Tim Geithner and the missing memo

- Oh, Wow! New furniture, new desk and take a look at that snazzy new leather chair! Looks good. New drapes? Nice. Smells fresh and clean in here. They must’ve cleaned the carpets, but hey, wait a minute, this carpet is new! Looks good. I see they finally cleaned those windows. I’m impressed. It was about time. What a difference a week-end can make.

- Mr. Geithner! Mr. Geithner!! Sorry, I heard that you came in and I tried to catch you before you came here to your old office.

- Old office? Did you say, "Old office?"

- Yes sir. We were told….we were told…

- Speak up, Melisa, you were told what?? Tell me!

- We were told you weren’t coming back! (Boo-hoo)

As always,
BB

U.S. Downgrade Heralds a New Financial Era
Viewpoint
Excerpt:
All of that said, there a sliver of a silver lining — and an important one. America’s downgrade may serve as a wakeup call for its policymakers. It is an unambiguous and loud signal of the country’s eroding economic strength and global standing. It renders urgent the need to regain the initiative through better economic policymaking and more coherent governance.
Read more at:
http://www.pimco.com/EN/Insights/Pages/US-downgrade-heralds-a-new-financial-era.aspx