Geithner: Recovery Could Be 'Choppy'

Tells NBC that financial crisis caused 'a lot of damage'
By Newser Editors and Wire Services
Posted Nov 1, 2009 6:56 AM CST
Treasury Secretary Timothy Geithner appears on a pre-taping of "Meet the Press'" Saturday, Oct. 31, 2009, at the NBC studios in Washington. The interview will air Sunday, Nov. 1, 2009.   (William B. Plowman)

(Newser) – Timothy Geithner says the US economy has suffered a lot of damage in the current downturn, and it's going to take time before it fully recovers. The treasury secretary said on NBC's Meet the Press that creating jobs and regaining the confidence of investors will be the real test of recovery. Recent encouraging news, he said, "shows that—when you act with force—you can stabilize a crisis like this."

"But this is going to be a different recovery than in the past because Americans are going to have to save more. A lot of damage was caused by this crisis. It's going to take some time for us to grow out of this. It could be a little choppy. It could be uneven. And it's going to take awhile," Geithner said.