Geithner: Stimulus is working and on right path

[undeterred]

Source: Associated Press

By ANNE FLAHERTY and JIM KUHNHENN – 29 minutes ago

WASHINGTON (AP) — Despite persistently high unemployment, Treasury Secretary Timothy Geithner said Friday the Obama administration's economic stimulus plan is on the "expected path." "There's been substantial improvements in arresting what was the worst recession globally we've seen in generations," Geithner told lawmakers Friday.

Geithner's remarks came amid waning public support for President Barack Obama's economic policies. Republican critics say the rising unemployment rate is proof that the $787 billion stimulus has not helped reverse the effects of the recession. "I was just wondering, where do you think your plan went wrong?" asked Rep. Bill Posey, R-Fla.

About 2 million jobs have been lost since Congress passed Obama's stimulus package in February. Unemployment now stands at 9.5 percent, the highest in 26 years. Some Obama allies have been calling for Congress to pass a second stimulus package.

Geithner said the rate of decline in the economy has slowed, consumer confidence has improved, the financial system is healing, and concern about a financial meltdown has receded. "Those are critically important signs of initial progress," Geithner said.



Read more: http://www.google.com/hostednews/ap/article/ALeqM5g7ffRdswXTlfgaQS0FCOZmrvbwcAD99BQ9AG0

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okie dokie

[glowing]

1. Yep, Goldman got the Golden Goose.. Its all going according to plan.

[FiveGoodMen]

2. Perhaps the "expected path" is the one where Wall St. takes every last cent in America

[amandabeech]

3. To Geithner, Wall Street IS the world.

The situation on Wall Street may be improving.

The problem is that for most Americans, Wall Street is located on the non-planet Pluto.

And on Pluto, jobs don't matter for some reason.

Geithner was a bad pick, and we just get more evidence of it every day.

[laurele]

26. Pluto IS a planet

It should be noted that the IAU’s controversial demotion of Pluto is very likely not the last word on the subject and in fact represents only one interpretation in an ongoing debate. Only four percent of the IAU voted on this, and most are not planetary scientists. Their decision was immediately opposed in a formal petition by hundreds of professional astronomers led by Dr. Alan Stern, Principal Investigator of NASA’s New Horizons mission to Pluto. Stern and like-minded scientists favor a broader planet definition that includes any non-self-luminous spheroidal body in orbit around a star. The spherical part is important because objects become spherical when they attain a state known as hydrostatic equilibrium, meaning they are large enough for their own gravity to pull them into a round shape. This is a characteristic of planets and not of shapeless asteroids and Kuiper Belt Objects. Pluto meets this criterion and is therefore a planet.

[Larkspur]

4. I see Geithner is saying this just as AIG is asking the government to support more large bonuses

to their unworthy Exec caste.

[OhioChick]

5. WTF is he smoking? n/t

[girl gone mad]

11. Green shoots. n/t

[Zhade]

28. Not my stuff -- that doesn't make me delusional!

NT!

[WriteDown]

6. I wonder what this path looks like nt.

[Demeter]

16. The Road to Hell Is Paved With Good Intentions

and believe me, their intentions were anything but good for us.

[undeterred]

19. No, The Road to Hell Is Paved With Republicans.

And they always have bad intentions.

[Jefferson23]

20. LOL, that is the truth.

[Jakes Progress]

7. That cinches it. The plan isn't working.

If Geithner likes what is happening, that only means his buds are profiting. If he thinks it's working, we're getting screwed.

[kenfrequed]

8. Agreed.

Oh yeah, and I rec'd this thing just so we can all discuss what a screaming failure Geitner is.

[Vidar]

9. Robbing from the poor, giving to the rich--not what most of us voted for.

[ixion]

10. and by "on the right path" he means

our tax-dollars are being shuffled off to various accounts for the uber-wealthy. :grr:

[Grinchie]

23. More like our dollars are being sprinkled with the blood from a freshly killed chicken

While a voodoo zombie dance is performed by Bernanke, Twitching like a great white whale under the moonlight.

[bvar22]

12. Yep!

No Wall Street Bankers are clogging up the unemployment lines.
Tough Luck for those Americans who Work for a Living.
They should have bought some influence with Obama like the Wall Street Banks did.

Mission Accomplished.

[BlueJac]

13. What planet is that ass hole on?

uranis?

[Yupster]

15. His hair does have a conehead quality to it

I asked him where he was from and he said "France."

[lib2DaBone]

14. Mr. Geithner.. IT CAN'T WORK WITHOUT JOBS.. comprende?

Mr. Timmy Geithner.. with all due respect... you are a total dick-head moran (sic)

[No Elephants]

17. So, the expected path was to have only 10% of the stimulus out the door at this point?

Who knew?

[Oregone]

18. Yes, actually.

But at this point, 8% unemployment was expected, not 9.5%

[Grinchie]

21. He meant to say "Excreted Path"

Consumer confidence has improved...

Stocks post 4th straight week of losses
‘Nobody’s investing because there’s no reason to invest,’ says analyst
Market update
Index Last Change % change
• DJIA 8146.52 -36.65 -0.45%
• NASDAQ 1756.03 +3.48 +0.20%
• S&P 500 879.13 -3.55 -0.40%
Enter company symbol • Look up symbol

Consumers' mood sours in early July
Trade gap narrows to 9-year low in May
Tens of billions remain in bank bailout fund
Weekly jobless claims drop unexpectedly

updated 2 hours, 40 minutes ago 7/10/2009
NEW YORK - Investors seem to be running short on hope.

With little upbeat news ahead of a crush of corporate earnings reports next week, stocks on Friday hit their longest losing streak since the market’s spring rally began in early March.

Unrelenting worries over the economy, driven by poor reports on unemployment, consumer confidence and falling commodity prices, have kept investors largely out of stocks since mid-June.

Timmay!

Sorry sir, this line is for customers that have money deposited in the bank, Please step aside.

[undeterred]

22. And the weekly jobless claims dropped because of

a 4 day week with a holiday in it.

[Grinchie]

24. They'll drop again when the states furlogh their workers to four days a week permanently.

But we may see more people go into foreclosure, but I'm sure the Fed will furlogh the media to a four day workweek as well.

[aquart]

25. Make him go away.

[Zhade]

27. First off, it's 16.5%, you liars. Second -- if I was angry about being lied to by the b*s* admin...

...I am FURIOUS at being lied to by Obama's.

[DCBob]

29. Second off.. where do you get your numbers?

Third off.. what are the "Obama's"?

[ProudDad]

30. Another Republican heard from (n/t)

[flyarm]

31. "The jobs situation is even worse than the headlines."

http://www.forbes.com/2009/07/08/jobs-report-mortgages-unemployment-recession-opinions-columnists-nouriel-roubini.html