Geithner Warns That Markets Could Dive If Bernanke Is Not Reconfirmed (VIDEO)

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.

WATCH:

WATCH Part 2:

Comments

[yourmomscalling]

04:27 PM on 02/25/2010

Tim Geithner AKA turbo timmy (RATFACE) cant be trusted !!

[seroquel]

09:59 PM on 01/31/2010

Audit the FED-they have failed. The FED was created to prevent bubbles from happening, and has failed.

The FED is a Ponzi scheme to eliminate the middle class. Congress needs to do their Constitutional duty and print money themselves. Like Lincoln did with the Greenbacks.

[freedomhungry]

09:15 PM on 01/26/2010

The head of the Federal Reserve is not the problem. The problem is the Federal Reserve itself! An entity that consists of a limitless line of credit run in secrecy by people who suffer no consequences is the utmost formula for corruption. It has rendered our currency close to worthless (relative to before the Fed). If you insist on keeping this troublesome entity then make Ron Paul its chair.

[HappyRabbit]

08:51 PM on 01/26/2010

What a jerk! Bush era scare tactics. The markets will react, briefly, no matter who is installed. Is this really justification to re-confirm someone who did so much to worsen the crisis?...especially before we have fully investigated his culpability?

[Sis3563]

06:13 PM on 01/26/2010

I once dated a guy that looked just like Bernanke; The SOB cheated on me.

[indy100]

05:44 PM on 01/26/2010

Let em dive.

[shivasquest]

01:42 PM on 01/26/2010

Is that a threat Timmy?
Since your buddies are manipulating the market?

[aNdYtm]

01:02 PM on 01/26/2010

401 K, 201K or 101 K. The true meaning is K = kaput. Numbers before that don't matter!
Kaput = No longer effective, capable, or valuable.

Kudos to the person who first thought of : x x x K

[aNdYtm]

12:58 PM on 01/26/2010

Geithner comments - classic brown noser!
Fear tactics. He probably has his bedroom wall displaying stock market quotes. He lives by it and we know how the stock brokers and Wall Streeters manipulate it.

[mjc]

11:54 AM on 01/26/2010

Geithner and other Wall St whores have ALWAYS "threatened" the American people and its president with terror IF their wishes are not complied with. The stockmarket is NOT the main or only indicator of economic health of a nation and for years....in the 80's particularly, the market represented no one but themselves, the gamblers using stocks and bonds rather than chips. If the American government and an American president believes that the only wise economists are those gambling in the market and that their wishes MUST be fulfilled, then cut the democratic crap and call us what we are: a facist society. George Bush's version of government only helped to make the brokers and corporations believe that they held the direction of this nation and its economy in their hands.

[Kye154]

09:23 AM on 01/26/2010

Geithner's warning about the financial markets taking a dive if Fed Chairman Ben Bernanke isn't confirmed, is proof in the pudding that the economy is not good at all, if it relies on one personality to control it. It is also obvious that Bernanke and Geithner are too focused on the Wall Street markets, and have absolutely no concern for the welfare of individual Americans. These markets cannot be substained if Americans do not have the money ro resources to invest in them, and this is the fault in their economic philosophies that they seem to be ignoring. The only customer these Wall Street markets have left to rob is the US Treasury! Let's face it folks, the markets will crash if the government isn't there to prop the markets up, and since Bernanke and Geithner are the progenies of Wall Street, it is their job to insure the government will continue to keep the markets propped up, at the expense of the taxpayers, and at the expense of the welfare of the country. It is one big crooked scam, and you are all paying for it, one way or another!

[tweedledeedumb]

09:05 AM on 01/26/2010

Who cares...I don't own stock...Let tank....I sick of taking a back seat to Wallstreet's needs.

[Alan Millar]

03:57 AM on 01/26/2010

Is it legal to TAR and FEATHER this guy and run him out of town ON A RAIL?

[WOODSTOCKER51]

08:19 AM on 01/26/2010

it should be............

[anicca]

01:45 AM on 01/26/2010

Substitute "banks" for "markets" (apologies if this has already been pointed out).

[cascot]

12:49 AM on 01/26/2010

Hard to believe ANYTHING a Treasury Secretary says, that doesn't pay his taxes until the knowledge is exposed.. Dishonesty and thievery are not character traits that make one qualified to be the Treas. Sec. But, then again, "community organizer" doesn't qualify one to be President...hmmmmm...