"Geithner sees more belief in market; But he maintains a cautious tone" by Jim Kuhnhenn, Associated Press | September 11, 2009
WASHINGTON - Treasury Secretary Timothy Geithner said yesterday the government realized a 17 percent return from 23 banks that have paid back the government in full....
Banks have paid back $70 billion of the $250 billion that the government injected over the past year to boost their liquidity....
That's a fraction of the TRILLIONS they were given.
Geithner said a major Treasury program that had been used to guarantee up to $3 trillion in money market mutual fund assets would be closed down on schedule on Sept. 18. The program had no direct cost to taxpayers and actually earned more than $1 billion in fees paid by the mutual fund industry....
Just because some s*** Fed liar says it doesn't make it true; in fact, I'm inclined to believe the opposite.
Citing emerging financial sector stability, Geithner said that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months....
They GOT TRILLIONS!!!!
The cautious but upbeat tone reflects a growing push by the administration to present the government financial rescue efforts as a success amid lingering public apprehension about the economy....
Meet the new boss, same as the old boss.
Geithner, testifying before a congressional watchdog panel, said the nation still has a way to go before “true recovery takes hold.’’ But he said improved conditions in the banking industry have prompted the Treasury to begin winding down emergency support programs implemented after the collapse of Lehman Brothers last year....
“The classic mistake people make is they declare victory too soon,’’ he said....
Bush, aircraft carrier, May 2003!
The government’s bailouts have not been popular with the public and Geithner’s testimony emphasized the positive returns from the various measures.
Speaking later at a town hall meeting organized by CNBC, Geithner said “people should be angry’’ about the costly bailouts, but that the economic devastation last fall made it “the fair thing to do.’’
Oh, YOU BET we are ANGRY, and REMARKS like that DO NOT HELP!!!!!!!!!!!!!!!!!
FAIR?
FAIR???!!!!
Still, unemployment stands at 9.7 percent and administration officials say it could rise to 10 percent in the coming months. Foreclosure rates are surging, and the mortgage market remains tight....
--more--"
And look who made the papers again:
Treasury Secretary Timothy Geithner waited for the start of a Congressional Oversight Panel hearing yesterday in Washington, as protesters held up signs referring to government bailout funds for the banking industry. (Andrew Harrer/Bloomberg News)
One wonders why they aren't run out of town and why they are continually allowed into hearings.
Related: CodePink is a CIA Front of Controlled Opposition
Then again, maybe one does not.
