Skip to comments.Geithner's Bad Rx
Posted on 04/01/2010 5:04:42 PM PDT by Kaslin
Economy: A major problem this administration has is it continually downplays the power of free markets to right themselves. That was apparent in remarks made by Treasury Secretary Tim Geithner on Thursday.
Speaking on NBC's "Today" show, Geithner said the bailouts and buyouts and other aid to companies were "deeply unfair" especially given the way it's played out.
True enough, today many companies are reporting booming earnings. Even banks look healthier.
Average joes don't look so good. More than 8 million have been laid off since the recession began in December 2007, and unemployment at 9.7% is "terribly high and is going to stay unacceptably high for a very long time," Geithner said.
"Just because this was the worst economic crisis since the Great Depression, a huge amount of damage was done to businesses and families across the country," he said. "(I)t's going to take us a long time to heal that damage."
He goes on to blame risk-taking by businesses for the country's ills. "It's the government's job ... to do a better job of restraining that kind of risk-taking," he said.
He's wrong. The economy is taking a long time to heal because of too much government regulation and an almost willful misreading of the causes of this slowdown. Risk-taking isn't at fault government ruining once-healthy housing and financial markets is.
(Excerpt) Read more at investors.com ...
The creepy crooks sold the American taxpayer down the drain!
What a bastard!
The whole administration should be cellmates of Madoff
I am not sure Madoff even deserves them.
Geithner’s no idiot. He knows he is spouting partisan, anti-business horse crap. But like most members of the administration he was hired because he has no character.