Treasury Secretary Mr. Tim Geithner, I Support You
During the 1989 Asian financial stormy, when one of George Soros ‘s foot solider intimidated Hong Kong Government and its Finance Secretary Sir Donald Tsang by saying that “ We have a lot of ammunition, if the HK Government intervenes the market, dead is the final destiny!”
I was there and witnessed the most excited, and dramatic Harvard MBA, case study!
The Now HKSAR Chief Executive, then Financial Secretary Donald Tsang was shaking, stress and cautious as Mr. Tim Geithner presented his outline plan to stimulate Wall Street on Feb 10, 2009 in his Cash Room. Of course, Mr., Tsang should be shaking, he was betting the whole future of HK by using the billions of HK DOLLAR reserve to battle the infamous speculator, George Soros, his Quantum Group Fund and other greedy and ruthless Hedge Funds mangers. During that time, nearly all the Economic or Finance Professors and Academics including THE VERY FAMOUS ONE (only in HK) IN HKU, CUHK, HKSTU, CTIY U, HKPTU, HKBU. ALL said: According Milton Friedman, Government invention in free market will lead to disaster to HK! More than that, the copycat of the major media, pundits, except a few of know-nothing-economy and only-know- pro-red China media, all copied the Laisser-faire –market-oriented Professors’ view to declare: HK will dead because of the government intervention!
After The Chinese Government hinted and nodded, Donald Tsang publicly declared to use HK reserve to defense the HK currency and the stock market. For a few day fluctuation of more than 1000 points up or down of Hangseng Index. HK survived! Because of that , later after Pro-China Tung Cheehwa’s resignation. Chinese government accepted the British-trained and former British KBE-knighted Donald Tsang as the second HKSAR Chief Executive in 2005. It shocked the traditional HK Pro-China Leftists!
Now I am here in America and luckily I am witnessing the Tsunami US economy stormy again! Unluckily, the same! After Tim Geithner presented his bailout plan outline. The market plunged almost 5% on Feb 10 and WSJ depicted the one-minute interval of market falling of DJIA in its Feb 11 front page! Most of Wall Street pundits cried: we need more detail!
If you are the Economy Historian, you would easily to present evidence. It was because of Congress lack of economic literacy, Wall Street’s greedy and ruthless Banker, and Alan Greenspan’s sorry, I was wrong-laissez-faire capitalism to bring us to this recession or depression (IMF Chair’s word). It is not the 40 something, young, innocent and hungry Tim Geithner did! Of course, he should be stressed, prudent! If you know, you are betting the future of America and get in to the unknown and unprecedented chatter area of recession. Everyone would be stressed and shaking like Tim except may be Captain Sullenberger!
We have no plan B, the Nobel economist, Paul Krugman, Jim Rogers and Joseph Stiglitz all are unfavor the bailout outline but lack of their plan! Only criticism – they acted like HK Copied-cat PROFESSORS DID in 1998 Asian Financial Stormy. No help! Detail? Even the eight chastened Banker or fall guys did not know detail about their negative or bad assets. Detail? Not yet nuts!
Based on my research, we are using the 798 billions of I-O-U and printing money method to bailout, and with the sole military power to back up our currency. If we fail, I 100% guarantee, America will lose more than decades!! That is why I must support Mr. Tim Geithner and hope the private will join the bail out plan!
God bless America! We must not fail!