Posted on 10/03/2009 5:52:38 PM PDT by Libloather
Geithner: World not ready for end of stimulus
G7 says growth still fragile; no mention of strong dollar
By Nick Godt, MarketWatch
Oct. 3, 2009, 3:36 p.m. EDT
NEW YORK (MarketWatch) -- The global economy is not yet strong enough to allow governments to end their fiscal and monetary stimuli to boost demand and growth, U.S. Treasury Secretary Timothy Geithner said Saturday.
"Planning for an eventual exit is the responsible and necessary thing to do, but we are not yet in the position where it would be prudent to begin to withdraw fiscal and monetary policy support," he said in a statement issued from the Group of Seven meeting in Istanbul, Turkey.
Geithner echoed a similar call by finance ministers from the G7 nations.
"Exit will not be like flipping a switch," Geithner said. "Instead, as conditions stabilize and growth strengthens, we will unwind the extraordinary policy measures we've taken, phasing them out carefully to avoid a damaging cliff."
At the G7 meeting, finance ministers and central-bank governors also vowed to keep support measures in place until recovery was assured, and to boost international financial institutions such as the International Monetary Fund, according to reports.
(Excerpt) Read more at marketwatch.com ...
Grrr...
Yep.
But... but, we were told it was working in a most excellent way. /s
I want an accounting of every tax dollar (add the other boondoggles as well as dear readers travel expenses).
While we’re at it, let’s audit the hill too; They are to be public servants, not zillionaires who serve themselves.
Oh, you have that all wrong; our Congressmen do not serve themselves! You and I serve them... They would never deign to lower themselves to actually serving themselves, especially when they have all us wonderful citizens to do the job!
Government is not the economy. People are the economy. Give us back our money and get out of the way you jackass!
It should read: “Geithner: World Not Ready For End of Political Corruption and Communist Policies”.
Or....“Geithner: We DC Tax Cheats Not Ready To End our Theft of Taxpayer’s Money”.
The world is ready for the end of Obamunism
BINGO!
“Exit will not be like flipping a switch,”
QUAGMIRE!
Geithner won’t stop until he’s given away our entire nation to the corporations.
Recently Geithner hinted that the feds were ready to raise interest rates rapidly if inflation reels its ugly head. That was stated to placate the Chinese who are pressing the US to either rein in spending or raise interest rates, otherwise they have no financial incentive to buy US treasuris or hold on to US dollars. Now the banks are sqawking because their golden goose may be pulled. Feds let the banks eliminate mark the market accounting so they can establish any value on the distress properties they own from foreclosed borrowers in such a way to show “profits” thus justify awarding themselves bonuses provided by the US taxpayers. If external events catch up with this bogus profit claims, and the bank implodes, guess what the US taxpayer is left to cover the losses. We will see next week if the Chinese will take lead in buying more US treasuries. PS- the MSM constantly states that China holds up to 800 billion dollar denominated securities. There are commodity experts who noted the amount of gold and other strategic metals China recently disclosed, it is possible that China’s US denominated holdings may be down to 400 billion. Wall Street and MSM are deluded to think the US dollar has time because it will take China years to shed all their dollar holdings. China may have already cut their holdings in half.
Some banks are getting desperate,, I’m in Florida and the house next to me sold for a 55% discount to the high-water mark just 4 months ago ,, yet another neighbor just this week refi’d with their local bank (local bank had original mortgage) at a price within 10% of the high... they couldn’t have gotten a real appraisal anywhere near that.. I’m taking it as a sign that that bank is damn near bankrupt and couldn’t afford any more defaults on the books but they could afford a loan (the occupants can pay the mortgage with the bump in valuation for YEARS).
Well, we’ve had enough of Geithner and all the other crooks in fantasyland DC.
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