Skip to comments.Tim Geithner Warns: The US Is At Risk Of A 1930s Repeat
Posted on 09/12/2010 10:53:34 PM PDT by blam
Tim Geithner Warns: The US Is At Risk Of A 1930s Repeat
Sep. 12, 2010, 9:11 PM
If the government become paralyzed -- as is arguably the case already, and is clearly a serious risk should the GOP take over -- the US risks a 1930s-like scenario. At least according to Tim Geithner.
That's the standout quote from an interview in the WSJ:
[The] typical error most countries make coming out of a financial crisis is they shift too quickly to premature restraint. You saw that in the United States in the 30s, you saw that in Japan in the 90s. It is very important for us to avoid that mistake. If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth.
As for the deficits question:
"We don't have unlimited resources," Mr. Geithner said. "We just don't think it would be responsible for this country, given the size of our future deficits, and given the substantial burden the middle class has been bearing over the past decade in particular, to go out and borrow $700 billion from our children so we can sustain those Bush tax cuts that only go to the wealthiest 2% of Americans."
Read the whole thing >
(Excerpt) Read more at businessinsider.com ...
He should know ... he’s steering us into it! This is like a river guide going broadside towards the rapids yelling “this is gonna get really bad!”
There might be another Great Depression, especially with us running the show! LOL!
You wanted “Change” America. How you like it? :)
What wimpering drama queens these Obamaroids are.
The sad part is, there are tens of millions of Americans who are actually dumb enough to believe this garbage.
What an utter crock!
He sounds like a caricature.
Surely this is from the Onion!
Just wait and see...
No sh*t Sherlock Holmes.
“At least according to Tim Geithner.”
go get a real job and educate yourself, TIMMAH.(At the VERY least....)
“I say he’s more like the river guide who smiles and ask you if you can sequel like a pig.”
A little more “Deliverance” than I was going for, but now that you put it like that ... yeah, I’d say that’s more like it.
If they were to confiscate every dime made by the 2%, it would not help the ordinary citizen. Most of it would go to the middleman—government. Capital is now on strike. just watch it flee the country.
Who would know better than the architect of the situation.
...............guess that HACK needs to get to work, huh?
Sep. 12, 2010, 7:04 PM
We mentioned earlier how John Boehner appeared to cave to Obama on the tax question, admitting that the GOP could possibly support a bill that extended the Bush tax cuts for the middle class, even while ending them for the rich.
Here was the exchange:
Bob Schieffer: "I want to make sure I heard what you said correctly: you're saying that you are willing to vote for those middle class tax cuts, even though the bill will not include ... extending the tax cuts for the upper bracket American."
Rep. Boehner: "Bob, we don't know what the bill's going to say, alright? If the only option I have is to vote for those at 250 and below, of course I'm going to do that. But I'm going to do everything I can to fight to make sure that we extend the current tax rates for all Americans."
Uh, just like that is he rolling over?
Already team Boehner is trying to spin things.
Talking Points Memo:
A Boehner aide told our Christina Bellantoni: "Despite what Obama says, Republicans are not holding middle-class tax cuts hostage and we're not going to let him get away with those types of false claims. Our focus remains on getting bipartisan support for a freeze on all current rates, because that is what is best for the economy and small business job creation. Boehner's words were calculated to deprive Obama of the ability to continue making those false claims, and as a result we are in a better position rhetorically to pressure more Democrats to support a full freeze."
But that doesn't make logical sense to me. Not in political terms. It sounds more like Boehner gave Obama an opening, not just for a better policy approach but also for a better political footing to take into the mid-term election.
Not that this is much of a line-of-scrimmage mover, but we were right that this is a good line of attack for Obama, as Boehner doesn't quite know how to deal with this issue. We'll see if Obama can make more hay out of it.
This from a dim wit who can’t do his own taxes with Turbo Tax?
Shift? The government's mostly been hurting economic growth for several years.
Geithner knows this, of course, which is why he is trying to scare people away from what their common sense is telling them must be done.
The best thing Boehner can do is, after gaining a majority in November, step aside in favor of Paul Ryan or Eric Cantor or someone else who could be perceived as a dynamic leader in the Speaker’s position.
If only the reins would be cut on excessive regulation and taxation, then the floodgates of BUSINESS investment -- the only true investment -- would be opened. The guy is wringing his hands over the thought that the almighty government might have its hands tied over a Republican takeover. These Keynesians can't even consider the possibility that their hero might have been wrong.
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