Geithner Warns That Markets Could Dive If Bernanke Is Not Reconfirmed

[Me.]

First, I think this guy's bluff should be called and second, what is he doing talking to Mike Allen?

“Treasury Secretary Tim Geithner, in a recent interview with Mike Allen of Politico warned that the financial markets could react negatively if Fed Chairman Ben Bernanke isn't confirmed for a second term. (READ Politico's full story here.)

Geithner suggested that the market would see a failed Bernanke confirmation as "very troubling," but claimed that he was "very confident" Bernanke would receive enough Senate votes to win a second term.

"The markets would view this as very troubling thing for the economy as the whole," Geithner said. "I don't think they should be uncertain. I think they can be confident because we're very confident."

Predicting that the U.S. economy will begin to show positive job growth by this Spring, Geithner added that Bernanke has done a "remarkable job of guiding this economy through the recession."

The Treasury Secretary also expressed some sympathy for the millions of Americans still struggling to find work, or otherwise impacted by the financial crisis. The country is "in a moment where people are incredibly angry and frustrated by the damage this crisis caused...You see that across the country. That's perfectly understandable, and everybody involved in this effort is bearing a lot of the brunt of that frustration and anger."…cont…

http://www.huffingtonpost.com/2010/01/25/geithner-warns-that-marke_n_435131.html

[Orrex]

1. Did they dive because Bernanke was at the helm?

Or is fuckwit's Geithner's contention that they would have dived worse if Bernanke hadn't been holding the whole mess together?

[Romulox]

7. Yes they did. Excellent point. nt

[Marr]

2. I'm sick of these terrorist bankers.

They make the same threats every time their political will isn't done. Fire Geithner.

[GodlessBiker]

15. Fucking right! He just made a threat to national economic security. What a scumbag.

[Dappleganger]

3. We've played this chickenfight game before.

We end up losing every single time.

[Loki]

4. Let 'em dive

[90-percent]

5. I don't

I don't give a rats ass about the fucking markets!

Wall Street seems to be structured to only serve the wealthy anyway, so all those rich bastards can all just go fuck themselves.

Obama should divest his administration of all of his professional money handlers and replace them with people of the caliber of Elizabeth Warren!

-90% Jimmy

[marmar]

6. ...... and the terrorists have won.

...... Fuck Timothy Geithner.

[Romulox]

Timmy: Gimme the money or this puppy gets it! nt

[kentuck]

8. I can't decide...

Bernanke or Geithner?

Or both?



.

[Me.]

10. Two Sides Of The Same Coin

[Ganja Ninja]

9. Why is it I always feel like I'm being blackmailed by these wall street types?

It's always 'do this or it's all over". I'm almost wondering how long it's going to be before they start literally putting a gun to my head and threatening me with jail for not contributing to my 401K anymore.

[napi21]

11. The market dives everytime a Fed. Chair is changed. You've

heard about the markets hating uncertainty? THAT'S the problem. Nobody is ever sure what a new guy is going to do, so the sell a lot just in case. The lows don't usually last a long time though. Especially if the new guy isn't much of a change.

[TexasObserver]

12. If Volcker was announced as the replacement, the market would go UP.

In fact, the president could announce the resignation of any of the three stooges (Bernanke, Geithner, Summers) and their replacement by Volcker, and the markets would go UP.

No one outside the White House has ANY confidence in those three. Two of them are George W. Bush Wall Street retreads, and the third is really disgusting.

[Solly Mack]

13. He say that in a newly released tape?

(I slay me)

[redqueen]

14. lol

[liberal_at_heart]

16. The market is being used as blackmail

When the president even mentioned bank reform last year the stock market went down even further and then Obama caved and dropped bank reform. Millions of Americans may have a few thousand or even a few hundred thousand dollars in the stock market through their 401(k)s, but it is the billionaires who control the stock market and they make it go up or down according to how business friendly the government is. They are holding our retirement hostage.

[Bitwit1234]

17. YOU KNOW LIKE....did it go up when brown was elected

all the wall street pundits said it would. Why believe the worst federal butt to come across the board, even worst than a republican.

[belpejic]

18. Geithner should STFU

And return to his position under a rock. He has zero credibility at this point.

[leeroysphitz]

19. Warns or THREATENS? n/t

[Cetacea]

20. Hmm. Sort of like Cheney warning about terra.