James Pethokoukis

Politics and policy from inside Washington

Geithner on economy: Two steps forward and one step back

July 14, 2009

America’s Treasury Secretary speaks in Saudi Arabia: “Given the extent of damage to financial systems, the loss of wealth, the necessary adjustments to a long period of excessive borrowing around the world, it seems realistic to expect a gradual recovery, with more than the usual ups and downs and temporary reversals.”

My spin: This sounds closer to a W-shaped recovery than a V-shaped recovery to me. Ugh.

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