You Get What You Pay For

Twenty-nine years ago Tim Geithner had just arrived on the Dartmouth College campus. The prospective Treasury Secretary was a studious, quiet student, who did quite well as an Asian Studies major.

After some time with the Foreign Service and Kissinger Associates, he distinguished himself at Treasury during the Asian Contagion with his understanding of East Asia markets and their cultures. His success in that crisis propelled him to the leadership of the New York Fed, and now to the Treasury Secretary’s office

This seems a particularly appropriate time for Mr. Geithner to take the helm at Treasury. The two most important actors on the world stage right now are the American Consumer and Chinese lenders. Both need each other. Without American demand, China will have to shut down its factories. And without Chinese credit, consumers won’t be able to finance what they buy.

Mr. Geithner comes to Treasury when an honest broker with cross-cultural understanding is needed more than ever. Here’s hoping that the quiet, likeable official can help calm the markets. That’s some change I could believe it.

Douglas R. Tengdin, CFA
Chief Investment Officer
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By | 2014-09-04T15:10:49+00:00 November 24th, 2008|Global Market Update|0 Comments

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