[/caption]Bloomberg is conveying the remarks of Secretary of the Treasury Geithner take on the state of the economy. These remarks include Geithner saying that US companies were scarred from the crisis and are not hiring and are overly cautious, but making do with the employees they have to sustain productivity.
Timothy F. Geithner further states that the job growth is not growing as fast as needed and that if the Bush tax cuts were reinstated, which he said benefited only the rich, that they would not negatively affect economic growth. The most important statement Geithner made was saying that he does not think that the economy would be going into a double dip recession – he support his position by saying that he foresaw a gradual steady improvement over the next two years of the American economy.
Treasury Secretary Timothy F. Geithner even had support for the controversial Fannie Mae and Freddie Mac, saying that the government should keep a role in these housing finance companies and that the government should encourage home ownership. The treasury has spent $145 billion so far to keep the Freddie and Fannie solvent because Geithner believes that the government has a stake in helping and assisting low income citizens to get access to affordable housing.
Geithner believes the opposite of Republicans on the issue of repealing the Bush tax cuts. Geithner says that doing so would contribute to the treasury coffers and help bring down our deficits. Geithner ended his remarks by giving his support for the new consumer protection agency, as mandated by the new financial reforms recently signed by President Obama. Geithner said that Elizabeth Warren, who will be heading the new consumer agency, was ahead of her time in seeing the need for such an agency.
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