Geithner backwards again on banks, risk, and recovery
Posted by WARREN MOSLER on March 30th, 2009
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.â€ÂÂ
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March 30th, 2009 at 6:07 pm
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
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March 30th, 2009 at 6:11 pm
Ron . . . sorry, but your ‘solution’ would make everything much worse than it is.
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March 30th, 2009 at 8:15 pm
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,
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