Geithner-U.S. Treasuries still safe after downgrade (Administration in complete denial)

reuters ^ | 8/7/2011 | reuters

[tobyhill]

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday.

Geithner, in an interview with NBC/CNBC television, also called on European leaders to ensure that there is an "unequivocal financial backstop" for euro zone governments facing fiscal and debt problems.

He added that a double-dip recession was unlikely if governments and central banks made good decisions.

Asked whether Treasuries were as safe now as they were last week, Geithner replied: "Absolutely. And the judgment by S&P changed nothing."

Geithner continued the Treasury's attack on the credit rating agency, which cut the U.S. sovereign rating late on Friday to AA-plus from AAA citing the political gridlock in Washington and a debt deal that produced less fiscal savings than the agency had prescribed.

"I mean I think S&P has shown really terrible judgment and they've handled themselves very poorly," Geithner said. "And they've shown a stunning lack of knowledge about basic U.S. fiscal budget math. And I think they drew exactly the wrong conclusion from this budget agreement."

[WellyP]

Geithner stays because NOBODY else will take the job!

[dajeeps]

These libs believe that telling the same lies repeatedly somehow makes them true. If they say treasuries are safe, time to sell. LOL

[Cringing Negativism Network]

This _would_ be the same Geithner who assured us there would be no downgrade.

Right?

So why should anyone believe him now?

[mlocher]

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade

At 4PM Friday (before the downgrade) the US Treasury debt was as safe as it was at 9PM Friday (after the downgrade). Technically Tim is correct. Nothing happened during that 5 hour window.

Let's see what Tim has to say Monday morning at 11AM after the markets speak their mind.

[Terry Mross]

I really didn’t expect him to say “Don’t buy American!”

[upchuck]

He added that a double-dip recession was unlikely if governments and central banks made good decisions.

This from the guy that said last April, IIRC, that there was no way S&P would issue a downgrade.

"I mean I think S&P has shown really terrible judgment and they've handled themselves very poorly," Geithner said. "And they've shown a stunning lack of knowledge about basic U.S. fiscal budget math. And I think they drew exactly the wrong conclusion from this budget agreement."

See, only smart guys like me can understand fiscal budget math.

Oh Timmy, I'm so thrilled you're staying on. We need many more just like you helping nobama implement his plan.

[mlocher]

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday.

Very subtle blame Republican verbage. It also provide cover to Obama, Mr. "on TV twice a day to discuss the Situation."

[West Texas Chuck]

"He added that a double-dip recession was unlikely if governments and central banks made good decisions."

Guess that leaves our government out, then.

Throw a party, Timmy and Barry can do body shots off Ms. Obama's toned biceps.

[NoLibZone]

'No risk' the US will lose its top credit rating, says Treasury's Geithner

[Diogenesis]

NOBODY can do what Timmy can do.
He is like ... a magician.

[tobyhill]

That downgrade was the ultimate Friday Night News Dump.

[Rocky]

Let’s see: Axelrod says the Tea Party created the problem and Little Timmy Geithner says there is no problem. Is that about right?

[NoLibZone]

[upchuck]

"And I think they drew exactly the wrong conclusion from this budget agreement."

Uh, what budget agreement is that Timmy? AFAIK, the US hasn't had a budget in two years. Oh, maybe you mean nobama's budget that the Senate shot down 97 to zip. That budget agreement?

This man is a raving lunatic.

[NoLibZone]

"Let’s see: Axelrod says the Tea Party created the problem and Little Timmy Geithner says there is no problem. Is that about right?"

And Obama says S&P has miss calculated by 2 T.

[FlyVet]

"And then our reporter asked Mr. Geithner if he understood that the Debt/GDP is now 100%, and if he thought it was safe to continue beyond 120% as dictated by budget projections."

Just kidding. The reporter didn't ask him that.

[Norm Lenhart]

What struck me watching that on stream was his complete ability to lie so thoroughly. There was not an iota of shame or remorse there.

That is what true evil looks like.

[InterceptPoint]

U.S. Treasury debt is as safe as it was before a Standard & Poor's rating downgrade of the United States and Congress' "damaging" debate over raising the country's debt limit, Treasury Secretary Timothy Geithner said on Sunday.

Well the market for Treasuries will answer the question of the safety of American debt. Realistically, with the turmoil currently ongoing in Europe. U.S. Treasuries look pretty good - so I think Geitner is right. (The Broken Clock Principle at work.)

But he is only right in the short run unless a miracle happens and Congress actual decides to do something about the entitlement programs before they go belly up. That's not likely since demagouging the GOP on Medicare is the only strategy the Dims have for 2012.

[anniegetyourgun]

This president inherited a AAA rating.....and look what he’s done with it.