History 1807 Lecture Notes - Lecture 3: Investment Banking, Timothy Geithner, Lawrence Summers
4 Nov 2015
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Timothy geithner, sectary of the treasury: defending the bailout plan, not obama"s first choice. Lawrence summers, director, national economic council: went to mit and harvard, sectary of the treasury under bill clinton, chief advisor, just below the sectary of treasury, pursues a legislative program aimed at halting the crisis. Stimulus packing: billion offering a mix of spending and tax cuts to spur the economy. Half of the stimulus goes towards spending (construction, Tax cuts are based on wishful thinking; you don"t know what people are going to do with the tax cut. People would take the tax cut and no spend it but hold back and invest the money in other things. Private and government sectors aren"t meant to mix. Faced with the prospect of the bankruptcy of general motors and. Health care reform: means of helping the poor, money that is being used to give ceo"s bonuses is public money.
