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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Geithner: No, Really -- the Stimulus Is Right On Track

Treasury Secretary Tim Geithner told two congressional committees this morning that President Obama's $787 billion economic stimulus bill is right on track.

This, despite an unexpected jump in June unemployment, sinking stock markets, sagging consumer sentiment and growing concerns among budget hawks that a second stimulus may be gaining steam among Democrats on the Hill and in the White House.

Yeah, Republican members of Congress weren't really buying Geithner's line this morning.

"I was just wondering, where do you think your plan went wrong?" asked Rep. Bill Posey (R-Fla.)

Geithner said the stimulus plan is on the "expected path" and that Americans are feeling better about it.

Not really, countered Rep. Michael Rogers (R-Ala.): "People are scared to death," he said.

Geithner said the economy is getting worse at a slower pace, the financial system is back from the precipice and consumer confidence has improved.

Unfortunately, the timing of Geithner's testimony this morning could hardly have been worse. As he was speaking, the early July consumer confidence numbers were released and showed consumer optimism has sunk back to March levels.

Oops!

In many ways, Geithner's testimony today reminded one of the chaotic parade scene at the end of "Animal House" where the Kevin Bacon ROTC character is screaming to no avail: "Remain calm! All is well!"

He gets trampled.

-- Frank Ahrens
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By Frank Ahrens  |  July 10, 2009; 4:53 PM ET
Categories:  The Ticker  | Tags: Kevin Bacon, Obama, Tim Geithner, stimulus plan  
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Comments

GOVERNMENT BAILOUT OF GOVERNMENT.

OBAMA GOVERNMENT TRYING TO SAVE ITS STATE AND LOCAL GOVERNMENT CONSTITUTENTS.

GROW GOVERNMENT AND LET THE PRIVATE SECTOR ECONOMY WITHER AND SHRINK SO THAT GOVERNMENT MUST THEN FILL A BIGGER GAP.

GOVERNMENT BORROWING THEN CROWDS OUT PRIVATE SECTOR BORROWING, ACCELERATING A DOWNWARD PRIVATE SECTOR EMPLOYMENT SPIRAL.

WASHINGTON POST IS LAST TO SEE IT AND LAST TO QUESTION THIS DUE TO SELLING ACCESS TO THE BOWELS OF THE GOVERNMENT MONSTER.

Posted by: bamvol | July 12, 2009 11:17 AM | Report abuse

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