18 Burst results for "Tim Geithner"

"tim geithner" Discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

03:56 min | 2 years ago

"tim geithner" Discussed on Marketplace with Kai Ryssdal

"So it was kind of like a one two punch for a lot of people. One of the ones that stood out to me. The most was from Jia drew from Kenneth bunk port Maine. So she came out as a trans woman to her wife right before the crisis hit and the couple decided to end their marriage, but their emotional struggle was sort of trumped by their financial one when g a lost her teaching job. And her ex wife's business are struggling. So here's what Jesus said soon after I got divorced. We decided to become domestic partners, which is like totally backwards. But we did that is so she moved back in with the idea that we would sorta cohabitate because financially that was just the only future we could see. Wow. That must have been a really hard choice. Right. The couldn't think of another way to sort of handle this economic burden that they were suddenly facing. The point of series was to see how much the two thousand eight financial crisis shaped the America of today. What did you learn about that? There was really probably the most interesting thing for me. So Cairo's Dolor host interviewed Tim Geithner. Ben Bernanke in Hank Paulson for this project, and those three guys who you know, were tasked with basically trying to save the economy talked about how they did manage to save the economy, but they lost the country. And that sentiment was definitely something. We heard a lot about people wrote in describing how they lost their faith in homeownership as an investment that value of higher education, the basic bargain, even that hard work pays off and the belief that the government is there to protect us. So you could really see what drove people into these corners politically through these stories. We heard from a guy named James straggler of Lambert Ville, Michigan, and he had a home repair business during the great recession, and he ended up losing it. Now today, he says he makes. Less money than he did in nineteen Ninety-seven. And so that's a huge financial impact. But he also talked about how he had to take a job two and a half hours away from his family. And so he missed out on three years of being a father. So there's these these costs that you can't put in statistics. And here's what he said about that. What irritated me was that? I knew that to the government that looked like a success story. And I think a lot of people are just in that boat where we've found some way to get by. But it's really nowhere near where we were at the start of the financial crisis. Tommy anything surprise you from the series. One of the strangest things that I learned from this was that the food truck explosion is actually tied to to the financial crisis in a way. So this guy named chair del tab is Sola wrote in and he and his husband had both worked for companies that were downsizing, and they always talked about opening restaurants there like maybe now's the time to do it. But like so many aspiring restaurant tours at the time. They couldn't get a loan for a brick and mortar building in that climate. So they decided to buy food truck, which I guess a lot of people did at that time. And chase said something really interesting actually about sort of being an entrepreneur in this climate. What's funny is that I think folks think of entrepreneurs as great risk-takers, but the riskier proposition would have been waiting to get laid off. It was far less risky to go out. Open your own business and really be masters of your own universe. That's an interesting way to think about it. Yeah. I mean, some of these folks took matters into their own hands because they didn't like being at the mercy, even employer in this post crisis the economy, and it shows how much labor and jobs have changed in the last ten years, and we're already changing, but the, but the recession really did sort of make people, I think view jobs and employment differently. Marketplace's special projects producer, Tommy Andres. Thank you so much. Thanks. You can read more about how the financial crisis changed America. And listen to people telling their own stories, and how it change them at marketplace dot org slash divided decade..

James straggler Tommy Andres Jia America Ben Bernanke Jesus Tim Geithner Maine Cairo Hank Paulson producer Sola chase Michigan three years ten years
"tim geithner" Discussed on Masters in Business

Masters in Business

04:22 min | 2 years ago

"tim geithner" Discussed on Masters in Business

"And so I think it was just spectacular. Hubris? Yes. Zandt I think the regulators including Tim Geithner and Hank Paulson couldn't fathom. So one of the one of the conspiracy theories that a lot of people I think are pretty sophisticated people back. It was payback to Goldman versus Leeman thing, right? Just don't buy it. I think to the extent that that mattered at all, and by the way, remember that if anybody was pay back, there was Bear Stearns. Go back to long term. Capital management didn't want to. They didn't want to be. Part of the consortium that rescued who they were the prime broker for. So when when bear hit the deck earlier than Leman the deal that was actually Jamie diamond stole it right out from under. I think it was what co via was looking at it then and then get the fed to say, we'll commit to backstop if this goes over to nine billion dollars worth of junk. You sound some great deal makers in the crisis and some terrible dick fools was spectacularly. Not one of awful. And so I think that that ends up having to do with it. But I think the biggest explanation of all does come from Hank Paulson. He's the source for a Wall Street Journal. Editorial says after conservative ships as after the first week in September for family already. Senior administration officials assures us or a a in on the quote, there will be no political solution for Leman, meaning there's going to be no public money for Lehman. Right. All right. And I think at that point given the bipartisan Fuhrer over Bear Stearns and Fannie and Freddie that they had to find someone to say no to and they just didn't recognize that this was going to be the financial cataclysm that that ended up happening c l let me let me push back a little bit bailout nation. In I look Lehman Brothers as merely the first trailer in the trailer park. When the tornado came through everybody who is leveraged up with bed paper that was relying on either subprime role, Tae mortgages derivatives, and now they were one of the worst Bear Stearns was pretty bad. Edgy was terrible. Leman was one of the worst, but whether Leeming was rescued and not, that tornado was going through. You had home prices run up so much, and now we're collapse. Adding that that whole derivative unwind was gonna take place even if now, if you want to argue Lehman Brothers precipitated the conflicts ration- spreading faster. Well, you know, who knows? It's hard to argue against the. Let me ask you, put you put you on the hot seat then even though I'm the guests near the. Good decision, bad decision on Lehman Brothers, assume they had the thorny to do. So I'm telling you they did. I'm the wrong person to ask that I'll give you the answer, but the reason on the wrong person is I believe that see that sort of Doric building with the columns over there, pulled the bankruptcy court. That's there for a reason. Now, if you want to say, we're going to take all these banks and have Uncle Sam be debtor-in-possession. So my favorite example is Bank America Merrill Lynch that whole countrywide. Let's go over there. We take all the debts sticking into sell it. There's no such thing as toxic assets is only toxic prices. So this at a dollar one hundred cents on the dollars disaster, but twenty cents on the dollar for something where thirty seven is the winter. So you sell that stuff off. You clean up Merrill Lynch, spin them out. You clean up Bank America, spin it out. You clean up countrywide. You spend you go through this whole process. You do it one after another. Now maybe the Dow doesn't stop at six thousand maybe goes. Two, four thousand maybe unemployment gets worse, but you end up on the other end with a much healthier financial system. So I'm in favor of following the law, having people suffer the consequences of their actions. By the way, I would claw back all the stock options at all. These executives were get but tear the band aid off. It's really painful in, oh seven. Oh eight. Oh, nine. But in two thousand ten, you have a healthy economy even though what we did ended up saving the system, we're still dealing with the ramifications of that. And so my answer is you the reason nobody would come in and buy Lehman Brothers is I think they're liabilities vastly outweighed their death..

