Remember how confident everyone was in 2007 when they were yelling that sub-prime was contained and that economic growth was still strong and jobs remained plentiful well fast forward to 2010 and geithner is now confident that the US economy is recovering despite a few market jitters here and there. Don't believe any of his words. Geithner Confident US in Recovery Despite Market Jitters Reuters | July 06, 2010 | 09:49 PM EDT U.S. Treasury Secretary Timothy Geithner said on Tuesday he was confident the U.S. economy would continue to grow as it repairs damage from the financial crisis, but conceded that recoveries are "never even, never steady." Geithner, in a television interview with PBS NewsHour, said the economy was still feeling the "lasting effects" of damage to business and consumer confidence from the financial crisis and Americans are still spending cautiously. "We've seen a little concern about Europe wash across the American economy," he said. The Treasury chief reiterated his view that Europe would manage its debt problems, adding that officials there were "taking the steps that they need to make sure that they're growing again." Asked about the downturn in stock markets in recent weeks, Geithner said markets had seen a long run of improvement that boosted confidence, but added: "You know, recoveries are never even, never steady." Geithner said he believed that the financial reform bill now before Congress "looks like it's going to pass," adding that the legislation would better protect Americans from financial fraud and abuse and will limit risk-taking by financial institutions. He also defended the Obama administration's efforts to stem foreclosures, saying that such programs had allowed millions of Americans to benefit from more stable home prices and had reduced monthly payments for more than a million homeowners. But he said they would not reach many people hurt by the housing crisis, such as investors who were speculating on prices. The benefits "don't go the most fortunate Americans who bought very, very expensive homes or a second home," Geithner said. "They're not going to reach people who lied about their income, were unable to prove that they had income â weren't able to prove they were eligible."
I was on my way to the bathroom and overhead Tim talking on the phone about C, he said "a lot of the hedging didnât work.â He's probably right about this one too. j/k
What you really needs your attention is delta from the norm in regard to talking heads. Their normal range is "everything is fine" to "things might be a little shaky right now, but everything is going to be just fine real soon". If Tim or Ben or Obama came out and said "well the economy is in the crapper, we don't know how long it's going to be in the crapper, and we haven't a clue to get it out of the crapper" can you imagine the terror and panic that would race through the world financial markets? Stark truth coming from those you expect to lie politely would be catastrophic. White lies are white noise; meaningless. Please disregard.
If Tim or Ben or Obama came out and said "well the economy is in the crapper, we don't know how long it's going to be in the crapper, and we haven't a clue to get it out of the crapper" can you imagine the terror and panic that would race through the world financial markets? ---------------------- I think it's against the law for them to say something that might undermine confidence, if not against the law then it's against the code of ethics of their office.