Falling prices, or rising purchasing power, are a sign of economic progress – the progress resulting from productivity gains and competition.
If you are a modern central banker, anxious to implement your ivory-tower theories, deflation is enemy No. 1. (For the sake of clarity, by “inflation,” I mean rising prices, and by “deflation,” I mean falling prices).
Central bankers must be the only people who celebrate a 3 or 4% annual reduction in purchasing power.
Why is this? Because “moderate” inflation…
29Aug2008 | Daily Reckoning | Comments Off | ContinuedThe End of the Boomland Economy
The Dow resumed its downward slide yesterday. It lost 237 points as the deflation commandos continued their counterattack.
It’s war. And war is hell, as General Sherman said, before burning Atlanta to the ground.
Oil was unchanged in yesterday’s trading. Gold gained $5.
Most of yesterday’s hard fighting took place in the financial sector.
“Fed Sees Turmoil Persisting Deep Into Next Year,” saith the New York Times.
The New York press tells us that Steve & Barry’s, a clothing retailer with 200 stores, has filed for Chapter 11. And Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) got walloped again. The two Mississippi Companies [a reference…
11Jul2008 | Daily Reckoning | Comments Off | ContinuedInvestors Will Watch as Inflation Dominates the Spotlight This Week
Investors better keep an eye on bonds this week.
While the stock market may be more fun to follow, fixed income is often a stronger gauge of investor expectations of the economy, future U.S. Federal Reserve policy, and inflation.
With the consumer price index (CPI) safely in the books for another month, economists can now turn their focus to wholesale inflation with the release of the May producer price index (PPI). Economists, mistakenly, often disregard the energy component of this data each month and focus mainly on the so-called “core†releases – which excludes “volatile food and energy prices.â€
While food and energy…
17Jun2008 | Money Morning | Comments Off | Continued
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