The Center of the Universe

St Croix, United States Virgin Islands

MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Geithner backwards again on banks, risk, and recovery

Posted by WARREN MOSLER on March 30th, 2009


[Skip to the end]

No we don’t. We ‘get out of this’ with a fiscal adjustment sufficient to restore output and employment, and as credit worthiness improves lending picks up.

Banking is necessarily pro cyclical Tim, get over it!

Geithner Says Some Banks to Need ‘Large Amounts’ of Assistance

by Ryan J. Donmoyer

Mar 29 (Bloomberg) — U.S. Treasury Secretary Timothy Geithner said that for the U.S. economy to recover from the recession, banks need to show more willingness to take risks and restore lending to businesses.

“To get out of this we need banks to take a chance on businesses, to take risks again,” Geithner said today on the ABC News program “This Week.”


[top]

3 Responses to “Geithner backwards again on banks, risk, and recovery”

  1. Ron Says:

    A new global currency is not the solution. Geithner and the politicians need to curtail the explosion in Washington spending, expanding the debt and destroying the dollar but the real solution is a gold backed currency free of government manipulation. The Campaign to Cancel the Washington National Debt by 12/21/2012 through constitutional amendment begins.

    See http://www.facebook.com/group.php?gid=67594690498&ref=ts
    We are also planning to have a booth at FreedomFest 2009, the world’s largest gathering of free minds! July 9–11 http://www.freedomfest.com in Las Vegas. Ron

    Reply

  2. Scott Fullwiler Says:

    Ron . . . sorry, but your ‘solution’ would make everything much worse than it is.

    Reply

  3. Matt Franko Says:

    Ron,

    You’ve identified the disaster scenario.

    If the last admin. continued the $165B per quarter tax rebates into the 3rd and 4th quarters and Obama did the same until his stimulus spending kicks in (still waiting) we’d be out of this already.

    Resp,

    Reply

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>