Lehman Brothers Bear Stearns Hank Paulson Leman Bank America Merrill Lynch Lehman Tim Geithner Zandt Goldman Leeman Wall Street Journal Jamie diamond Bank America Leeming Fannie Dow
"tim geithner" Discussed on C-SPAN Radio

C-SPAN Radio

17:59 min | 2 years ago

"tim geithner" Discussed on C-SPAN Radio

"Secreteary Tim Geithner and Hank Paulson. Ladies and gentlemen. Good morning. Welcome to the Brookings Institution. My name is John Alan, and I'm the president of the Brookings, and I'd like to welcome. Each of you here today for a very important event hosted by our Hutchins center for fiscal and monetary policy. Hutcheon center's mission of improving quality fiscal and monetary policies as well as educating the public on the same is one. We're deeply proud of here at Brookings. I wanna thank you all for joining us today. And to welcome those who are coming in by webcast, and of course to offer a very warm Brookings. Welcome to the media. Has the upcoming discussion with the guidance of Tim Geithner and Hank Paulson and our own distinguished fellow? Ben bernanke. The Hutchins center has teamed with the Yale program on financial stability to undertake an important task the aim of this project, which we highlighted in an all day conference yesterday is to ask key individuals who were in the government responding to the two thousand seven to two thousand nine financial crisis to record important decisions the decisions that they made at the time. In essence to find out. What they did what they didn't do what they couldn't do. And why the goal is to create a reference for future generations. If you will of financial crisis fighters who would want to know. And who would wonder what did they do way back in two thousand and eight today, we have the exciting opportunity to hear from three of the most consequential participants in this crisis. Outstanding leaders all who deserve a substantial amount of credit for preventing the second great depression. I been banenky. Of course. Who was the chair of the Federal Reserve? And Hank Paulson who was the secretary of the treasury and the Blissett Bush administration, and Tim Geithner who was president of the Federal Reserve Bank of New York, and then secretary of the treasury in the Obama administration, and they will be interviewed by Andrew Ross Sorkin of the New York Times and see NBC we'll be soliciting questions from the audience following his conversation. Also, ladies and gentlemen, just a reminder we are on the record and we're live. But before we began I'd like to welcome to the stage. Andrew metric the Janet Yellen professor of finance and management at the Yale school of management and the director of their financial stability program. Thank you very much. Good morning. You're here to see what is the main event. What is a multi year project to catalogue explain analyze the actions that were taken during the financial crisis by the official sector in the United States. These actions were taken by these as leaders these three individuals here, and I think while we can argue and discuss, and we will whether or not any of the specific things that they did were good or bad or worked or didn't work. What is not in dispute is the extraordinary partnership that was forged by the three of them. The cooperation across two different administrations of different parties, and perhaps even more surprising in official Washington across multiple agencies of one government the federal government. This cooperation has extended to the project that that we're hearing about today where they have brought from the private sector from government service from academia, the people who worked with them as their key lieutenants in two thousand seven through two thousand nine back to do the work to explain what they did. And to make a record of those decisions. Metric of Yale school of management unique thing for financial crises. I'm a scholar of financial crises. We don't have a record like this from anywhere else. Which is in part why we're often condemned to make the same kinds of mistakes over and over again. So this will be a very valuable service what they have done to bring their teams back together. Again, four scholars for future crisis fighters, and for anybody who wants to financial crisis, not to have devastating effects as somebody from all three of those groups. I want to say, thank you. And I look forward to hearing what you have to say today. Thank you. And thank you for being here. Thank you to the Hopkinson sadder here at Brookings. It is a privilege to have this conversation at ten years later, and we hope to make this interactive conversations. So please do ask your questions asked him early and write down the cards going around. I wanna start this morning by trying to bring us all back to two thousand eight we're going to have a conversation and debate about the policies of what place, but this was as much a story to some degree about policy as I would argue was about people, and it was personal. And I want to start by trying to bring all of you all three of you back to what I imagined may have been some of your own worst personal moments. We've had some conversation over the years about this. But I'm genuinely curious when you when you lie in bed at night, ten years later, Hank. What you think of as as as as the worst moment for you personally, ten years later. I haven't been doing a lot of thinking back. So I I going through this process. You know, it's it's brought a lot of it back and. I think about it. Basically we were too busy during the day. We are just working around the clock. So when we're playing offense. There wasn't a lot of time to. Fearful, but to me by and large the worst moments were waking up because invariably put my head on the pillow. Go sounds asleep immediately, and but wake up around midnight. At night. Little problem seeing big big problem seeing insurmountable. And so I would look into the abyss. And. Just seafood. She a second great depression wondering if one more institution went down. How would we ever put it all back together again, but the events during the day when? You know, what went there? Good number of. We all live through the. One that comes immediately to mind. Sunday. Leman brothers weekend when we had gone to bed on Saturday night thinking that a deal was done. Former Treasury Secretary Hank Paulson come in Sunday morning. Talked with the team. Everything looked good. And when we learned that afternoon after trying everything did it wasn't going to be lane was going to go down. And I remember that being overcome by a sense of fear. Everyone was looking to me. What was I how was I going to deal with it? And then I did something was very uncharacteristic. I I stepped out called my wife, Wendy. Told her. I'm scared. And she is she immediately. Brought me back to. Versus from second. Timothy. Lord has given us a spirit of fear, but power and love, and and a sound mine and I immediately snapped back. And was fine. And the related event was about ten days later, it hit me I had a brother. As my best friend senior vice president at Lehman, and I had talked to him about this. It just hit. You just hit me. I mean. The reason it just hit me as that week after we it was just stunning. The number things we're dealing