Tags: Geithner | Recovery | Real | Tim | Treasury

Geithner: Recovery Is Real Despite Market Jitters

Wednesday, 07 Jul 2010 07:33 AM

Treasury Secretary Timothy Geithner said he was confident the U.S. economy would continue to grow as it repairs damage from the financial crisis, but conceded that recoveries are "never even, never steady."

Geithner, in a television interview Tuesday with PBS NewsHour, said the economy was still feeling the "lasting effects" of damage to business and consumer confidence from the financial crisis and Americans are still spending cautiously.

"We've seen a little concern about Europe wash across the American economy," he said.

The Treasury chief reiterated his view that Europe would manage its debt problems, adding that officials there were "taking the steps that they need to make sure that they're growing again."

Asked about the downturn in stock markets in recent weeks, Geithner said markets had seen a long run of improvement that boosted confidence, but added: "You know, recoveries are never even, never steady."

Geithner said he believed that the financial reform bill now before Congress "looks like it's going to pass," adding that the legislation would better protect Americans from financial fraud and abuse and will limit risk-taking by financial institutions.

He also defended the Obama administration's efforts to stem foreclosures, saying that such programs had allowed millions of Americans to benefit from more stable home prices and had reduced monthly payments for more than a million homeowners.

But he said they would not reach many people hurt by the housing crisis, such as investors who were speculating on prices.

The benefits "don't go the most fortunate Americans who bought very, very expensive homes or a second home," Geithner said. "They're not going to reach people who lied about their income, were unable to prove that they had income — weren't able to prove they were eligible."

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Treasury Secretary Timothy Geithner said he was confident the U.S. economy would continue to grow as it repairs damage from the financial crisis, but conceded that recoveries are never even, never steady. Geithner, in a television interview Tuesday with PBS NewsHour,...
Geithner,Recovery,Real,Tim,Treasury
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2010-33-07
Wednesday, 07 Jul 2010 07:33 AM
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