On PPIP and Geithner's Latest Power Grab (Linkfest)

Well, where do we start?

On the subjects of the toxic-assets plan/public-private investment partnership ("PPIP") and Treasury Secretary Tim Geithner's latest power grab, it's difficult to organize my thoughts and decide where to begin. There is almost too much information to absorb here.

Trying to catch up with all the latest news on not only the government's toxic-assets plan, but Geithner's proposal for sweeping regulatory changes over the financial industry, may seem like an overwhelming task.

Thankfully, there are a few people out there (bloggers, journalists) who seem up to the task of covering these events. I've organized a collection of some of the best articles and blog posts that I have found on these interrelated subjects. Select and read as you like.

Before we begin, I will say one thing about the ongoing financial crisis and government's response to it: the officials (many of whom are unelected) at the helm have, rather predictably, decided to increase regulation and consolidate their power in response to a crisis that, in many respects, they helped create.

Now, on with the show:

1. "Geithner proposes vast expansion of US oversight of financial system" - Washington Post.
2. "Geithner proposes to reinvent how the financial world is regulated" - US News & World Report.
3. "Geithner to seek power over hedge funds, derivatives" - Bloomberg.
4. "Geithner 'power grab' could worry creditors" - FT.com.
5. "Geithner testifies about new market rules (video)" - Bloomberg.
6. "Roubini says Geithner plan won't prevent bank nationalizations (w/ video)" - Bloomberg.
7. "Geithner's desperate power grab" - Economics Junkie.
8. "Geithner calls for power to blackmail companies" - Rossputin.com.
9. "Willem Buiter on toxic-assets plan/PPIP" - FT.com.
10. "It looks like Citi and Bank of America are already gaming the system" - Clusterstock.
11. "Geithner's five big misconceptions" - Business Insider.
12. "Ignoring the Austrians got us into this mess" - Barron's.

For more insight into the causes of the financial crisis and the build up towards increased regulation of the financial industry, read on at the related articles and posts below.

Related articles and posts:

1. The Fed leviathan grows - Finance Trends.
2. Hedge funds: regulations and redemptions - Finance Trends.
3. Jim Rogers: Geithner clueless (Bloomberg TV) - Finance Trends.
4. Jim Rogers doesn't mince words about crisis - BusinessWeek.
5. Adding up all government interventions - NicolasRapp.com.

Comments

[Lawrence York:]

The Fed and Treasury seek to expand their powers that permit them to annoint the winners and losers rather than letting the free market do so. Intregal to this power grab is letting their constituent banks operate with guarantees from the taxpayer. This is not Capitalism, but a design to control it and the players. What is remarkable is that Geithner's call for more capital assumes that the Fed and Treasury would know when it was necessary. Clearly they failed miserably in the past and have an exceedingly consistent record of missing abuses until they cause crisis. Yes we need reform, but we need to separate regulation from the purse and politics. Geithner's proposal is indeed a power grab and will not fix the fatal flaw of promising safety on inherently risky practices. Banks need to banks not investment banks if they are to offer guarantees backed by the taxpayer.

Mar 27 08:58 AM

[CJJ:]

This is the perfect article that sums it up. The author starts off by "How can one simple little human being keep up with everything?"...The answer: BLOGGERS and MEDIA to the rescue

Let me make this clear BLOGGERS AND THE MEDIA are selling SENSATIONALISM AND EDITORIAL. These are not facts. They are opinion pieces no matter what stupid graph or stat these guys roll out.

Am I supposed to ascertain that by going to all of Mr. Svartsman's links that I will now be well on my way to knowing the FACTS?

NO, what I am guaranteed to know after following these links is WHAT THIS GUYS AGENDA IS.

BLOGGERS AND THE MEDIA ARE NOT THE ALMIGHTY. THEY ARE HEADLINE GRABBING, RUMOR MONGERING EDITORIALISTS WITH AGENDAS.

The Newspaper bubble has burst. Bloggers are next.

Mar 27 02:46 PM

[je:]

xxx

Mar 27 04:40 PM