Tags: balls, Bill Gross, downgrades, hat tips, PIMCO, spine, Standard & Poor's, Tim Geithner, Warren Buffett
As you may have heard, Standard and Poor’s knocked the US’s debt down to double-A plus from triple-A Friday evening. Several hours before it was made official, the ratings agency was notified their team had made some calculation errors but chose to say “fuck it, on with the downgrade.” This made a whole bunch of people very upset, including Treasury Secretary Tim Geithner, who commented S&P demonstrated “really terrible judgement, handled themselves poorly, showed a stunning lack of knowledge about basic US fiscal budget math, and…came to exactly the wrong conclusion” and Warren Buffett, who shared that he could not give less of a rat’s ass what S&P thinks, that he’s “not changing his mind about Treasurys based on the downgrade,” that “if anything, it may change my opinion on S&P,” and that the United States’s debt is like that of the first buxon milkmaid he laid his eyes on 70 years ago today- her tits may be down on the ground now but they’ll always be triple-A rated in his mind and that’s all that matters.
A slightly different reaction came from PIMCO CEO Bill Gross. He loved the downgrade and if we’re being really honest? It earned S&P some respect in his eyes, ’cause it showed the ratings agency has balls. Read more »
Tags: good talk, JB: I'd like unemployment to be under 3% but neither of us are going to get what we want, Joe Biden, Reason #6: I'm getting tired of eating Chinese food, Tim Geithner, Tim Geithner brings a knife to a gun fight, Tim Geithner's own person Gitmo, Treasury Secretary
President Barack Obama’s senior advisers are confident Treasury Secretary Timothy F. Geithner will remain in his job even though he hasn’t made his intentions public, an administration official said. Geithner met recently with Vice President Joe Biden and laid out his reasons for wanting to leave the post. Biden outlined why it was vital that Geithner remain, said the official, who spoke on condition of anonymity because no announcement has been made. [Bloomberg, earlier]
Tags: ankle bracelets, Obama, Tim Geithner, Treasury Secretary, unprintable language, William Daley
At the end of June, Tim Geithner said that he was considering leaving his post at the Treasury after the debt deal past, telling friends that he’s tired, needs a break, and wants to put family first (his wife and son are living in Westchester again so that young Geithner can finish high school there). TG’s work pals were a bit too busy to say anything at the time, but now that the whole debt situation is behind us, they’ve begun to let him know he’s not going anywhere.
Obama, for one, doesn’t want to lose his office buddy, while White House Chief of Staff Bill Daley doesn’t want to deal with a confirmation battle that would take place should Geithner need to be replaced, which is why he “jokingly” tells Tim to fuck off and gestures towards his crotch when the topic of resignation comes up. Read more »
Tags: Goldman Sachs alums, Jon Corzine, JSC, MF Global, Obama, papa bear, Tim Geithner, Treasury Secretary candidates
Corzine…has attended secret meetings with the president and has been working on Obama’s 2012 campaign for months, The Post has learned. And, like any good executive, Corzine is looking out for his own bottom line. Success could resuscitate his political career with a top post — such as treasury secretary or a key ambassadorship — if there is a second Obama term. Obama campaigned heavily for Corzine in his failed re-election bid, calling him “our Wall Street guy.” [NYP via BI]
Tags: earthquakes, slow downs, softness, Tim Geithner
“Around two-thirds of recent softness in the U.S. economy can be attributed to temporary factors such as higher energy costs and Japan’s earthquake,” Treasury Secretary Timothy Geithner told CNBC on Friday. “Most people say you can attribute about two thirds of the slow down relative to expectations to those factors. Not all of it,” he said. [CNBC]