with the focus on. Morgan Stanley, Goldman Sachs to go to congress for the tarp. Call AIG the money markets. So I called him. I called him. He was just terrific. You know, he he just said, listen, I knew you did everything you could. I was worried about you. Don't worry about me. But it was. But it was but there are plenty of those. I think back on it. And I don't wanna think back different moments. But there are plenty of Tam your moment. I don't know. I just remember that mix of. Crushing burden responsibility fear about whether we were going to be able to get our arms around it. Just tired. It was easier. When we decided whatever the next stage of escalating when you could choose to act, but I think the hardest thing was. Sitting at the table with my wife in the morning with her reading about what we were doing. And you're seeing on her face. That mix of. Despair in doubt. And I believe that she felt we were, you know, ethical people trying to do the right thing. But, but she looked at what we didn't said, you know, her was like, really. I think that was already thinking, of course, that was mirrored by you know, what we faced across the country and that gap between. What we thought was right? What we thought was the best of the options the gap between what we thought was going to provide the broadest benefit, right? With fastest as quickly as possible. And what people thought was fair and just. In some ways. The the hardest thing I wanna I wanna get back to that. And the questions your wife had in just a moment because I think those questions maybe the questions of the country is still grappling with. But ben. We'll bring your moment because I know you had one Tuesday. I think markets in chaos, we organized an eighty five billion dollar loan to make sure the world's largest insurance company would not collapse. I went to Bush got his support. But he said go talk to congress. So I went to talk to a group of congressional leaders and explained what we were doing where we're doing it. Well at work. Could work. We get your money back. We hope so. So the questions that went on for a while and then die down. And then Harry Reid was leading the discussion. He said remember, Hank members? This'll gosh. He said he said mister Secretary, Mr chairman, he said, I want to thank you for coming down here and explaining this situation to us he says, but I want you to understand one thing. Nothing you've heard here tonight constitutes congressional support or approval for what you're about to do. This is your decision and your responsibility. And I remember feeling so alone looking over it. Hey and say this is the kind of thing that we're going to have to do from a Federal Reserve chair. Ben Bernanke question before that or do you get the eighty five billion dollars? Mr Chairman, you're the professor on this panel, you great people for a living. You don't have to say it how it works at these Ivy league university. Raid or measure if you will. Your own performance and the performance of these gentlemen. I don't think about it. Now. How does she think about it? How would you grade it, you know, it's not really a fair question, obviously. Because we didn't let the students grade themselves usually, right? I mean, I think I think generally general offense. No, we didn't anticipate the full we ended all of us had various concerns about the financial system about the economy. None of us intimidated the full ramifications extent of the crisis. And so in that respect we relate. We then responded very aggressively. I think overall we were successful in stabilizing the financial system, and there was a paper given here yesterday about comparing how quickly it happened at what cost how quickly the economy recovered, and generally speaking, we look good compared to other advanced economies to other countries that have had crises in the past. I think where we didn't succeed, obviously. And Kim already looted of that is that you know, we didn't persuade the country generally speaking that we were doing was necessary. Although we firmly believed it was and so that communication issue. I think is is still out there, but we did respond aggressively to the crisis itself and did bring it control pretty quickly. So what do you think you missed? What do you think was the big miss in all this? If just go to the central issue of how we got here. The common thing that happens across lots parts of economic policy, which is it's the it's the general failure people to appreciate the damage that might come from the remote implausible low probability event, it seemed it seemed to most people living in this country. That. The type of financial panic a run on the banking system. That was part of the great depression that could proximate cause great depression was not something could happen in modern times. And you know, you could say that was a failure imagination are as a country. We were living with the financial system. We had looked more stable over time that made people believe it was more stable in the future. But we ran into a dangerous moment in the world with a system that would dramatically outgrown the protection of the great depression without the tools to prevent panics to break panics and that. But you know, in a simple way, it's the it's the failure to anticipate. Act early enough to reduce the risk of the existential damaging event that seems remote in implausible former Treasury Secretary, Tim Geithner. So when you look at the numbers that you guys have all put together and your teams and put together ten years later. Is there data that you wished you had focused on Moore? And they today you'd focus on instead. Is there any piece of data that you think I don't think this is about data? Not my strong belief is that these crises are unpredictable in terms of cause or timing or the severity when and sure they're all be someone at that time. It could say look I called it. But that person won't get it won't get it. Right. The next time. And so to me. The huge takeaway was that we were dealing with epic once every seventy five year financial crisis is VERA crisis and. To me. Biggest takeaway was you? We weren't able to put out the fire without getting fiscal authorities. We needed from congress without getting the tools, we need it. And so. The there was nothing more frustrating. Then because by early two thousand and eight we we knew we needed more. And to know you needed more and can't get it is a tough situation to be in. And. So to me, I knew when we got there. We knew how flawed the regulatory system was treasury. We we started working on a study. Looking at the limitations. But. To me. It was just missing missing the. The magnitude of the event. Okay. This is you Hank Paulson on the debate. You said I was never able to this is what you actually said was one of the things you wish you could have done better. You said I was never able to convince the American people that what we did wasn't for Wall Street, but was for them. I'm going to ask all three of you about this. Because this to me is the central issue. If you look at where we are today and describe it as a success economically. There are still many in this country who don't believe it. And the question is from a policy perspective both in the policy itself..

