NBC selected the wrong guy to replace Jay Leno. Conan O'Brien is funny, but can he make Chinese college students laugh hysterically. Timmy the G evidently cracked the Chinese up this week by telling them their assets are safe. I picture Chinese students rolling in the aisles and peeing themselves because they were laughing so hard. NBC should think about the opportunity of cracking up 1.3 billion Chinese on a nightly basis. Timmy the G has proved himself. He must have had to practice that line in front of a mirror for hours without cracking himself up.
He followed up with another zinger, saying the Obama administration would cut deficits and and be very disciplined about spending. This guy is a card. Next he'll be saying that the stimulus will create 3 million jobs. Oh yeah, Henny Obama already used that classic line.
U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency.
China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China's total U.S. dollar-denominated investments could be twice as high.
"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
In his speech, Geithner renewed pledges that the Obama administration would cut its huge fiscal deficits and promised "very disciplined" future spending, possibly including reintroduction of pay-as-you-go budget rules instead of nonstop borrowing.
"We have the deepest and most liquid markets for risk-free assets in the world. We're committed to bring our fiscal deficits down over time to a sustainable level.
"We believe in a strong dollar ... and we're going to make sure that we repair and reform the financial system so that we sustain confidence," he said.
But Geithner said there could be no return to business as usual either for the United States or China: both must change their growth strategies as U.S. consumers pay down debt after years of living beyond their means.