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Geithner Warns That Markets Could Dive If Bernanke Is Not Reconfirmed

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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:55 AM
Original message
Geithner Warns That Markets Could Dive If Bernanke Is Not Reconfirmed
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...
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Orrex Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:56 AM
Response to Original message
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?
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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:03 AM
Response to Reply #1
7. Yes they did. Excellent point. nt
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Marr Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:59 AM
Response to Original message
2. I'm sick of these terrorist bankers.
They make the same threats every time their political will isn't done. Fire Geithner.
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GodlessBiker Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:26 AM
Response to Reply #2
15. Fucking right! He just made a threat to national economic security. What a scumbag.
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Dappleganger Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:00 AM
Response to Original message
3. We've played this chickenfight game before.
We end up losing every single time.
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Loki Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:01 AM
Response to Original message
4. Let 'em dive
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90-percent Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:02 AM
Response to Original message
5. I don't
Edited on Mon Jan-25-10 10:03 AM by 90-percent
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
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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:03 AM
Response to Original message
6. ...... and the terrorists have won.
...... Fuck Timothy Geithner.
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Romulox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:03 AM
Original message
Timmy: Gimme the money or this puppy gets it! nt
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kentuck Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:03 AM
Response to Original message
8. I can't decide...
Bernanke or Geithner?

Or both?



.
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Me. Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:10 AM
Response to Reply #8
10. Two Sides Of The Same Coin
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Ganja Ninja Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:05 AM
Response to Original message
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.
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napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:13 AM
Response to Original message
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.
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TexasObserver Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:18 AM
Response to Original message
12. If Volcker was announced as the replacement, the market would go UP.
Edited on Mon Jan-25-10 10:19 AM by TexasObserver
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.
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Solly Mack Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:24 AM
Response to Original message
13. He say that in a newly released tape?
(I slay me)
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redqueen Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:25 AM
Response to Reply #13
14. lol
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liberal_at_heart Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:30 AM
Response to Original message
16. The market is being used as blackmail
Edited on Mon Jan-25-10 10:32 AM by liberal_at_heart
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.
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Bitwit1234 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 11:05 AM
Response to Original message
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.
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belpejic Donating Member (431 posts) Send PM | Profile | Ignore Mon Jan-25-10 11:05 AM
Response to Original message
18. Geithner should STFU
And return to his position under a rock. He has zero credibility at this point.
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leeroysphitz Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 11:06 AM
Response to Original message
19. Warns or THREATENS? n/t
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Cetacea Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 11:07 AM
Response to Original message
20. Hmm. Sort of like Cheney warning about terra.
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