Treasury Secretary Tim Geithner, in a recent interview with Mike Allen of Politico warned that the financial markets could react negatively if Fed Chairman Ben Bernanke isn't confirmed for a second term. (READ Politico's full story here.)
Geithner suggested that the market would see a failed Bernanke confirmation as "very troubling," but claimed that he was "very confident" Bernanke would receive enough Senate votes to win a second term.
"The markets would view this as very troubling thing for the economy as the whole," Geithner said. "I don't think they should be uncertain. I think they can be confident because we're very confident."
Predicting that the U.S. economy will begin to show positive job growth by this Spring, Geithner added that Bernanke has done a "remarkable job of guiding this economy through the recession."
The Treasury Secretary also expressed some sympathy for the millions of Americans still struggling to find work, or otherwise impacted by the financial crisis. The country is "in a moment where people are incredibly angry and frustrated by the damage this crisis caused...You see that across the country. That's perfectly understandable, and everybody involved in this effort is bearing a lot of the brunt of that frustration and anger."
In the second portion of the interview, Geithner said that the financial rescue program which "was designed to bring capital back into the financial system so banks could lend again" was "remarkably successful."
"The cost of credit and the ability for businesses across the country [to get credit]" was stabilized by the bailout, Geithner said, while acknowledging that the small business market is still having trouble getting credit.
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