No US government takeover of economy:Geithner

AFP on Yahoo ^ | 10/10/10 | AFP

[NormsRevenge]

WASHINGTON (AFP) – US Treasury Secretary Timothy Geithner on Sunday refuted charges President Barack Obama planned to use the financial bailout of troubled US firms to increase the government's stake in the US economy.

"President Obama adopted a strategy designed to get the government out of the private sector as quickly as possible," Geithner wrote in an op-ed piece published by The Washington Post.

The comments came after the Troubled Asset Relief Program expired last week.

TARP had at one point called for 700 billion dollars of taxpayer money to be handed over to Wall Street institutions to shore them up in the midst of the global economic crisis.

The treasure secretary said that to date, the government had recovered more than 200 billion dollars in TARP funds, as well as made 28 billion in profits.

The US government would exit insurance giant AIG and the automotive industry "much faster than anyone predicted," he added.

"General Motors is planning an initial public offering for later this year, and AIG has announced a restructuring plan that will accelerate the timeline for repaying the government," he said.

Geithner noted that because of TARP, "the financial security of all Americans is much stronger today than it would have been without the rescue strategy that the program made possible."

[radmanptn]

“The comments came after the Troubled Asset Relief Program expired last week.”

What an amazing coincidence. Did TRAP expire just before or just after the banks realized that their non-performing assets (i.e. troubled assets) also had impaired titles, and are probably worth less than worthless

[Red6]

You don’t have to own everything.

You just have to control certain key industries and functions and you de facto “run” the economy.

[444Flyer]

Yeah. Like we’d take the word of a lying tax cheat.

[MamaTexan]

No US government takeover of economyAm I the only one who thinks the People should force all political office holders to pee in a cup?

These idiots are definitely on something!

[dforest]

I ignore people who won’t pay thir taxes and use ignorance to explain away their folly.

[flowerplough]

Geithner:No further US government takeover of economy,

not right away,

because it looks like we soon won’t have enough Democrats in Congress.

[Varsity Flight]

***** adopted a strategy designed to get the government out of the private sector as quickly as possible ****

Out of YOUR sector Tim, while getting more into everyone elses. As planned.

[MasterGunner01]

This guy is positively creepy. I also want to know who provides the high quality hallucinogens to our ruling elites. They've got some prime dope (drugs and users).