Geithner quote

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Doesn’t get much more counterproductive than this:

Geithner’s testimony to Senate Finance panel

Jan 21 (Reuters) — GEITHNER ON U.S. DEFICIT, ENTITLEMENT PROGRAMS: “It is absolutely critical to the efforts to get the economy back on track that we give the American people and investors around the world confidence that we’re going to have the ability and the will, working with the Congress, to get our fiscal position back down over the next five years to a sustainable position, but also that we’re willing to start to take on and find a consensus on a bipartisan basis for putting Social Security and Medicare on a more sustainable financial position longer term.

“I think we have to do both of those things together.”


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7 Responses to Geithner quote

  1. warren mosler says:

    maybe he can hit a fed funds target and won’t lie to congress?


  2. knapp says:

    warren, any thoughts on Bill Dudley as new head of NY Fed besides the fact that it continues the now comical Goldman-Washington revolving door nexus.

    NEW YORK (Reuters) – William Dudley, the head of the New York Federal Reserve Bank’s markets group, has been chosen to succeed Timothy Geithner as president of the regional Fed bank, a source familiar with the decision said on Monday.

    Dudley, 56, has played a central role in the Fed’s response to the financial crisis, helping to design, develop and implement the central bank’s emergency lending programs.

    His elevation to the top job, which opened up when Geithner was approved as U.S. Treasury secretary on Monday, will put him in the forefront of efforts to combat the crisis and pull the U.S. economy out of a year-long and deepening recession.

    “The New York Fed is going to need a president who can take a hands-on approach over the next couple of years,” said Lou Crandall, chief economist at Wrightson ICAP in Jersey City, New Jersey. “Bill Dudley already has that due to his role in crafting the New York Fed’s response to the crisis thus far.”


  3. warren mosler says:

    good catch!

    He couldn’t hit his fed funds target and now seems he doesn’t understand banking fundamentals nor the public purpose of banking.


    jcmccutcheon Reply:

    W, it gets worse. Paulson redux:
    ( calling china currency manipulators)
    Can we call him Mini-Paulson?


  4. Matt Franko says:

    CNBC short article this evening wrt Sec. Geithner:
    Excerpt for Mike:
    “…Geithner also endorsed continuation of mark-to-market accounting rules, saying they help protect investors and promote transparency.”

    Looks like continuation of Bush administration policy again, probability of revision to “mark to market” is reduced…


  5. warren mosler says:

    i agree its not looking at all good on the personnel side.


  6. Mike Norman says:

    Like Keynes said: “Living in a state of perpetual semi-slump.”

    I was saying this all along about the Obama appointments. While his economic team is bad enough, I shudder when I look at national security appointments.

    We may not have to worry about the economy ’cause we’ll get nuked first.


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