Geithner Urges Action on Economy

[ProSense]

Source: The Wall Street Journal

<...>

Mr. Geithner said the biggest challenge facing the economy right now was Washington paralysis. He urged Congress to take up the White House's recent proposals to give tax incentives to business and fund new infrastructure projects.

"If the government does nothing going forward, then the impact of policy in Washington will shift from supporting economic growth to hurting economic growth," Mr. Geithner said during an interview with The Wall Street Journal in his U.S. Treasury office, citing the example of countries who "shift too quickly to premature restraint" after a crisis, including the U.S. in the 1930s.

<...>

Mr. Geithner, in the interview, rejected the view of many economists that allowing taxes to rise is unwise at this point in the recovery. The White House estimates the one-year cost of extension at $35 billion and the 10-year cost at $700 billion.

"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 more: http://online.wsj.com/article/SB10001424052748703897204575488053602454926.html

[bullwinkle428]

1. Geithner : "Don't make me face that unemployment line!"

[babylonsister]

2. Heh. You ARE brave, my friend. Regardless of

how much sense he might make, people will see red. I'll rec'd anyway, just for the halibut. :fistbump:

[ProSense]

6. Yup.

I agree with Geithner on both points.

Most people aren't stuck fighting imaginary battles.

[Amonester]

7. I do agree with little timmy on both points too.

That said, agreeing with doesn't mean believing both points will be 'listened to' and that they will be implemented anytime soon following Nov. 2.

Good is bad, up is down, war is peace, vote for us and we will end the war, you know. It's been like that for so long...

[xchrom]

3. Better late than never - or a day late and a dollar short. Nt

[jtuck004]

4. We are very lucky to have Timothy Geithner where he is.

Read that heartfelt statement again...

"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."

He is ALWAYS concerned about the kids...

We are so fortunate that there was just enough to borrow $15 trillion from other people's kids to loan to his friends at investment banks, (except for about $3.4 trillion which they get to keep), institutions such as Goldman Sachs, Bank of American, and others so they could pay the billions in bonuses to people who sold sub prime mortgages to the parents (who had no money, just a little hope, and mostly non-white) of now homeless children he borrowed the money from, so his friends and acquaintances at the banks, carefully cultured over 12 years of lunches and dinners at the Federal Reserve of New York, could continue to drive their kids to private schools and colleges in their Mercedes and Jaguars and even helicopters in this country and others.

That's our Timmy, always concerned about the kids...he may get a humanitarian award someday. If it hadn't been for the lack of "unlimited resources" I am sure he would have done something for the kids of the 30 plus million people who are unemployed or underemployed today (likely to be joined by a few million more over the next year or so).

I know he would have, but it's just not responsible...

[Amonester]

5. + + + + + + + + + + + +

Plus... There's an election coming up, so 'little' timmy HAS to FAKE some concerns for the 'lesser people' because, as soon as 11:30 PM, Nov. 2, 2010, he's not gonna FAKE any care for them (us) until the next time we'll be 2 months away from another election...

That's how they live and prey.

Marie-Antoinette at least was honest.

[Po_d Mainiac]

12. People seem to forget that Louis and Marie

were just a couple of the fine folks to get the :FRSP:

There should be no doubt that if/when the apparatus is set up in Lower Manhattan, he (tiny turbo)will get a spot near the front of the line line. He and 'Gods' workers can then lose their heads while reminiscing about the high times of late 2007.

Fuck Timmy, even if he almost says something right for once! :grr:

[flyarm]

8. ad my ++++++++++++++ to that! Ahhh Kissinger's little protoge is now concerned

about borrowing from kids..Isn't that special?????????? Warms the cockles of one's heart..or not..

[defendandprotect]

9. Geithner ... with more pro-corporate solutions . . . !! Surprise!!

[Kablooie]

10. The GOP wants the country to fall into depression ...

at least while the Dems are in control.
That's why they make sure government does nothing.

If they take control of the House and Senate in the Fall then they can implement their own plan...
which is to do nothing to help and let the wonderful invisible hand of capitalism do it's own massive slap down of every individual that is not independently wealthy.

We are screwed either way.

[TheWatcher]

11. Haven't you done enough damage already, Goofy?

[Demeter]

13. I LOVE It When the Elitists Get Religion!

if only to save their widening butts.

[tomp]

14. why would anyone believe tim geithner? nt

[No Elephants]

15. NY Fed while banks dragged us down, tax cheat and Republican Sec of Treasury had to switch voter reg

to get appointed. Even for a seat in the Cabinet, he still couldn't bear to register Democrat, so he only switched from Pub to Indie.


Like FDR hiring out of Hoover's admin.