Bank of Canada blames Geithner for financial mess

Advertisement

This is from the Globe & Mail:

Bank of Canada Governor Mark Carney is signalling frustration with the Obama administration’s handling of the financial crisis, saying delays in shoring up the banking system in the United States have exacerbated the recession in Canada.

With remarkable frankness, Mr. Carney singled out the U.S. government for criticism in his quarterly economic report Thursday, placing much of the blame for Canada’s economic woes on U.S. Treasury Secretary Timothy Geithner’s abortive attempts to cleanse financial institutions of their toxic assets.

“Timely and credible action is required to address the impaired assets on bank balance sheets and to restore the normal flow of credit – a precondition for sustained economic recovery,” the central bank said. “Progress on these measures has been slower than expected in the United States and other major financial centres.”

Mr. Carney’s criticism sets the stage for a tense meeting of finance ministers and central bank governors from the Group of Seven rich industrial countries Friday in Washington, where banking issues will be the main topic of discussion.

Related Posts
1 of 1,546

Looks like bloggers aren’t the only one concerned about Geithner’s plan.  But that doesn’t matter because Americans think the U.S. is on the right track.  Obama’s policies are putting Americans in the best frame of mind since Saddam Hussein was captured in 2004. See the video below for details.

Subscribe to our newsletter

Source
Carney blames U.S. for slow recovery – Globe & Mail

Get real time updates directly on you device, subscribe now.

Do NOT follow this link or you will be banned from the site!