The world's largest economies need to collaborate in order to face the challenges of the new reality, said US Treasury Secretary Timothy Geithner, speaking at a plenary session. The effort is needed to transform the post-war economic deal. With a view to the pivotal relationship between the US and China, Secretary Geithner described the interests on both sides as closely tied in many ways.
"They are not fundamentally in conflict, they are largely complementary. We want to make sure they are comfortable that we are going to be able to build a system that’s going to accommodate their interests too, not just ours," Secretary Geithner said, dismissing doubts about the US long-term economy. "The great strength of the American political system is that it has always risen to the challenge," Secretary Geithner added.
Bio
Timothy Geithner
Timothy Franz Geithner is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
Charlie Rose
Emmy award winning journalist Charlie Rose has been praised as "one of America's premier interviewers."
He is the host of "Charlie Rose," the nightly PBS program that engages America's best thinkers, writers, politicians, athletes, entertainers, business leaders, scientists and other newsmakers.
Measures employed by governments to stabilize the economy, specifically by adjusting the levels and allocations of taxes and government expenditures. When the economy is sluggish, the government may cut taxes, leaving taxpayers with extra cash to spend and thereby increasing levels of consumption. An increase in public-works spending may likewise pump cash into the economy, having an expansionary effect. Conversely, a decrease in government spending or an increase in taxes tends to cause the economy to contract. Fiscal policy is often used in tandem with monetary policy. Until the 1930s, fiscal policy aimed at maintaining a balanced budget; since then it has been used “countercyclically,” as recommended by John Maynard Keynes, to offset the cycle of expansion and contraction in the economy. Fiscal policy is more effective at stimulating a flagging economy than at cooling an inflationary one, partly because spending cuts and tax increases are unpopular and partly because of the work of economic stabilizers. See alsobusiness cycle.
Forecast of governmental expenditures and revenues for the ensuing fiscal year. In modern industrial economies, the budget is the key instrument for the execution of government economic policies. Because government budgets may promote or retard economic growth in certain areas of the economy and because views about priorities in government spending differ widely, government budgets are the focus of competing political interests. In the U.S. the federal budget is prepared by the president's Office of Management and Budget. The U.S. Congress has considerable input, influencing the budget's preparation through negotiations with the president and considering it in detail on its official submission to Congress.
Unbelievable pandering to the financial system which still has transaction costs that are too high for the common non-Wall Street human. And this growth thing that he so glows about, especially in China, is only made because there is a free garbage dump (the ocean and the atmosphere) that costs them nothing. He should run for president.
How can Charlie Rose say these things about Geithner with a straight face? The guy was the president of the New York FED, a private company which works to maximize the profits of its member banks. These are private companies which see citizens as nothing more than cattle to be led to the slaughter.
I like Geithner. He's a straight shooter in a difficult environment. He, almost alone in the Washington establishment acknowledges that blame for the the financial crisis is spread thickly across society, public and private, borrower and lender, regulator and regulatees.
He understands both the right and the left's perspective, and has sympathy for the strongest points of both.
In 28 years since 1981 (before President Obama) we had 20 years of Republican presidents who gave us 20 deficits. Reagan & Bush QUADRUPLED the debt before Clinton and Bush DOUBLED it again after Clinton.
Under Clinton, the only Democratic president the last 28 years before Obama, there were four surpluses and Clinton REDUCED the national debt by $600 billion Republicans are pathetic liars.
In the meantime, since 1979 middle class wages have remained stagnant while on average productivity increased 4% per year.
And worst of all, in 1979 the top 1% took 9% of GNP. Now the top 1% of Americans take 24.5% of GNP. So much for trickle down.
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