Hank Paulson Tim Geithner Janet Yellen professor of fina Ben bernanke Federal Reserve treasury Brookings Institution president congress Yale school of management Hutchins center Brookings John Alan Hutcheon center Yale Federal Reserve Bank of New Yo
"tim geithner" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

04:30 min | 2 years ago

"tim geithner" Discussed on The Majority Report with Sam Seder

"We are back lazing Jomon, Sam cedar on the majority report. It is always a pleasure to welcome to the program. The I wanna say, the hardest working man in journalism, but it's not just that because you know, this is not. There's there's so much more to this man's talent and just his hard working and I, I don't even know if he sleeps. You may have read his writing in just about every publication that you've ever read, but Davide in welcome to the program. Thank you. Samuel. Now, David, let's talk about your most recent piece. This was not in the intercept, although you had recent piece in the intercept multiple pieces not in any of the other. The fifty other publications you right for you wrote a piece in the new Republic. In response to, or at least I guess, is maybe a partial reminder. The the op-ed that is supposedly from my high level White House official talking about how they're usurping Donald Trump in office. Let's leave that aside for a moment anyways, but you took the occasion to retell the story of Tim Geithner. And of course, this is the week that Leman brothers crashed right town ten years ago, we in the years ago on Saturday. Well, there you go. And so tell us that story. This is an for folks who are younger, don't remember. It started like like, I guess it would have been in August, right that Bear Stearns shuddered just immediately that was actually March. In March house. Nate. So I mean, the the housing bubble started to collapse under its own weight at the end of two thousand six and this thing kind of in a protracted way led to cascade of difference closures and things of that nature. Whether it was new century financial in ameriquest, which were mortgage originators, some hedge funds from Bear Stearns closed up in two thousand seven. And then this started to inspect the balance sheets of these large investment. Thanks which had a lot of mortgage backed securities on their books as well as derivatives that were sort of one step removed, but we're based on the prices of mortgages and. You know, you had Bear Stearns collapse and then leeann was sort of the next big one Bear Stearns was purchased by j. p. Morgan at a fire sale rate and lean was seeking buyer, and eventually it was allowed to go bankrupt. And this really was the emblematic event of the financial crisis because it it showed that there was the potential for you know, the lack of a rescue, a sort of on unstructured bankruptcy and this led to a lot of things in the credit system that really seized up the broader financial system and and and and led to bail out. So now cut to the first quarter of two thousand nine Obama's now president. The and things are still going badly, right, right. I mean, that's the thing we have to explain. So the banks are certainly not in a healthy situation. We are losing on the order of seven hundred to eight hundred thousand jobs a month. New policies have yet to to really be put in place and take effect and a cross Obama's economic team..

