WASHINGTON (CNNMoney.com) – The severe decay in the global economy is easing but serious problems still loom, Treasury Secretary Tim Geithner said Friday.
"We are right to be somewhat encouraged, but we would be wrong to conclude that we are close to emerging from the darkness that descended on the globaleconomy early last fall," Geithner said in written comments.
Geithner met with finance chiefs from the G-7 countries who have convened in Washington to talk about their continued efforts to stimulate economies.
Since a high-profile G-20 meeting in London earlier this month, several countries - particularly Japan - have boosted their economic recovery programs, Geithner said.
In addition, Poland and Colombia have said they will join Mexico to apply for backstop financing from the International Monetary Fund, a global agency charged with helping countries facing economic distress.
Geithner hammered home the need for nations to provide stimulus globally and for IMF to support banks that lend to developing countries.
In a Thursday briefing preceding the G-7 meeting, a top Treasury official acknowledged that banks' troubled assets pose the biggest challenge to getting the markets moving again in the United States and globally.
The G-7 is made up of United States, United Kingdom, Japan, Germany, France, Canada and Italy.
It took us 8 years to erase a surplus and build up this recession. It will take more than 100 days to get us out. Stop acting like a bunch of babies and face reality.
In essence Gaithner is saying he really doesn't KNOW if the trillions of $$ budgeted for the economic crisis is going to work.
Why do republicans hate that President Obama is trying to rebuild this country AMERICA yet had no problem with bush rebuilding Iraq.
Seriously people, the economy is recovering. Stop making stuff up. Geithner is right.
for God's sake...it's only been 100 days. The Obama administration has been doing a great job and the rest of us should quit whining like the Republicans and have some patience. This country allowed Bush to nearly destroy our economy over 8 years, so it's time to stop constantly criticizing any Obama administration until they've had time to do the work. At least they ARE working which is more than I can say for the obstructionist whining Republicans.
To Jimmy the Greek,
No, that is not what he said at all. That's what Faux news and Rush TOLD you to believe...... and YOU, being a moron, believe it.
"It took us 8 years to erase a surplus and build up this recession. It will take more than 100 days to get us out. Stop acting like a bunch of babies and face reality."
How do you erase a deficit with "deficit spending"?
All the wealthy in this country cannot be taxed enough to pay for what has already been spent by this Congress in its first 100 days.
WHERE IS THE MONEY GOING TO COME FROM?????