A stroll down memory lane… (Geithner)

Geithner: “Improvements coming faster than expected”! (August 2009)

Quoting from my post at the time:

“Truth or wishful thinking? I don’t know, I am only posting this crock of shit so that I may refer back to it a year from now

Excerpt:

“In the United States, the rate of decline in economic activity has slowed, business and consumer confidence has started to improve, housing markets have begun to stabilize, the cost of credit has fallen significantly and credit markets are opening up,” Geithner said in remarks prepared for delivery in Jeddah, Saudi Arabia.”

If I may be so bold, that is entirely Mr. Geithner’s opinion. The key word here being “opinion” as it most definitely is not fact as attested by a housing market that is still declining (as is commercial real estate I might add); the cost of credit default swaps is widening and, at any rate, the cost of mortgages has moved up significantly in the past three months which, I might add, is contrary to what Geithner and Bernanke wish; and as a direct consequence of the latter, credit markets have most certainly NOT opened up.

But he is Geithner and I am me. He certainly carries a lot more weight than I do.

Time will tell

http://www.marketwatch.com/story/geithner-economy-mending-faster-than-expected

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