“Oil prices at current levels will not derail the global economic recovery, U.S. Treasury Secretary Timothy Geithner said Tuesday.
“At current levels, on its own, it won’t put the recovery at risk,” Geithner told an event sponsored by the Council on Foreign Relations when asked to rate oil prices as a global risk.
He also said the U.S. economy is still healing and faces new headwinds from the soaring oil prices.”
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What a freaking idiot. I guess he thinks it will be different this time? Every previous spike in oil prices quickly led to an economic slowdown or more usually a full-blown recession.
very true….i guess this time they hope it will be different….
Geithner: Surging Oil Prices Will Not Derail Global Recovery Because Bearded Clam & I Have Rigged The Market To The Upside.