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I’ll try my best to not sound like a pessimist here, but can you blame me?
On Tuesday, Treasury Secretary Timothy Geithner told National Public Radio that he strongly believes we are on the road to recovery, but it won’t be fast.
Translation: We will recover sometime in the future, but who knows when.
He goes on to later say that he doesn’t expect a second wave of the financial crisis, yet the biggest problem we face is that “banks are not lending enough and not going to provide the capital businesses need to grow for the economy to strengthen going forward.”
Geithner went on to say “we were in a very deep hole … It’s going to take a long time to repair the damage done to confidence.” But he sees people spending more and businesses starting to invest again, all good signs.
Is it just me or do the previous two quotes somewhat contradict each other? The biggest problem is that banks aren’t lending enough or providing capital businesses need to grow, yet he sees people spending more and businesses starting to invest again? Somebody please tell me where the businesses and consumers will suddenly get all this newfound money?
Now I don’t want to sit here and look like another person bashing the government. After all, its not like I have any mind blowing solutions, but I do know when people just trying to say stuff to say it… especially politicians.
Much of 2010 and any possible market trends basically rely on the road to recovery , the status of our financials, and the confidence American people have in the whole system. So why wouldn’t any respectable man in power just say what the constituents want to hear?
After all, he said they need us to be confident, right?