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Geithner: Uk's Lending Targets Were Fake

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Geithner: UK's lending targets were fake

Tim Geithner, former US Treasury secretary, has defended the soft terms of America’s bank bail-out, saying that the strings Britain attached to its bail-out plan turned out to be a failure.

The economist said measures introduced by the UK government, such as lending targets and caps on banker salaries, had little or no effect.

“Those are largely fake,” he told The New York Times, referring to the lending targets the UK government imposed in order to ensure small and medium-sized businesses could continue to access capital.

“They were sort of ridiculous, because [the UK] economy was way overleveraged, too, and lending was going to fall even in the best sort of circumstances. And did it help the British in terms of taking some of the sting out of the public anger? No.”

Ah yes the US recovery is real, that's why people are raiding their pension savings to fund day to day living. We all appear to be living in la la land and love the recovery.

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