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Geithner: Global Cooperation On Financial Crisis Strongest Since WWII
April 01, 2009 12:45 PM
ABC News' Matthew Jaffe reports:
In an interview with ABC News' Charlie Gibson on the eve of the G-20 summit in London, Treasury Secretary Timothy Geithner said the rest of the world stands with President Obama to implement stimulus measures until recovery from the current global recession is assured.
Watch "World News with Charles Gibson" TONIGHT at 6:30 p.m. ET for the full interview.
The Treasury chief said any differences between the United States and other major countries are "dramatically exaggerated", with world cooperation, he said, at its highest levels since World War II.
"If you look at the scale of commitments already made, programs passed by national governments and moving now into the pipeline, it's very very powerful and we want to make sure it's sustained, that all countries -- and we're all in different circumstances -- are doing what’s necessary to make sure in their individual economies they're getting growth back, too. Each of our actions are going to be more powerful if we’re moving together," Geithner said.
"I think the world is with the president on this. I think there is very broad support for it. I think the differences you’ve seen are dramatically exaggerated. Now we are in fairly different circumstances each of us and what’s going to be necessary to each of our economies individually is going to vary, but I think this is the strongest moment of cooperation globally you’ve seen since the Second World War.”
Geithner said major countries also share "strong support" for financial regulatory reform measures.
“We’re going to see very strong support around that table tomorrow, in the next two days, very strong support around the world, to put in place the kind of reforms around the overall international financial system that will deliver a more stable, more sustainable, more balanced growth for the world economy, so that’s the most important thing. Countries share that basic objective."
Geithner refuted claims that the administration had a double standard for the auto industry after President Obama’s auto task force asked General Motors' CEO Rick Wagoner to step down last week.
"We've already seen very very dramatic restructuring across our financial system," Geithner said. "Just step back and look at the institutions that existed a year ago, some of the large institutions in the country – the landscape of the financial system has changed dramatically over that period of time. And where we provide assistance to the financial system, we're going to make sure it comes on conditions to make sure the system emerges stronger. There's accountability where we need to and the taxpayers' interests are protected. That basic standard and basic objective is the same across everything we're doing to help get recovery back on track. Now it is going to require different things in different cases, but if you look at where the government has already acted, we’re meeting that test consistently."
"If you look at where the government has already acted, if you look at AIG, look at Fannie and Freddie, where we’ve had to do exceptional things, we’ve made sure that that comes with the kind of changes in management or the board necessary to make sure these banks, these financial institutions, emerge stronger," he added. "That's our basic test."
Also today, the Treasury chief rejected complaints by oversight officials Tuesday that the Department had not done enough to increase the transparency and accountability of the Troubled Asset Relief Program. He called the complaints "unfair."
He also reiterated that there was $135 billion remaining in the program after the watchdogs told Congress that the actual amount left was closer to $32 billion.
April 1, 2009 in Economy, Obama, Barack, President 44 | Permalink | Share | User Comments (89)
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Ok, this is an April fools joke, right?
Posted by: No To Be Fooled | Apr 1, 2009 1:01:01 PM
Rick Wagoner was only the sacrificial lamb. I'm sure Rick will load his accounts with millions of dollars and relax for the rest of his life while sipping tequila poolside. LOL. What difference will that make for us hard working Americans??
Posted by: UsaForNow | Apr 1, 2009 1:07:23 PM
Yea sure you betcha!
Posted by: Bondservant1958 | Apr 1, 2009 1:08:28 PM
Wow really $135B left out of what $700B gone with no accountability. um that is probably enough left for politicians to give themselves a pay raise!
Posted by: Bondservant1958 | Apr 1, 2009 1:11:00 PM
April fools. I guess that england is so overcome with joy that they had huge protests!!!!!!!!!!!!!!!!!
Posted by: Joe Average | Apr 1, 2009 1:12:49 PM
if only we could get obama to be more like germany and sweden.. no bailouts for business's that put themselves at risk
Posted by: realityville | Apr 1, 2009 1:13:04 PM
"Permit me to issue and control the money of a nation, and I care not who makes its laws." -
-- Mayer amschel rothschild
Posted by: UsaForNow | Apr 1, 2009 1:14:00 PM
Why should anyone believe Geithner?
Posted by: Joe Average | Apr 1, 2009 1:15:29 PM
The presidents pick for HHW the queen govenor of Kansas did not even know that wine (grapes) are grown and bottled in her own state. And she hired a tax professional to do her taxes and a tax perfessional to review her taxes when she was picked. And today we find a mistake she claimed interest on a credit card used to pay off a house loan? which all of us non previlaged tax payers know cannot be done? Another Dem. I may join this party. Sounds like if you join you are exempt from paying your fair share in taxes.
