As the decibel level of the default and debt-rating debate dials up to deafening levels, let's recall what Tim Geithner said about our Aaa rating once upon a time. According to a Bloomberg.com article dated February 10, 2010, Treasury Secretary Timothy F. Geithner said the U.S. is in no danger of losing its Aaa debt rating even though the Obama administration has predicted a $1.6 trillion budget deficit in 2010. "Absolutely not," Geithner said, when asked in an ABC News interview broadcast yesterday whether a downgrade is a concern. "That will never happen to this country." Geithner said investors around the world turn to U.S. Treasury securities and dollar-denominated assets whenever they are worried about global stability. That reflects "basic confidence" in the U.S. and its ability to bounce back from the global recession, he said. {snip} The U.S. plans to rein in the deficit once the labor market recovers, Geithner said. In the short run, that means focusing on ways to "make...(Read Full Post)