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Timmy and Mikey Had a Play Date . . .

By Carla Muss-Jacobs, RETIRED

Industry Observer with RETIRED / State License is Inactive Inactive License Oregon

October 29, 2010 08:36 AM

Our Timothy Geithner, U.S. Treasury Secretary and Michael Barnier, European Commissioner had a play date today.

I'm sharing it with you because of this one sentence:

"They reiterated that no firm is too big or too complicated to fail and that taxpayers should not bear the costs of resolutions."

BRAVO!!

Since these types of play dates don't make it to the local news, I thought to share it with you. Let's hope, and pray, that their reiteration is true, and not lip service. Again, these types of play dates don't really make it to the media as important events. But, they are.

The situation occuring right now in our collective histories is important.

Michael Barnier is the current European Commissioner for Internal Market and Services. He was probably a very good person for Tim to meet up with, and it's nice to read their play date went well.

The Press Release mentions the Basel Committee's agreement reached on September 12, 2010.

The Basel Committee was formed in 1974 and member nations include: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.

TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

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Donne Knudsen

Los Angeles & Ventura Counties in CA - Simi Valley, CA

CalState Realty Services

Carla - So why is the govt continuing to bail out the banks and the GSE's. It's become quite clear to millions of American voters that these institutions are failing miserably. Why are we not letting them fail. I don't expect an answer but just throwing that out there to the blogging world. :)

Oct 29, 2010 08:40 AM

Gene Riemenschneider

Home Point Real Estate - Brentwood, CA

Turning Houses into Homes

I guess little Timmy has wised up a Trillion Dollars to late. This clown should be in jail for tax evasion. I might consider him a hero for cheating the IRS, except that he expects the rest of us to pay.

Oct 29, 2010 08:47 AM

Margaret Goss

@Properties - Winnetka, IL

Chicago's North Shore & Winnetka Real Estate

Lip service just before the elections next week.

Oct 29, 2010 08:58 AM

Kathryn Maguire

GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA

Serving Chesapeake, Norfolk, VA Beach

But one wonders if they will have the intestinal fortitude to put this resolution to the test. They have already demonstrated that, in some circumstances, businesses may be deemed "too big to fail" Hope springs eternal that they now understand that these actions in the past did nothing to help matters. Privatizing profits but sharing losses is a recipe for disaster!

Oct 30, 2010 02:49 AM

Pamela Seley

West Coast Realty Division - Murrieta, CA

Residential Real Estate Agent serving SW RivCo CA

Carla, thanks for bringing out about the Basel Committee. Never knew this existed! It's amazing what gets created behind the scenes. I have to agree with @Kathryn "privatizing profits but sharing losses is a recipe for disaster." These banks are like the bully in the playground.

Oct 30, 2010 12:35 PM

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Carla Muss-Jacobs, RETIRED

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