I don’t know. It’s hard to tell. I think this is a good result but a terrible process. And again, again, as the world watched Congress step up to the edge of the abyss it made them really wonder whether this place can work.Treasury Secretary Timothy Geithner • Offering his take on whether the U.S. might get a credit rating downgrade despite the fact that the debt ceiling increase will likely pass the Senate today. Many of Geithner’s recent statements regarding the debt ceiling seem to indicate that consumer and investor confidence was shaken by the long, roundabout process it took to get a debt ceiling increase. We’ll see if he’s right. source (via • follow)
» The American companies include: Bank of America, JPMorgan Chase, Morgan Stanley, Goldman Sachs, and Freddie Mac. Two of the top three companies on the list are Chinese. On the upside, the Treasury has as much money as Google, so that’s kind of a nice consolation prize.
In our judgment, the continuing opposition…in the House would undermine and damage our capacity to create jobs and expand the economy.Treasury Secretary Timothy Geithner • Claiming that the GOP’s spending-cut-heavy plan threatens to severely hurt job creation. Geithner’s advice? Strengthen the economic recovery, then focus on deficit-cutting. “I am very confident that the Democrats and the Republicans will come together on a program to not just reduce spending but reduce long-term deficits,” he continued. source (via • follow)
It is very important to keep politics out of monetary policy. You want to be very careful not to take steps that hurt our credibility.Treasury Secretary Timothy Geithner • Telling Republicans in no uncertain terms to stay out of the Federal Reserve’s BIZ-NASS. As we noted last night, Republicans are coming down hard on the money people pretty heavily, with some threatening to strip the Fed of some of its rights. May we offer a suggestion here? How about the legislators stick to legislating and the Treasury sticks to the money stuff? source (via • follow)