Wednesday, August 25, 2010
With reports of new jobless claims unexpectedly soaring to 500,000, UCubed, a group representing unemployed and underemployed American workers, criticized Treasury Secretary Timothy Geithner for his lackluster handling of the economy.
“The pace of job losses is increasing, and Secretary Geithner doesn’t have a clue on how to end this grave recession. Geithner was delusional then and he’s even worse now.”
Sloan joined a growing chorus of bipartisan critics calling for Geithner to resign his post as the economy appears to be backtracking from previous gains, especially on the job front.
It is becoming increasingly clear that President Obama’s economic team led by Treasury Secretary Timothy Geithner and Director of the White House National Economic Council Larry Summers are clueless about the worsening U.S. economic picture.
“A depression, and not just some garden-variety recession. Such euphoria is human nature and nobody can be blamed for trying to be optimistic; however, in the money management business, we have a fiduciary responsibility to be as realistic as possible about the outlook for the economy and the market at all times.”
The 1929-33 recession saw six quarterly bounces in GDP with an average gain of 8 percent, sending the stock market to a 50 percent rally in early 1930 as investors thought the worst had passed.