There’s an old joke that says, “When you neighbor loses his job, it’s a recession. When you lose your job, it’s a depression.”
Treasury Secretary Tim Geithner still has his job, so things are a-ok in his book.
“What the economy is going through is a necessary and very healthy adjustment as families and the government of the United States goes back to living within their means. That is causing a greater contraction in demand for credit than we normally see in recessions. And you’re seeing a very healthy increase in private savings behavior and partly in response to that. I think those are necessary, healthy dynamics although they will produce a slower recovery.
We would like to propose the Corollary to Geithner’s Law:
When your neighbor loses his job, it’s a recession. When you lose your job it’s a depression. And when Tim Geithner loses his job, it’s a celebration.
This post was last modified on July 13, 2009
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BINGO! And nobody asked him about the Government NOT living within its means. Or how the Government is the only one hiring. And how many of these jobs are redundant.
Since when has the government lived within its means?
I actually agree with Geithner! But, my question... if downturns are healthy... why the stimulus (or stimuli)? Why the oversight? Why the bailouts? Why the new Fed powers?
You can't have it both ways.
Although, that seems to be the Obama refrain.
Exactly.
Who is he to talk about the American people 'living within their means'? What about the bloated masses of government employees - including himself - drawing a rather hefty salary at our expense while also being critical of us and taking liberties to jet set around the world or hold numerous WH parties during a recession? When will they live within their means? Tim Geithner should be rotting in a jail cell right now. This bastard is worthy of a middle finger salute and a jackhammer up his ass.