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Geithner Blames US, Sees More Recession

From those shroud spinners at Reuters:

Geithner acknowledges U.S. fault in crisis

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner said on Wednesday that the United States bears a substantial share of the blame for the current economic crisis but the world must work together to ease the strains.

"The rest of the world needs the U.S. economy and financial system to recover in order for it to revive," Geithner told the Economic Club of Washington. "Just as importantly, we need the rest of the world to recover if we are to prosper again here at home."

But a balanced recovery will mean that other countries cannot be "dependent on the U.S. consumer."

He noted the International Monetary Fund, which will hold its semi-annual meetings here later this week, now foresees global growth shrinking 1.3 percent this year.

"The lost output could be as high as three to four trillion dollars this year alone," Geithner said.

The Obama administration needs to pick a story and stick to it.

But it sure can’t help the world economy – or the US consumer confidence upon which it depends – to have Mr. Geithner being such a prophet of doom.

It’s not like economists can predict the future – even a little.

Meanwhile, again according to Reuters, the same IMF cited by Geithner is saying this:

U.S. recession showing signs of moderating: IMF

WASHINGTON (Reuters) – The U.S. economy is starting to show signs of shrinking more slowly but positive growth is not expected until sometime next year, the International Monetary Fund said on Wednesday.

"There has been some improvement in business confidence, some signs of bottoming out in housing market, but these are early days and we should not expect a return to growth any time soon," Charles Collyns, IMF’s deputy director of research, told a press conference.

"We don’t expect a return to positive growth in the U.S. until some time next year," he said in response to a question.

Collyns also said China was showing considerable resilience as it had reacted strongly to counter the global slump.

The Obama administration needs to pick a story and stick to it.

Collyns also said China was showing considerable resilience as it had reacted strongly to counter the global slump.

And how is it that China’s piddling $585 billion stimulus plan has been such a success and our multi-trillion dollar stimuli have not?

And why doesn’t our watchdog media ask about that?

This article was posted by Steve on Wednesday, April 22nd, 2009. Comments are currently closed.

11 Responses to “Geithner Blames US, Sees More Recession”

  1. heykev says:

    Guess it’s Turbo Tax Timmy’s turn to carry the Blame America banner. Guess it’s too much to ask to actually this administration fix the economy. How long until this nightmare ends?

  2. Liberals Demise says:

    Two years ago the Dems were screaming we lost the war and the surge had failed. Today…..the sky is falling and it is ALL our fault.
    “Get your fingers off the flame thrower Tim!!” If we don’t hurry up and do something quick…….
    You “A” holes make me sick!!

  3. Odie44 says:

    Hey Timmy, take my advice, since you clearly know shit and have the shit results on your pedigree to prove it:

    US is the number 1 country of investments, import/exports, and immigration. We are the bell weather to the entire world, regardless of puppet country dictators, “population counts” and geographic organizations that fail miserably.

    Got it Timmy?

    Now get off the pot – your darling 90 day run has produced zero, zip – nothing in the way of a rebound – both dometically and globally, in fact you switch on both sides, depending on the day and notes from Axelrod.

    China needs our T-Bill/note rate to increase – for they INVESTED IN AMERICA. Europe and the EU need America TO PEG THIER INFLATED EURO, BACKED BY DOUBLE DIGIT EURO UNEMPLOYMENT and oh – American education, imports/exports and TOURISM (up to 40% of some euro countries GDP). Africa NEEDS American money, for it is the only thing to help combat AIDS and circa 18 century diseases that they are inept at understanding and too criminal to deal with.

    I hope my tone was clear Timmy – and pass the note to that idiot in the Oval office. I would have penned this to him, but his paygrade wouldn’t quite get the gist…

  4. Rusty Shackleford says:

    All I can say is….”It’s not MY fault” we’re in this mess.

    *whew* I feel better already

  5. pdsand says:

    If by the united states, he means the united states government bears substantial blame, then by golly! They’ve finally admitted it!

    And knowing’s half the battle!

  6. MinnesotaRush says:

    “Treasury Secretary Timothy Geithner said on Wednesday that the United States bears a substantial share of the blame for … “.

    Tiny Tim is either sucking up to his boss; or, showing him he’s got the lingo. Or, .. both. The blame America crowd. Ignore their dishonest and criminal behavior; but do blame the rest of US.

    Nitwits!

  7. canary says:

    Rueters is sucking up to become the one universal newspaper. They are getting as bad as CNN’s commi news network.
    What the heck do they mean by this statement?

    “The rest of the world needs the U.S. economy and financial system to recover in order for it to revive,” Geithner told the Economic Club of Washington. “Just as importantly, we need the rest of the world to recover if we are to prosper again here at home.”

    What happened to having friendlys and enemies. Are the Democrats going to continue the waste and effort on the impossiblity under man’s ability, to make one happy global family. What happened to the days that we worried about the worse off in this country. The pictures of children with bones showing, flys on their faces, and their stomach’s pertruding, as sign of death near. How giving up one Christmas we could save those little children. Now countries are turning to genoicide, intentionally mutilating children, and decapitations, blowing up crowds, and buildings, and democrats wanting to take over America and make us their slaves. Life is not fair. It’s impossible.

  8. proreason says:

    It is well know that Geithner’s actions helped to prolong the Soros-induced Asian financial crisis of the late 90’s.

    He is a consumate beaurocrat, now at the pinnacle of power.

    But even if he were an Einstein level genius, it wouldn’t matter. The world economy is a conglomeration of 6 billion moving parts that react to stimuli on a moment-by-moment basis.

    It is the epitome of arrogance for these blabbering fools to think they understand that process or can control it.

    Particularly since they have been preceded by thousands of other blabbering fools who have demonstrated beyond a shadow of a doubt that it can’t be done.

    There is even a name for the phenomenon. In physics, it’s called the Heisenberg uncertainty principal. Basically, by merely observing a phenomenon, you alter the phenomenon in unpredictable ways. Therefore, it is impossible to accurately predict the reaction.

    On the other hand, the blabbering fools don’t really care whether they are capable of the impossible or not.

    All they care about is that they are in power.

    And that they remain in power forever.

    • canary says:

      Isn’t unusual for Geithner to pay someone else to do his taxes in the first place, and then between the two of them, they still couldn’t get it right.


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