Geithner's story is essentially this: Don't believe what you experience in your own life; believe us. The economy is really a lot better than it looks (true on Wall Street, but not on Main Street.) Geithner had the bad timing to write this just before the economy lost another 131,000 jobs.
This is Geithner's variation on Marxist economics -- in this case Groucho, who famously said in the movie Duck Soup, "Who are you going to believe, me or your own eyes?"
Monday, August 9, 2010
More on the economy
Tim Geitner, Secretary of the Treasury wrote an op-ed in the NY Times. Yippee, everything is getting better. Others disagree.