Posted by: Jim Rod | Apr 1, 2009 1:19:52 PM
Why is it that Corporations can search high and low in every third world country for the cheapest supply and labor costs but yet that same courtesy is not extended to consumers without tariffs and exchange rates. Shouldn't there be an exchange rate for minimum wage?? Wouldn't that level the playing field and make things more fair? Why do groups that supply goods get to play by a different set of rules than groups who demand goods?
Posted by: UsaForNow | Apr 1, 2009 1:20:01 PM
What a joke. There sure is a double standard. Auto's- you fools came to Washington on private jets! Banks- Certainly didn't come in horse drawn carriages. Autos- You want 6 billion dollar loan (gasp - thats a lot of money, here is your notebook of rules with all the strings attached and you have a deadline to meet). Banks- Here let us give you another 30 billion (no strings attached, no oversight, no deadlines). Autos- You are performing lousy, glad you decided to work for a dollar with no bonus. Banks- Here let us give out 210 million in bonuses after the worst performance in history (public outrage leads to govt. response). Autos- actually make something tangible and contribute to major manufacturing in this country. Banks- make bad loans, risky business deals and lead us into the worst financial predicament in decades, thereby impacting the ability of every other corporation, including the autos, to function in a healthy fashion. No double standard, give me a break!!!
Posted by: MF | Apr 1, 2009 1:24:32 PM
So much for change! (Sigh)
Posted by: Jeremy | Apr 1, 2009 1:28:38 PM
Double standard? Double standard? Please, THIS coming from Turbo tax cheat Geitner? Plan, what plan? By taking over the banks and automotive businesses here sure sounds like socialism. Geitner REALLY needs to see what happend in 1933 when the same nations got together then. Spending does NOT always help. I guess Geitner still believes that FDR helped get us out of the depression instead of making it worse. Obama is spending more than the previous 43 Presidents combined!!! Please, someone give him a clue! We are in deep doo doo. I'm afraid that only a conservative in 2012 can help solve the damage this administration is doing.
Posted by: justrighttoo | Apr 1, 2009 1:29:04 PM
Bondservant1958:"Wow really $135B left out of what $700B gone with no accountability."
That word... I don't think it means what you think it means. Being grilled before Congress is accountability. Being hammered by your boss for spending political goodwill is accountability. The GAO running releasing their own numbers is accountability. The work by the TARP Inspector General is accountability. Seeing enormous resistance to getting further funding from Congress is accountability.
It's far from perfect or even good enough, but saying there is no accountability while standing in a whirlwind of it makes it look like you live in some ignorant fantasy land.
Posted by: jhw539 | Apr 1, 2009 1:31:08 PM
You're assuming, of course, that we even make it to 2012
Posted by: UsaForNow | Apr 1, 2009 1:31:12 PM
I just want one thing...justice. All this talk of the banks and autos. Union members, make sure to take careful notes, remember who had your children's best interests in mind and 4 years from now vote accordingly. Hint- It's not the Democratic party.
Posted by: CTC | Apr 1, 2009 1:33:27 PM
Oh Look --- It's another person duped into thinking our "system of accountability" really means something. LOL
Posted by: UsaForNow | Apr 1, 2009 1:33:39 PM
Jim Rod:"And she hired a tax professional to do her taxes and a tax perfessional to review her taxes when she was picked. And today we find a mistake she claimed interest on a credit card used to pay off a house loan? which all of us non previlaged tax payers know cannot be done? "
So her hired professional made the error but it's her fault? A mistake that "all of us" find obvious? That seems like a pretty ambiguous definition of what 'mortgage interest' is to me, but I guess I'm just not as clever as you. Personally, I would have trusted the guy I was paying to do the taxes.
Posted by: jhw539 | Apr 1, 2009 1:34:21 PM
justrighttoo:"I'm afraid that only a conservative in 2012 can help solve the damage this administration is doing."
Only an all Republican government pretty much from 2000-2006, and then a never-before-seen record number of filibusters and a Republican President in 2007-2008 could dig a hole this big. But that's just reality, don't mind it.
Posted by: jhw539 | Apr 1, 2009 1:36:54 PM
justrighttoo:"I'm afraid that only a conservative in 2012 can help solve the damage this administration is doing."
_______________________________________
I think the damage was already done. Stop the partisan bickering - the rich and elite thrive on it - only when we can unite as a country of working Americans AGAINST politicians can we progress beyond just simple bickering.
Democrats - realize that your party is responsible!
Republicans - realize that your party is responsible!
Posted by: UsaForNow | Apr 1, 2009 1:41:57 PM
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