Tag Archives: economy

Geithner nails it

How short the memories of the electorate.

When the president took office, the American economy, the envy of the world, was falling off the cliff. Growth was declining at an annual rate of about 6 percent. We were losing three-quarters-of-a-million jobs every month. The American financial system was in freefall.

People were wondering whether they should keep their money in banks, whether they should buy treasuries, the first time since the Great Depression that happened. That was the reality when this president came into office. And there was no way out of that, except for the president, working with the Fed and the Congress, to go take aggressive, strong, bold actions to arrest the freefall and start the economy growing again. And that’s what he did, and that’s what’s happened.

From PBS.