![\"Timothy](\"https:\/\/i0.wp.com\/planetwaves.net\/news\/wp-content\/uploads\/2008\/11\/timothy_f_geithner.jpg\" "\\"timothy_f_geithner\\"")
<\/a>On Monday, Obama announced his nomination for Treasury secretary: Timothy F. Geithner<\/strong><\/a>, and head of the White House Economic Council: Lawrence H. Summers<\/strong><\/a>. Geithner is the 9th president of the Federal Reserve Bank and was instrumental to the Bear Stearns rescue and sale to JP Morgan\/Chase. Summers is an economist, a professor at Harvard University’s Kennedy School of Government and served the Clinton administration\u0412\u00a0as Treasury Secretary\u0412\u00a0in its final year and a half. Also, his birthday is on Sunday (but he looks like he ate the cake already).<\/p>\n Most of the press knew on Friday about Geithner and Summers, and US stocks jumped late in the day<\/strong><\/a>\u0412\u00a0as a result. They have continued to rise on Monday after Obama skipped Pancake Saturdays to announce his two-year economic stimulus plan for “middle-class tax cuts and spending on infrastructure to help save 2.5 million jobs,” Reuters reports<\/strong><\/a>. The US unemployment rate hit at <\/strong>16-year high<\/strong><\/a> last week.<\/p>\n Then there’s Sunday’s announcement that Citigroup would be getting more money (add $20 billion to the $25 they already got from the bailout package). Their aid is a two-parter, according to CNN<\/strong><\/a>:<\/p>\n First, the U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) will backstop some losses against more than $300 billion in troubled assets.<\/p>\n Second, the Treasury will make a fresh $20 billion investment in the bank. The government has already injected $25 billion into Citigroup as part of the $700 billion bailout passed by Congress in October.<\/p>\n In return for the latest intervention, the government will receive an additional batch of preferred shares – $20 billion for its direct investment and $7 billion as compensation for the loan guarantees. Citigroup will pay an 8% dividend rate on those shares.<\/p>\n In addition, the government will get warrants, or the right to purchase $2.7 billion worth Citigroup shares in the future.<\/p><\/blockquote>\n The big question, for Eric and I anyway, is where is the money going?<\/em>\u0412\u00a0\u0412\u00a0<\/em>With reports that each of us will pay about $24,000 for every man woman and child<\/a><\/strong> to fund the bailout\/economic stimulus, I would like to see a nice, public, itemized list describing where my money is going and how it’s being used. If those Christian charities can tell me that $10 will pay for 40 malaria vaccines and $20 will provide 100 kids food for a week, then I don’t see why our government can’t tell me how\u0412\u00a0one year’s salary <\/em>is divvied up.<\/p>\n Oh, and in other news, Henry Paulson is the worst Treasury Secretary ever<\/strong><\/a>, according to Steve Forbes. And that guy knows a thing or two about money.<\/p>\n Yours & truly, Dear Friend and Reader, Sometimes, when I’m trying to get a grip on a news story, I feel more like the kid in class with her finger in her nose than an expert. And the economic crisis is definitely one of those topics, so I’ve taken it really slow, and have the most recent details … Read more<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"generate_page_header":""},"categories":[14],"tags":[36,635,274,52,633,634,117,626],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/posts\/6871"}],"collection":[{"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/comments?post=6871"}],"version-history":[{"count":0,"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/posts\/6871\/revisions"}],"wp:attachment":[{"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/media?parent=6871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/categories?post=6871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planetwaves.net\/news\/wp-json\/wp\/v2\/tags?post=6871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nRachel Asher<\/p>\n","protected":false},"excerpt":{"rendered":"