http://www.thestreet.com/story/10830072/1/welcome-to-the-recovery-or-not-firing-line.html
On Monday Mr. Geithner wrote an op-ed piece in the New York Times
As a business owner, I'd like to address some of his bullet points:
# "Private job growth has returned -- not as fast as we would like..." To quote from a wonderful event in our nation's storied history, I guess that depends on what the definition of "growth" is. I'd also like to know what his definition of "fast" is. Anyone remember the breathless plea to pass the pork-laden stimulus package or suffer the wrath of unemployment above 8%? I do. Unemployment apparently didn't get the memo as it remains at 9.5%.
# "Businesses have repaired their balance sheets and are now in a strong financial position to reinvest and grow." Ummm...can you tell me which ones because I'd like to borrow some money from them to repair my balance sheet and grow. That's not what I'm seeing on the front lines. Business owners are gun shy to hire in this environment or take on inventory because they're waiting for the next shoe to drop. No one knows if their industry or business will be on the receiving end of the next flaming arrow from Washington and are keeping their powder dry.
# "The auto industry is coming back..." I'm not sure why I care about this other than the fact that this industry is "coming back" for the 50th time in the history of automobiles and they did it with our money. Maybe we'll all get an employee discount or something. But it sounds like the secretary is certain that this time the auto industry is back for good.
# "The government's investment in banks has already earned more than $20 billion in profits for taxpayers..." Woo hoo! Do you need my address so you can send my check? Does this mean that you plan on keeping the Bush tax cuts in place? Obviously neither of those things is going to happen. Nothing like the government making $20 billion in profit on our money, only to never see a penny of it.
The president said the "recovery needs to come faster" as if saying that he "felt the pain" (see Clinton, Bill) of those Americans who haven't seen any lift in their lives as promised by The One. Thanks for the insightful observation; what are you going to do about it?
With unemployment hovering at high altitudes and consumer prices falling we run the risk of wandering around for a decade like Japan in the 90's. Housing will take another leg down, count on it. Welcome to Malaiseville. Population: us.
On Monday Mr. Geithner wrote an op-ed piece in the New York Times
As a business owner, I'd like to address some of his bullet points:
# "Private job growth has returned -- not as fast as we would like..." To quote from a wonderful event in our nation's storied history, I guess that depends on what the definition of "growth" is. I'd also like to know what his definition of "fast" is. Anyone remember the breathless plea to pass the pork-laden stimulus package or suffer the wrath of unemployment above 8%? I do. Unemployment apparently didn't get the memo as it remains at 9.5%.
# "Businesses have repaired their balance sheets and are now in a strong financial position to reinvest and grow." Ummm...can you tell me which ones because I'd like to borrow some money from them to repair my balance sheet and grow. That's not what I'm seeing on the front lines. Business owners are gun shy to hire in this environment or take on inventory because they're waiting for the next shoe to drop. No one knows if their industry or business will be on the receiving end of the next flaming arrow from Washington and are keeping their powder dry.
# "The auto industry is coming back..." I'm not sure why I care about this other than the fact that this industry is "coming back" for the 50th time in the history of automobiles and they did it with our money. Maybe we'll all get an employee discount or something. But it sounds like the secretary is certain that this time the auto industry is back for good.
# "The government's investment in banks has already earned more than $20 billion in profits for taxpayers..." Woo hoo! Do you need my address so you can send my check? Does this mean that you plan on keeping the Bush tax cuts in place? Obviously neither of those things is going to happen. Nothing like the government making $20 billion in profit on our money, only to never see a penny of it.
The president said the "recovery needs to come faster" as if saying that he "felt the pain" (see Clinton, Bill) of those Americans who haven't seen any lift in their lives as promised by The One. Thanks for the insightful observation; what are you going to do about it?
With unemployment hovering at high altitudes and consumer prices falling we run the risk of wandering around for a decade like Japan in the 90's. Housing will take another leg down, count on it. Welcome to Malaiseville. Population: us.
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