US economy still in 'incredibly difficult period': Geithner

Source: Economic Times of India

22 Jun 2010, 2057 hrs IST,AGENCIES

WASHINGTON: US Treasury Secretary Timothy Geithner on Tuesday said the US economy was "still going through an incredibly difficult period," as he warned the impact of the crisis would be "lasting."

"Millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting," he said in prepared testimony to Congress.

While heralding progress in unwinding government stimulus spending, Geithner stressed the United States was still not out of the woods.

"Government policies continue to play an important role in repairing the damage to our financial system, preserving stability and broadening the scope of the financial recovery for all Americans."

Just when governments around the globe begin to roll back spending -- designed to prop up the economy -- the issue has become a major source of contention ahead of a meeting of the group of 20 top economies later this week in Toronto.


Read more: http://economictimes.indiatimes.com/US-economy-still-in-incredibly-difficult-period-Geithner/articleshow/6079644.cms

If anything Geithner's old friends have used this crisis to line their pockets on the backs of the poor and middle class.

thanks for your concern.

Just wondering, the parameters around these economic timeframes are SO confusing.

to think otherwise is silly and niave. The ones who would most likely be able to turn a profit in a bad time are those that are "good" with money and have many resources.

your comment is similar to someone being outraged that a cardiologist is good at doing heart surgery but the average person is not.

that are "good" with money and have many resources.

Don't think the necessity for bailouts for banks and Wall Street and capitalism in

general is any indication wealthy/elites are 'good" with money -- or know how to use the

resources they have, other than tapping into teats of government and taxpayer pockets!

:eyes:

surgery, or get government to help them give people heart trouble so they can operate.

timmeh and his friends didn't profit only in a downturn. they profited in the upturn, too, in no small part due to having legislators and Presidents and Governors and government agencies in their pockets. they and created the downturn, then got bailed out on our dime.

No, I don't blame heart surgeons because I'm not allowed to perform heart surgery. I don't even blame the greedy of the globe for behaving like greedy folks without hearts or consciences.

I blame the so-called public servants, who impoverish the nation and the planet in exchange for campaign "donations," "jobs" for their family members and other perks. And, I blame the media for not having hammered on these issues for the last 30 or so years, instead of the foolish distractions with which it diverts us . And, ultimately, I blame us for standing for that from olks who are on our payroll and in a position to rape us only because of our votes, our unconditional support-- or our apathy.

Welcome to the global plutonomy, sukers!

Boiled frogs, we are.

Laying the ground work for another "Trickle Down" Bailout/Stimulus, no doubt.

you lost your job or not.

Squeeze all you want, Timmy, there's no more blood for the vampires to take.

Pension Funds, what's left of the Sheep's 401k's.

They haven't even BEGUN to Rob.

They will not stop until the Middle Class is destroyed, there is nothing but the monied class, and the Serf Class, and everyone is too poor to rebel.

And most of the country will still think we are in a "Recovery".

Buckle Up. You haven't seen anything yet.

Though it did take a war with an actual opponent to get the serfs down to that level....

Wars once improved the eonomy (or so everyone seems to say). Nowadays, they only impoverish us in evry possible way. Well, most of us, anyway.

Seems like only a couple of weeks ago everyone was saying it was okay or BP to pay a dividend bc so many pension funds had invested in BP.

Whether BP goes bankrupt or not (not being more likely, IMO), BP the will NEVER be required to pay for all the damage it's done. NEVER. You can take that to the bank. Maybe it's the only thing you can take to the bank, though.

....that's right timmy....do you know why?....because you and your banking and wall street cronies fucked up our economy and job base for your profit and gain....

....please explain to me just what's supposed to create new economic activity and jobs? Innovation, manufacturing? Your gang has destroyed that years ago; we're now a country full of over-weight consumers not innovators and builders....another new tech bubble?....another new financial bubble....another new bubble bubble? Bubbles are unpopular timmy, that's gonna be a hard sell today....

"...and are suffering from the damage of a deep recession."

....that's too impersonal, timmy....take more direct responsibility like, '...and are suffering from the damage that me and my corporate friends have intentionally caused resulting in this deep capitalist recession...sorry sucker, that's capitalism.'

"and are suffering from the damage that me and my corporate friends have intentionally caused"

+ "because we never ever can get enough wealth day in, day out, it's always MORE MORE MORE"

Sure, if he wants to call the 2nd Great Depression, an "incredibly difficult period". :eyes:

We MUST stop letting media and politicians distract us with Brangelina or who allegedly owes who today's apology and FOCUS. Bear in mind these companies/politicians are controlling not only our jobs and retirement funds and sources of energy/fuel, but also our food, water and air supplies.

Wake up, America. (And Africa, and Europe, and everywhere else.) No, really. Wake up.