Bear Stearns Obama Sam cedar new Republic Tim Geithner Donald Trump ameriquest Davide David White House Leman leeann Nate Morgan j. p official
"tim geithner" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:33 min | 2 years ago

"tim geithner" Discussed on Bloomberg Radio New York

"Ben Bernanke Tim Geithner and, Henry Paulson all hell's a press briefing yesterday and all voiced varying degrees of concern about America's ability to combat another financial meltdown do you share any of their concerns I always Turns in terms of how to come down financial meltdown and they were very hard to fight even when you're even when you have a lot of. Tools disposal My biggest concern is the. Whole he's been I mean it's gonna ever since the last what is that where we're going to, try to fight the last war in the next financial crisis there will be an expert at some point Is not likely. To be the same as the last one I don't think it will. Emanate for the banking system because the banking system is his his has just got a tremendous amount of capital and hasn't. Been taking on the risk that, it didn't in prior cycle but outside of. The banking system a lot of other entities are taking risks and so I think the next financial crisis. Look very different from the last one in. Probably won't impact the banking sector. Is much on that subject let me throw your curve ball what is the risk of some serious repercussions from the tariffs Well it's rising It's very hard to say when we're we're in, a trade War I think that a trade war would actually begin with one country was upping the tariffs on another. In right now everybody seems to, just, be matching whatever whatever, the United States and we haven't implemented anywhere near as much as. We've talked about and I'm hoping that that most of the most of this rhetoric would not actually come into reality until after, the midterm elections and I'm hoping that that after that that will see things cool off, a little bit but there's really nothing to do. More, than hope no I think it's important for folks to two separate up the rhetoric from the tactics which are the tariffs primarily from the objective and the objective it often gets talked. About as protectionism. It's not protectionism the objective is to modernize, our trade relationships which which are woefully, out of date, particularly with China but also with. Traditional trading partners, so so I, I don't know. It's, very hard To accomplish that, without having some. Sort of hammer But as an economist tariffs are never really are figured tool But the season Mark Vitner senior economist. At Wells Fargo thank you very much for.

Henry Paulson Ben Bernanke Tim Geithner senior economist Wells Fargo America Mark Vitner United States China
America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

Bloomberg Daybreak

01:56 min | 2 years ago

America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson

"Financial, Services committee we'll bring you the question and. Answer portion of his testimony live the ten AM Wall Street time Well the, fed appears. Confident it. Has the. Weapons needed to fight the next. Financial crisis some former policymakers are not so sure Bloomberg's John Tucker is here live to explain good morning John joint briefing with reporters former fed chair Ben. Bernanke the former Treasury Secretary and New York fed president Tim Geithner and former Treasury Secretary Hank Paulson. Voice concerned about America's ability to combat another financial meltdown Gardner said the fed has less scope to act as, interest rates are lower and argued, that the emergency, powers the proof so essential a decade. Ago are somewhat weaker today Bernanke is worried about longer term consequences of rapidly rising government dead Paulsen also agreed adding it, will slowly strangle us John Tucker Bloomberg daybreak thank you, John on. The trade. Front sources. Tell Bloomberg. That European Commission president young Claude Yonker will. Meet with President Trump in Washington next week where they'll explore the possibility of negotiations to reduce tariffs On cars Yonker will likely. Signal, willingness to consider a deal to reduce auto levies between the US and EU countries. Turning to corporate news now the CEO. Of, Texas Instruments Brian Crutcher has resigned after less than, two months on the job, Charlie Pellett has, the story TI cited violations of the maker's code of conduct. His predecessor rich Templeton will assume, the role on a permanent basis in a statement. The company did not elaborate but it did say quote the violations are related to personal behavior that is not consistent with our ethics and. Core values but not related to company strategy operations. Or financial reporting Charlie Pellett Bloomberg daybreak thank you Charlie Berkshire Hathaway's move removing a cap on stock buybacks that will, give chairman. Warren Buffett. Greater leeway. To dole out profits to shareholders..

Bloomberg FED Charlie Pellett John Tucker Bloomberg Bernanke Claude Yonker President Trump John Treasury Secretary Hank Paulso Charlie Berkshire Hathaway John Tucker United States Warren Buffett Rich Templeton Brian Crutcher Tim Geithner CEO
"tim geithner" Discussed on The Majority Report with Sam Seder

The Majority Report with Sam Seder

01:42 min | 2 years ago

"tim geithner" Discussed on The Majority Report with Sam Seder

"That you are using to to borrow that money are the securities themselves so a lot was predicated on certain very wealthy loan to the mechanism new this did it anyway so when everything's sort of collapsed that was when the financial crisis really hit banks had lent to each other the securities the assets the toxic acids they had they had created had no value they could no longer get rid of them people who did buy them couldn't receive income from them and therefore couldn't repay the loans they had taken out to buy them and the whole entire financial system at every level therefore seized up and that was why in the fall of two thousand eight there was such a panic on the markets and the banks and so forth the banks that did survive wanted to ensure their survival that's where the treasury secretary at the time is a former ceo golden sachs when i was there in fact hand poulsen the new york fed president tim geithner a lot of the big bankers jamie diamond who still run straight from morgan chases playing find storms goldman sachs and so forth got together and said we need help now they say they didn't say that we need help but they needed help they got help from the federal reserve they got help from the government that god help from taxpayers god help from the treasury department most of their ongoing help has come from the federal reserve okay so so we had the situation where you know the side bets inside bats and people loaning money for the side bet so they could make a bet with them back essentially this thing collapses and i mean when we talk about the the initial bailout right when we're talking like in the fall of two thousand eight i guess into the early two thousand nine.

