It will take some time for jobs to rebound in force from a “savage” recession, Treasury Secretary Tim Geithner told CNBC Wednesday.
“Recoveries of financial crises are harder, take longer,” said Geithner. “It’s going to take us a while to dig out of this.”
“This was a terribly savage recession and, because people were so scared about the consequences of the financial crisis, they savagely cut into payroll, into employment.
"You saw thousands of companies across the country not just shut their doors, but those that were able to stay open, cut their employment deeply, cut investment spending. And [that led to] the deep fear and loss of confidence. We are still living with the scars and the damage of that period.”