€urosclerosis: Timothy Geithner praises the Europeans for taking action, and urges them to do even more, while supporting exactly the opposite policies in the United States

From


Geithner Presses Europe for Solution

Treasury Secretary Meets With Germany’s Finance Minister, Central Bank Officials as EU Leaders’ Summit Approaches

By SUDEEP REDDY

BERLIN—Treasury Secretary Timothy Geithner, boosting pressure on European nations ahead of a critical summit, appealed to euro-zone officials on Tuesday for stronger action to calm the Continent’s deepening debt turmoil.

Mr. Geithner, dispatched by President Barack Obama on a three-day trip to Europe, said the currency bloc will need “a sustained commitment of political will” to resolve its troubles. . . .

Mr. Geithner praised European officials for their latest steps, including budget overhauls in several countries and a move toward tighter budget-enforcement procedures.

Much more at the link.

So, our Secretary of the Treasury is praising the democratic European leaders for trying to get their budgets under control with austerity programs and deficit reduction, while his boss, President Obama, still wants to push ahead with more government spending and economic “stimulus.”

If the United States wasn’t so big, with such a large economy, would anybody take these people seriously? Responsible European leaders, including Italian Prime Minister Mario Monti, who is a real, professional economist, have all decided that, as much as they don’t want to do it — it’s politically unpalatable and may well cost them and their parties their seats in the various parliaments — the only realistic, responsible and workable solution to their ever-deepening debt crisis is to stop overspending, to cut back on unsupportable social welfare programs, and to start living within their means. And the President of the United States, the man with the greatest responsibilities of anyone on earth, sends his top economic official to Europe to praise the actions of the European leaders, and even “appealed to euro-zone officials on Tuesday for stronger action,” but uses the most blatant demagoguery to attack Republican proposals in the United States to take the same kind of action here, before our debt crisis reaches Italian levels, and wants to do the exact opposite of what he praises the Europeans for; our President still wants to engage in Keynesian economic stimulus.

3 Comments

  1. Obvious explanation: The Obama Administration’s policies are based on encouraging a European recovery at the expense of the American economy.

  2. Although the European Union had systemic problems of their own, Americans need to bear in mind that our marketing of worthless toxic assets to them triggered a global fiscal crisis. Then add to this the global impact other Wall Street excesses have created, and you have still dysfunction Wall Street behavior adding uncertainty to ourselves and the globe.

    Isn’t it then strange that Republicans call for a continuing of this dysfunction, even as they continue to inject dysfunction into the operation of our federal government? Who in their right mind could possibly cast a vote to give power back to these maniacs?

  3. You mean the same maniacs, Wagonwheel, that promoted Fannie and Freddie as “not having any problems,” like Barney Frank did? That’s probably why he retired — to benefit Washington from one less maniac. Good riddance.

    Those who look only to Wall Street as the cause of our ills are as blind as mole a mile underground. It is, and was, GOVERNMENT’S responsibility to provide oversight, and it FAILED. It’s like the Occupiers — they should ALL be in Washington DC, right in front of the Capitol and White House. Because it is those who inhabit their walls who are responsible. And it’s by far not just Republicans as a far-left radical like yourself claim, Wagonwheel. In fact, Barack Obama is a massive beneficiary of Wall Street funds.

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