ceo golden sachs new york tim geithner treasury department poulsen fed president morgan goldman sachs
"tim geithner" Discussed on FT Alphachat

FT Alphachat

02:02 min | 2 years ago

"tim geithner" Discussed on FT Alphachat

"All of the member states in that this might be thought idealistic but this is what separates me from what i'm going to call the hamilton ins the people that believe in a strong executives enter i think if you don't do things like that if you don't have the kind of system i'm describing i think what happens is people won't kind of trivial palace in so the next time a crisis occurs either you stay within those new limits and the crisis is worse or you go even further beyond the new limits and eventually eventually might my concern is a slow motion concern is the people's wake up and say who the hell is but a governing us which is unfortunately once it to some extent is already happening obviously many people be particularly interested in central banking let's talk as you've had experience of some emergencies in central banking you'll time a mentioned some american examples and you can office office in british exams that maybe we'll maybe we'll be quite similar if we're talking about something like the feds deciding that it's gonna bash the heads of banks together and get them to agree to to help out long term capital management we're talking about tim geithner the new yorker to hear lead in eventually deciding the eighty five billion dollars was going to go towards rescuing aig probably the single most contentious acts of the attempts to rescue rescue the financial system during the crisis how should those decisions be handled in way that's different from the way in which they were handled well thankfully there is a really big changes since the crisis and i i am an optimist about what i'm going to say not everybody and i was also partly responsible for what i'm going to describe i whether via the dodd frank act in the united states of the banking recovery and resolution directive and you of us domestic legislator.

tim geithner united states hamilton ins eighty five billion dollars
"tim geithner" Discussed on Masters in Business

Masters in Business

01:57 min | 2 years ago

"tim geithner" Discussed on Masters in Business

"Actually goes on to get a chairman of the ea for obama tim geithner who is new york fed chief eventually becomes treasury secretary gansler gets appointed to the agency that he helped to dismantle it's really pretty astonishing if you look at the fields of aviation or medicine when a plane crashes or there's a surgical problem you don't send the same pilot back to tell you what went wrong you don't send the same surgeon to do a post mortem someone else with fresh eyes comes in that is not what we saw take place during the financial crisis it no it's true you had a lot of the same old characters coming in in a lot of them guidance and exception to this i think but a lot of them hailed from wall street and those were these are the same guys who had not only not stopped the financial crisis but in a number of cases either worsened it or profited from it and take your pick i don't know which of those is worse and again in fairness to people like summers and gansler i think there is a human capacity to learn from mistakes and arguably the experience of having screwed up royally and watching the financial world burn as a result in part of your mistakes is probably a pretty sober and educational moment and look the everyone got it wrong it's not just these guys right the media got it wrong anybody got it wrong lots of a lot of people got it wrong you know there were plenty of people who were complaining about it and warning about it i just i've always found it fascinating that weight there aren't people who weren't major contributors to the crisis to take the role of chr or treasury secretary i've always learn when you really screw up hey you know you're not gonna get that promotion apparently dc in wall street that that doesn't seem yeah one of the revelations in writing this book is that most of the things.

chairman tim geithner york gansler fed
"tim geithner" Discussed on KQED Radio

KQED Radio

02:00 min | 2 years ago

"tim geithner" Discussed on KQED Radio

"Okay pope today brings us the final installment of what we have come to call around here the big three the conversation i had last week with former treasury secretary hank paulson former fed chair ben bernanke and tim geithner than the president of the new york fed all about the financial crisis that really came into focus for a lot of people ten years ago this month we started back on monday with the decision to rescue bear stearns none of us debated any length is to whether it would be a big problem of bear stearns had failed we all knew that so the question is what should we do about it we trace through lehman brothers tarp in the politics of it yesterday we got to what they didn't do trying to help people understand against their instincts that allowing the banking system to collapse was not going to be something that would be irrelevant to their lives that it was going to have an effect on jobs on mortgages on incomes and a really big way and now today the crises yet to come we start with tim geithner and what two thousand eight taught him about this economy i think the big affected me which is the obvious thing which has just made me much more worried about the state of our political system and what has happened to the people's ability govern you know to find basis for pragmatic compromise and i think that grace strength of our country in the crisis we were able to craft a relatively nonpartisan strategy to try to protect the country from much worse damage but even at that time you know we were we'd seen a substantial erosion frankly in the ability system the political system to deal with tough longterm challenges.

pope tim geithner president new york lehman brothers hank paulson ben bernanke ten years
"tim geithner" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:03 min | 2 years ago

"tim geithner" Discussed on WNYC 93.9 FM

"Okay how today brings us the final installment of what we have come to call around here the big three the conversation i had last week with former treasury secretary hank paulson former fed chair ben bernanke key and tim geithner than the president of the new york fed all about the financial crisis that really came into focus for a lot of people ten years ago this month we started back on monday with the decision to rescue bear stearns none of us debated any length is to whether it would be a big problem with bear stearns had failed we all knew that so the question is what should we do about it we traced through lehman brothers tarp in the politics of it yesterday we got to what they didn't do trying to help people understand against their instincts that you know allowing the banking system to collapse was not going to be something that would be irrelevant to their lives that it was going to have an effect on jobs on mortgages on incomes and a really big way and now today the crises yet to come we start with tim geithner and what two thousand eight taught him about this economy i think the big affect me which is the obvious thing which has just made me much more worried about the state of our political system and what has happened to the people's ability governed to find basis for pragmatic compromise and i think that gray strength of our country that in the crisis we were able to craft relatively nonpartisan strategy to try to protect the country from much worse damage but even at that time you know we were we'd seen a substantial erosion frankly in the ability of system the political system to.

