Category Archives: Foreign
Lamb Chop
Jennifer Granholm, the two term Canadian governor of Michigan, called former GM CEO Rick Wagoner a sacrificial lamb. The Wall Street Journal, which never agrees with Granholm, agreed. But on the op-ed page Paul Ingrassia, a former Detroit bureau chief for the paper said the sacrifice was long overdue since the stock price had dropped from $70 to under $3 on Wagoner’s watch. Actually it closed at $1.94 today, which is down from the $53.40 high of the Granholm reign. Perhaps more sacrifice is in order.
Mao Money
Considering that his budget proposes a 34% spending increase, our patrons the Chinese, are skeptical that Obama is doing everything he can to reduce the Bush Deficits. Jawboning didn’t get the message across. Neither did harassing the U.S. Navy. So now they propose ditching the dollar in favor of a new world reserve currency backed by the IMF.
Geithner was initially cool with the idea which promptly caused the dollar to drop 1.3%. Drawing on his vast rethinking powers, the Treasury Secretary had the dollar bouncing back 15 minutes later.
