Timothy Geithner: U.S. Economy Can Handle High Gas Prices

WASHINGTON, April 15 (Reuters) - The U.S. economy is in a better position to deal with high gasoline prices, Treasury Secretary Timothy Geithner said on Sunday, adding that unseasonably warm winter had lowered overall energy costs for consumers.

Speaking on ABC's "This Week" program, Geithner also dismissed suggestions that the country's huge budget deficit put it at risk of being the next Greece.

Comments

[MSROADKILL612]

12:57 PM on 04/17/2012

america - seriously - u have among the cheapest gas on the globe, u drive absurd tanks, u have invested zero in infrastructure re roads - let alone rail

we are all paying more & the dollar is rightly down

solve the problem - dont whine about politicians

the dopey electorate is the problem

hi gas prices is the solution, not the problem - but thats political suicide cos of bozos like u

[ny hot mic]

12:10 PM on 04/16/2012

Welcome to Planet Geithner: Population, one.

[kamact]

11:33 AM on 04/16/2012

Let the banksters pay the speculation lift...

[NMLOBO84]

11:21 AM on 04/16/2012

Really??? Because i don't think anybody asked me if i can hadle it!, quite frankly i can NOT!

[Stewart Goss]

10:56 AM on 04/16/2012

What government hasn't dismissed its debt as inconsequential until it was too late?

Come on socialists, buck up! Stop your excess driving, use less water and energy, eat less and don't burn fossil fuels in your fireplace. Oh well...under Obama you'll be forced to do so eventually.

Looking forward to $6-10 gas under Obama II. Hehehehe.

[Got2Go]

02:10 PM on 04/17/2012

Last time I checked a rich persons yacht uses more fuel than my toyota. Maybe you should tell the rich to get rid of all their fuel guzzling toys.

[Alux]

10:53 AM on 04/16/2012

Timmy the Boy said Obama's recovery was "remarkably successful" even if he can't tell yet if the weakest recovery ever will stall this spring.

Now he is saying that the highest prices on record for gasoline is no biggy. Remember that when you pay more than $100 to fill your tank next time. No biggy.

Just a couple of days ago, HuffPo had an article on a poll showing 70% of Americans think the US is still in a recession.

Watch this Axlerod theme trotted out all around:

- The Obama Recovery has been "remarkably successful",

- those 70% of Americans who think otherwise just don't know what "recovery" or "remarkably successful" mean but the rest of us - the intelligent part - do, so just trust us and stop believing your lying eyes,

- Gasoline at record is no biggy,

- since Obama has been in office, things have become GREAT!, and finally,

- if you elect the other guy things will turn TERRIBLE because he's RICH and he always takes vacation and golfs with RICH people.”

[Brian1111]

10:41 AM on 04/16/2012

This guy is going to lose his job if Obama isn't re-elected. He is going to spin, spin, spin, lie, lie, lie however much he can to keep his job.

[laura r]

10:27 AM on 04/16/2012

Timmy is always clueless, he should be paying more attention to the trade deficit problem with China.

Joe Stiglitz's Presentation On Why The Entire Global Economic System Is Doomed To Fail

At the Institute for New Economic Thinking conference in Berlin, economist Joe Stiglitz delivered a presentation titled Is Mercantilism Doomed to Fail? China, Germany, and Japan and the Exhaustion of Debtor Countries.

The basic idea is: A few powerhouses like China, Germany, and Japan, plus some commodity based economies, have thrived in a system where they do all the exporting, and a few countries like the US run massive trade deficits.

But that system is coming to an end, as countries realize that their trade deficits are unsustainable, and seek to become trade surplus countries at the same time. Of course, not everyone can run surpluses, so this becomes a game of hot potato, with everyone pushing the deficit to someone else, via currency devaluation and other aggressive trade moves.
In this presentation, Stiglitz explains why the system is heading towards collapse.

Link to the slides of his presentation.
http://www.businessinsider.com/joe-stiglitz-on-mercantilism-2012-4

[David Hundley]

10:23 AM on 04/16/2012

This is just the same old song and dance, as gas prices go up, All our consumer goods go up with it. What is wrong with these people? I guess if your wealthy and don't have to scrape up money just to go to work, maybe its okay. A lot of people haven't seen a raise to thier incomes, but it seems that they are picking apart the take home pay. Washington out of touch with the people on the ground, makes them seem elitist' and less concerned about this country.

[Flight]

09:54 AM on 04/16/2012

Anyone who believes Timmy and his lack of credibility really needs to take the time and educate themselves on the issues and the people in charge of telling us what the administration wants us to believe.

[GeorgieGirl9]

08:53 AM on 04/16/2012

Clueless Timmy should be his new name.

[CologneCitizen]

08:49 AM on 04/16/2012

Don't you have any better men than him ? Why is he still in charge of anything ? On the last summit in Europe he attended, others laughed behind his back about the statements he made. They were too polite to insult him in his face. In case you become the next Greece, we can send over Merkel to straighten you out. LOL

[JoAnn Kennedy]

05:16 PM on 04/16/2012

Timmy is a Goldman Sux plant, just like chief of Staff dally and Paulson, Mf Jon Corzine etc.... the only way you can control the outcome of the fiscal events is to get your surety men in government/the FED

[kelregan103]

07:35 AM on 04/16/2012

Right! This from a guy that tried cheating on his taxes when first he was hired by obama. I believe he owed 35,000. in taxes and he said it was an oversight by him. He had to pay up before he got elected by the obama administration of course. This guy is no way credible in anything he says. The deficit is there because of people like him trying to get over on not paying and only when they are caught.The little guy is trying to survive and this guy is a puppet. I Don't believe a thing he says.

[bornorange]

06:00 AM on 04/16/2012

Timmy made the rounds Sunday and, once again proved, he hasn't got a clue... not only about the role of the treasury secretary, but also his responsibility to the American people!

His comments on the Sunday talk shows were purely about November 2012. Same old... same old.

By the way, NOBODY ASKED HIM IF HE FILED HIS INCOME TAX YET.

[spinotter11]

08:33 AM on 04/16/2012

It's not due until tomorrow.

[flexibility2013]

04:07 AM on 04/16/2012

That is very true. I mean, if you don't have a job to go to, you use far less fuel. Congradulations, you were right for once.

[spinotter11]

08:33 AM on 04/16/2012

And no matter how we conserve gasoline, it's a good goal.

[David Hundley]

10:28 AM on 04/16/2012

We don't need to conserve gasoline, every vehicle in this country can be converted to natural gas, it is cheap and plentiful, but without ant intelligence in Washington and the White House, we will languesh in higher costs of doing business in this country. With higher costs to consumer goods as well.