president new york lehman brothers tim geithner hank paulson ben bernanke ten years
"tim geithner" Discussed on KCRW

KCRW

02:04 min | 2 years ago

"tim geithner" Discussed on KCRW

"Boko okay today brings us the final installment of what we have come to call around here the big three the conversation i had last week with former treasury secretary hank paulson former fed chair ben bernanke key and tim geithner than the president of the new york fed all about the financial crisis that really came into focus for a lot of people ten years ago this month we started back on monday with the decision to rescue bear stearns none of us debated it any length is to whether it would be a big problem with bear stearns had failed we all knew that so the question is what should we do about it we trace through lehman brothers tarp in the politics of it yesterday we got to what they didn't do trying to help people understand against their instincts that you know allowing the banking system to collapse was not going to be something that would be irrelevant to their lives that it was going to have an effect on jobs on mortgages on incomes and a really big way and now today the crises yet to come we start with tim geithner and what two thousand eight taught him about this economy i think the big affect me which is the obvious thing which has just made me much more worried about the state of our political system and what has happened to the people's ability govern you know to find basis for pragmatic compromise and i think that grace strength of our country in the crisis we were able to craft a relatively nonpartisan strategy to try to protect the country from much worse damage but even at that time you know we were we'd seen as substantial rozhin frankly in the ability system the political system to.

president new york lehman brothers tim geithner hank paulson ben bernanke ten years
"tim geithner" Discussed on KQED Radio

KQED Radio

01:39 min | 2 years ago

"tim geithner" Discussed on KQED Radio

"To stop the whole global financial system grinding to a complete halt many financial institutions were saved except famously lehman brothers but in the aftermath millions of ordinary people went onto lose their homes and jobs trillions of dollars of wealth wiped away at the forefront of a tool trying to contain the damage with three men ben banenky former chairman of the us central bank the fed or federal reserve hank paulson former us treasury secretary and tim geithner who ran the new york fed they met with k ryssdal of our us partner program marketplace to recall events a decade on i'm hank paulson and i was the secretary of the treasury my name is tim geithner i was the secretary of the treasury following hank paulson and before that iran the new york fed i'm ben bernanke and i was chairman of the federal reserve once we had the id's out of the way we talked about the ground rules it occurs me there are two mr secretaries in one mr chairman in this room which you can make for really confusing conversation are we okay with ben hankinson have our all right the honorable tim okay and in light of that i'm gonna lose my tyke as you guys know weren't ties loosened ties assigned the three of them were pretty relaxed fresh off a conference at the school of management about the crisis talking with some of the people they went through it with the day we did this interview by the way last tuesday was the anniversary of the day the fed health out in the rescue of bear stearns lending twenty nine billion dollars to facilitate j p morgan buying it so i started with that weekend and how ben felt about the fed having to do something it had really never done before.

york ben chairman of the federal reserv iran partner ben banenky ben hankinson ben bernanke treasury tim geithner secretary hank paulson new york chairman twenty nine billion dollars
"tim geithner" Discussed on KQED Radio

KQED Radio

01:38 min | 2 years ago

"tim geithner" Discussed on KQED Radio

"The treasury and tim geithner than the president of the new york fed we've got up to lehman brothers weekend yesterday september of two thousand eight and tarp the troubled asset relief program and the difficulty they had managing the crisis and the politics at the same time it's not the best way to run a country run a financial system which is to require politicians to decide in the moment that they need a far stronger fire station today what the three wish maybe they had done differently what are your regrets what did you do that maybe hasn't worked out ten years later like you thought it would well i think the three big things there's many of them i think three big things we as a country allowed the financial system to outgrow the protections we put in place after the great depression and leave ourselves on the of the crisis with a very fragile dangerous system the second thing is that we went into the crisis we've said with very weak tools for protecting the country from panic and took a long time and it took too long and it took too much damage to remedy that that failure and although with that authority you know we did a set of very innovative very powerful things and i think produced dramatically better results than true for most countries caught up in financial crises we still left with a terribly damaged economy deep scars huge loss accomplish petitions the country got caught up in a little fever of austerity to prematurely figure austerity and we took the went through that we'd put the put on the brakes a little too early you know these things take a long time to come out of and repair recovery's after financial crisis are very slow and weak and.

tim geithner president new york treasury lehman brothers ten years
"tim geithner" Discussed on KQED Radio

