Treasury Secretary Timothy F. Geithner said European governments need to get their “fiscal house” in order and provide a financial backstop for economies under pressure.
“What Europe needs to do is to make sure that there’s an unequivocal financial backstop,” Geithner said, according to the transcript of an interview with NBC and CNBC television today. “So there is no doubt in anyone’s mind that those countries have the ability and the will to meet their obligations. That’s essential to managing crises.”
It remains one of life's great mysteries that Geithner is able to get out and about laboring with the basketball-sized set of cajones that quote obviously proves he has.
The NYSE doesn't open for another 15 minutes (0600 PDT) so we won't be able to comment until later just how the markets will have reacted to all the "order" we have restored to our fiscal house. Suffice to say, we're not looking forward to it.