Posted by: jhamon | July 14, 2009

Geithner: Global DELUSION Shows Signs of Increasing

Treasury Secretary Timothy Geithner

Well, that’s not really what the headline of AP article it says.  But it should

What the headline really says is: “Treasury’s Geithner reassures Gulf leaders recession showing signs of easing.” 

Really?  In what parallel universe?  My numbers must be off.

“The force of the global recession is receding,” Geithner told Saudi Arabian business leaders in the commercial hub of Jiddah, the starting point of his first official visit to the Middle East. “Global trade is just starting to expand again.”

But while noting that the International Monetary Fund has revised up growth forecasts in the second half of 2009 and into 2010, he cautioned that the signs of improvement were fragile and that the “process of repair and recovery is going to take considerably more time.”

“This crisis has been brutal in the extent and severity of damage to economies around the world,” he said. “Given the extent of damage to financial systems … it seems realistic to expect a gradual recovery, with more than the usual ups and downs and temporary reversals.”

Let me paraphrase Geithner’s happy talk this way:

“On the one hand; on the other hand; and if I had another hand…”

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