Remember Paulson predicting an economic crash of biblical proportions if the government did not bail out the banks? TurboTax Timmie is warning that the markets aren’t going to like a Bernanke rejection by the Senate. I know you are sick to death of being threatened by government officials, and it is only adding to the anger and frustration in the country. Tim seems to think you are mad because of the “damage this crisis caused”. I would wager you are more upset with how the crisis has been handled since Paulson went to Bush’s WH with 3 pages and threats.
If you haven’t taken the time to read Karl Denninger’s take on warnings leveled by Robert Gibbs on FoxNews Sunday, you absolutely must see the info he has about ‘financial terrorism’.
And now, TurboTax Timmie laying the groundwork. (As if Obama’s new bank tax wasn’t hard enough on the markets last week.)
Treasury Secretary Timothy Geithner warned that the financial markets would view a Senate rejection of Ben Bernanke’s renomination as “very troubling” but said he’s sure the embattled Federal Reserve chairman will prevail.
“We’re very confident that the chairman will be reconfirmed by the Senate, and we think it’s very important he be reconfirmed by the Senate,” Geithner said Friday in an interview at the Treasury for POLITICO’s new video series, “Inside Obama’s Washington,” debuting Monday.
“He’s done a remarkable job of helping steer this economy out of the great recession. And I think he’ll play a very important role in helping in the success of our efforts to try to make sure we are bringing this economy back to durable growth.”
Asked about possible market reaction to a defeat, Geithner said: “I think the markets would view that as a very troubling thing to the economy as a whole. But, as I said, I don’t think they should be uncertain. I think they should be confident because we are very confident he will be reconfirmed.”
Bernanke is having such a rough time, Geithner suggested, because the country is “in a moment where people are incredibly angry and frustrated by the damage this crisis caused.”