Geithner Says US Jobless Rate Likely to Climb

[UpInArms]

Source: Voice of America

The U.S. Treasury Secretary Timothy Geithner says the unemployment rate may go above its current 25-year high of 8.5 percent, but says the United States and other countries must keep moving forward in making steps toward economic recovery.

Treasury Secretary Timothy Geithner says there are some encouraging signs about the economy, but he was quick to temper expectations. Geithner says the typical pattern of an economic turnaround dictates that only when businesses start to hire again will there be a peak in unemployment.

Geithner, who appeared on CBS' "Face the Nation" program, called it the "crude reality" of recoveries. "It took us a long time to get here. It is going to take some time for us to work through this. Progress is not going to be even. There is going to be a period where it is going to feel very bad still and very uncertain. And that is again why it is so important that we just keep moving," he said.

Secretary Geithner pointed to mortgage interest rates being at their lowest in history as a positive development. He says this will allow U.S. homeowners to take advantage of the low rates and refinance their homes.

Read more: http://www.voanews.com/english/2009-04-05-voa26.cfm

[ConcernedCanuk]

1. Canuk says "doh"!

.
.
.

LBN my butt

this is OLD news

[bemildred]

2. Todays "No shit Sherlock!" award.

The question is what are you doing about it Bozo? What are you doing to create lots of new, well-paying, useful jobs?

[rfranklin]

3. Ain't gonna be no recovery....

Where are the jobs going to come from? We have no manufacturing. Service jobs and programming jobs have been shipped off to India and the Phillipines. Out economy was based on consumers buying on credit while their incomes were diminishing under the Reagan piss-on-down policies. Where the fuck are the jobs going to come from? The past two recoveries have been ginned up by funny money not by actually making something. There is no plan.

[NewEngland4Obama]

6. The US is still by far the leader in Manufacturing

http://www.npr.org/templates/story/story.php?storyId=102761476&ft=1&f=1003

[Sen. Walter Sobchak]

9. the numbers are skewed by Boeing and military exports

[brentspeak]

12. NPR has become a corporate-run neoliberal Pravda

I don't trust a word it says concerning economic matters.

[Odin2005]

16. Perfect, so you live in your own manufactured ideological reality?

:crazy:

[Mari333]

4. Geithner, you putz.

http://www.pbs.org/moyers/journal/04032009/watch.html

[latebloomer]

5. Ya think?

:eyes:

[sallylou666]

7. Captain Obvious

Captain Obvious has spoken! :banghead:

[Raineyb]

8. Raineyb to Geithner

Ya think?

Thank you master of the bloody obvious.

[lib2DaBone]

10. Offshoring continues under Obama at a record pace...

Our jobs continue to go to China and India at a record pace. Our CONgress has done NOTHING to stop the flow of jobs out of the country.

There can be no recovery until CONgress does its job.

[OhioChick]

11. Bingo!

No Jobs Equal No Recovery.

[truthisfreedom]

13. In other news, President Obama's chief meteorologist insists that the Sun will be rising each morn

for the duration of his term.

Tim is a problem, methinks.

[Beam Me Up]

14. f'n genius! n/t

[Mr. Hyde]

15. every lost job adds momentum to the economic nosedive and makes it that much harder to "pull up".

lagging indicator my ass.

[Odin2005]

17. No duh! Employment is a lagging indicator.

[natrat]

18. geitner says big banks are stealing trillions and the white house is helping evade any regulation