KQED Radio

02:01 min | 2 years ago

"tim geithner" Discussed on KQED Radio

"Talking about financial crisis last tuesday me and ben bernanke then the chairman of the federal reserve hank paulson the secretary of the treasury and tim geithner than the president of the new york fed we left off of the top of the program in march two thousand and the fed helping save bear stearns the through line in a phrase was creativity in the face of crisis from those three in the feeling that all of them had that they didn't actually have the authority to do a lot of what they thought was necessary calm things down so i asked him whether maybe they were able to get things done on the fly so much because the rules and regulations of the financial system were so we can fractured tim geithner was not having that until president bush and hank paulson were successful in getting congress to pass emergency thirty in september early october we were using duct tape and string to try to hold the thing together we're doing so creatively in ways that have been done since the great depression but those tools were very weak and the capacity to maximize power was very limited against the force of the storm when they were successful in getting more authority for the country as it protect the country from the failing financial system at that point we were able to do really extraordinary dramatic things and i think that the absence of those tools at the beginning and the end the relative balkanisation of the authorities was a major factor in why this crisis was so bad why the damage the economy was so great i think it was a a a terrible handicap going into this the apex of the crisis hit on the margins of a national election so was there a clash between politics and economics but one of the things that got to here was we all knew quite early on we would like to have authorities to do things we didn't have so the question was how did you get those from congress.

secretary president new york bush congress ben bernanke chairman of the federal reserv hank paulson treasury tim geithner fed
"tim geithner" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

01:39 min | 2 years ago

"tim geithner" Discussed on WNYC 93.9 FM

"I was in new haven connecticut this week for a long talk with ben bernanke key tim geithner and hank paulson about the financial crisis their roles in it and what they think would happen in this economy if or really when we have another financial crisis we're gonna air that interview on monday but i wanna play a little bit of hank paulson right here as a way to set up this next story posing might remember the secretary of the treasury during the crisis and since the tenth anniversary of bear stearns is this week at one point when we were talking i asked him what he thought would have happened back in two thousand eight if bear had been allowed to go down here's what he said i think that if we had had bear stearns go down we would have had shortly thereafter lehman go down we would not have can you imagine if we had not nationalize fannie or freddie i five point four toyota at assets nine times bigger than lehman and stabilize that so i the part of the story i would add on was after after the bear rescue then and i where and talked with barney frank at the house financial services committee in barney's memory is the same as ours we went up there and we said you know we weren't something barney we don't have the powers the emergency powers in our regulatory system the dealing with a failing nonbank ellen investment banks starts to go in the middle of a run disintegrates very quickly if you don't have.

connecticut hank paulson secretary treasury lehman fannie barney frank ben bernanke tim geithner
"tim geithner" Discussed on WGN Radio

WGN Radio

01:48 min | 3 years ago

"tim geithner" Discussed on WGN Radio

"To spend countless hours and dollars filing your taxes work it's not right on the as the change president barack obama in 2012 ahead with a propelled it took out the next two 28 percent in so i think that you know at the time you had tim geithner onboard you had missed pelosi you had chuck schumer from the senate uh on board and ina so for for democrats disgreement holler win this tax bills trying to cut the rates and things like that i don't think it's the it's the side those details i think if the other things that people are are young about whether it's it's eliminating the mandates the caps on this the deductions on state and property taxes which is why this causing so much confusion right now i mean everyone's got different than at the yelling about and not necessarily i haven't heard anybody elliott that there are people yelling about why the jetfuel i really love that a relic about that because it's out of whack in in that even what marco rubio was talking about which is it's not a question of our did our corp deserved our taxes to me to be reformed to the need to be changed absolutely but this particular piece of legislation is so onesided in favor of the corporations who get permanent tax cuts large huge tax cuts at the expense of individuals who have short temporary in relatively modest tax cuts well well wasiq hold on hold on there the tanto if the temporary nature of the individual tax cuts while folks on our side of the aisle have made a huge deal out of that it done only because of the unique nature in which the republicans wanted to force this thing through without needing a democratic vote on those taxes are will while they are set to expire it's only done to keep keep the.

tim geithner pelosi chuck schumer property taxes marco rubio president barack obama senate two 28 percent
"tim geithner" Discussed on Pod Save America

Pod Save America

01:52 min | 3 years ago

"tim geithner" Discussed on Pod Save America

"And so i think he might have acted out of fear in look it it's a scary proposition i mean i've said this before but i you know tim geithner sat me down when i had to write a speech in the event of a potential default on our debt when we were you know dealing with debt ceiling brinkman brinksmanship in the obama administration and writing that speech about what happens after defaulter even when the rest of the world thinks you're about to default the catastrophe in the markets the people who don't get paid the benefits that don't go out the checks the dunk wa i mean it's pretty frightening stuff it's it's much for everyone i mean it's much worse than a government shutdown a government shutdown you don't want you want to avoid it it's bad it it's a selfinflicted wound you know breaching the debt ceiling is just horrendous another it happens in the meeting is trump also calls for scrapping the debt ceiling all together rich i agree with donald trump there you go great idea donald trump and democrats have been trying to get rid of the debt ceiling for a long time and today pelosi was like sure yeah let's do it and of course paul ryan said no no no i don't want to do that because i want to continue playing politics with the debt ceiling well into the future yeah i would say pyrennes uh we are in power ends exlazio this was he wanted to keep the power of the purse way the debt ceiling has not the power of the purse the power of the purse is when you appropriate money for government funding which they already did all the debt ceiling does it say you can pay the bills you've already incurred and so that is bullshit that is a bullshit argument and probably in his what he's home alone doing p ninety acts ingenuous electing at a statue of and rand paul ryan knows this is bullshit but.

tim geithner obama administration donald trump pelosi paul ryan rand paul ryan