Geithner: “[For A Lot of People] It’s Going to Feel Very Hard, Harder than Anything They’ve Experienced in Their Lifetime Now, For a Long Time to Come
Sunday, July 10, 2011
Many Americans will face hard times for a long time to come.
Geithner says will be some time before many people feel like the country is recovering.
Geithner tells NBC’s “Meet the Press” that it’s a very tough economy. He says that for a lot of people “it’s going to feel very hard, harder than anything they’ve experienced in their lifetime now, for a long time to come.”
Of course, Geithner is a large part of the reason that it will be so hard.
As I pointed out in May:
Geithner has been a big part of the problem.
He’s previously said that his job as head of the New York Fed wasn’t as a regulator, even though one of the Fed’s core jobs is to regulate. As Dylan Ratigan writes:
In Geithner’s own words during confirmation hearings in March: “First of all, I’ve never been a regulator…I’m not a regulator.” According to the New York fed bank’s Web site, that was your job!!
Quoting from the Fed’s website: “As part of our core mission, we supervise and regulate financial institutions in the Second District.” That district of course is the epicenter for bailed out banks and billion dollar bonuses.
Indeed, as I’ve previously noted:
Tim Geithner told the Today Show that:
It’s “deeply unfair” that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.
Geithner also argued that President Barack Obama had no choice when confronted with a financial crisis.
“As the president has said, we had to do some very unpopular things,” Geithner said. “People looked at what had happened.”
“It’s not fair. It’s deeply unfair,” he said. “He (Obama) had to decide whether he was going to act to fix it or stand back … and that would have been calamitous for the American economy.”