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Life on planet Geithner

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(Reuters) - Following are highlight quotes from Treasury Secretary Timothy Geithner at the World Economic Forum in Davos

"There is much more confidence now that we've got a sustained expansion. It's not a boom. It's not going to offer the prospect of a rapid decline in the unemployment rate.

"Economists think we're going to be growing at a rate of about 3-4 percent. What matters is what is the average distribution of forecasters... and the people who have been most concerned about low trend growth or slipping back in to recession seem to be more confident."

Only on planet Geithner is the recession over.

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Submitted by Hugh on

Given the descent of the government into kleptocracy, I no longer look on the statements and actions of our elites, and their officials, as made by people of good faith who just happen to be stupid or wrong, but rather I see them as reflective of a criminal mentality.

What Geithner doesn't mention is how many of his "average distribution of forecasters" missed forecasting the housing bubble or the results of its collapse, the meltdown. I mean seriously who even talks that way? An "average distribution of forecasters, what does that even mean? If an average distribution of forecasters decided in the past that 2 + 2 = 6, should we really go with them now?

The other thing is the stress on "confidence". I can't even begin to say the importance of that word to the Rubin-Summers-Geithner clique. They maintain that everything that has happened so far is due to an unwarranted loss of confidence in markets. There are no real structural problems. There has been no kleptocratic looting, fraud, and criminality. Get that old confidence back and everything will be OK.

The question is how do you square this view with their criminal intent? I would say that no one can be so divorced from reality unless they want, and it is in their interest, to be. What they are actually saying is that we the lootees should stop whinging so much about being looted and help the looters continue to loot, you know a return to the status quo ante.

Submitted by jawbone on

out of such cheats being able to build confidence in what they were saying/selling.... I mean, in retrospect, it was obvious, but I hadn't fully absorbed that cons were built on...confidence in the con man...until I was well a truly conned by the contractor I'd hired to do some remodeling.

And, of course, Obama lives on Planet Geithner*, thinking he's living on Planet Obama.

Planet Geithner, has various names depending on which administration, secty of treasury is selling the con. There was Planet Greenspan, Planet Rubin, etc., among others.

Submitted by lambert on

Either I've missed you, or you haven't around in awhile....

Submitted by jawbone on

end of my driveway and about 5-6 feet into the street. Massive shoveling job to get it cleared away. Entire driveway was covered with snow above my knees. Beautiful now, but, crikey!

Last time I buy a house with a sunken driveway! (Probably last time I buy a house, given finances and age, heh.)

So, yes, have been away and away from ready access to computers. Wow, have things ever changed

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Submitted by beowulf on

What matters is what is the average distribution of forecasters income.

You know its still stonishing that just months after the Federal Reserve screwed the pooch so badly it had to come hat in hand to Congress for a bailout, President Obama puts the New York Fed Bank President in at Treasury. So much trouble flowed from that one decision.