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Geithner: Economy Can Withstand Commercial Real-Estate Woes
U.S. Treasury Secretary Timothy Geithner on Thursday expressed confidence that the deepening problems of the commercial real-estate sector wouldn’t drag the economy back down. The commercial property sector has emerged as the latest concern for lenders and policy-makers amid a tide of write-downs and sliding asset values that some lenders don’t expect to peak until mid-2010. “I think the economy can handle it,” Geithner told an audience in Chicago when asked if commercial property could reverse a domestic recovery, though he acknowledged that it was a difficult problem for policy makers to address directly. In wide-ranging remarks to the Economic Club of Chicago, Geithner also laid down a gauntlet for bank executives to regain public trust following the financial crisis. “I don’t think it’s
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Geithner: Economy Can Withstand Commercial Real-Estate Woes
U.S. Treasury Secretary Timothy Geithner on Thursday expressed confidence that the deepening problems of the commercial real-estate sector wouldn’t drag the economy back down. The commercial property sector has emerged as the latest concern for lenders and policy-makers amid a tide of write-downs and sliding asset values that some lenders don’t expect to peak until mid-2010. “I think the economy can handle it,” Geithner told an audience in Chicago when asked if commercial property could reverse a domestic recovery, though he acknowledged that it was a difficult problem for policy makers to address directly. In wide-ranging remarks to the Economic Club of Chicago, Geithner also laid down a gauntlet for bank executives to regain public trust following the financial crisis. “I don’t think it’s
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