Wikinvest Wire

Tim Geithner on Meet the Press

Sunday, November 01, 2009

Treasury Secretary Tim Geithner was on Meet the Press this morning - he says that third quarter growth was "broad based", a characterization that many would disagree with.


Headlines at Bloomberg and elsewhere focus on the expressed need for banks to begin lending again so the economy can continue to grow. Yes, we're at that point in the recovery where banks need to start taking on risk again. In fact, Geithner says that one of the biggest risks we now face is that banks won't take on enough risk. Seriously...

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5 comments:

kwark said...

Wow, I was insulted at first but then I realized that pathological liars like this guy have to tell ever bigger lies to distract folks from the last hum-dinger. So it's not just that he thinks everyone is too stupid to figure-out the mess he's helped create (well, he DOES think this too), with his personality disorder, he just can't stop. Poor bast%*d, we should be giving him even more power so he doesn't have to embarrass himself by telling us more lies. Oh, wait. . .

Greg in LA said...

Isn't it odd that Paulson, Bernake, and now Geitner would have press confrences on a Sunday morning and they all have the pressing need to say that the banking system if fine.

If it is so fine why the pressing need to praise the market right after a large dip in stock trading.

If the real estate market has bottomed, why the added stimulus, if the banking system has recovered and now wildly profitable, why the added stimulus, and Sunday morning press conference to reassure the stock market?

The Real Deal said...

Why is it that once a guy joins the government in top leadership position, he/she must lie, must spin everything in the most positive terms?

Geithner gave the impression that it is his government actions, with all those billions borrowed from foreigners and the future, pumping into the economy that saved the day. That the first priority is to save the banks. That the stock market, fully manipulated by the money managers for quick profits, reflects anything of economic reality. That consumers must spend and spend to save the economy. That GDP growth is good, even though it does not equate wealth growth. In other words, the same kind of talk the big money bosses have been feeding the public.

All BS.

They don't talk what finance ministers of real economies talk:

- production growth
- export growth
- positive trade and current account balance
- individual income growth running ahead of inflation
- national debt reduction
- national saving rate hits all time high
- tax cuts due to budget surplus!!

Ted S. said...

CIT Group just went belly up --- looks like "extend and pretend" wasn't a viable long-term plan.

ranger said...

I HATE TO SAY IT BUT WE ARE IN THE GREATEST CONSPIRICY IN THE HISTORY OF THIS NATION AND IF SOMETHING ISN'T DONE QUICKLY WE ARE DOOMED ....

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