Obama deflected some questions at his press conference yesterday by saying he didn’t want to steal Geithner’s thunder. He also suggested the plan Geithner was announcing would put all our minds at rest. In fact, here are the direct quotes:
And so tomorrow my treasury secretary, Tim Geithner, will be announcing some very clear and specific plans for how we are going to start loosening up credit once again.[...]
I don't want to pre-empt my secretary of the treasury. He's going to be laying out these principles in great detail tomorrow.
Apparently, he was overstating the case.
Former chief IMF economist Simon Johnson tells TPMmuckraker the bank bailout plan laid out by Tim Geithner today had some strong points, but that the announcement was very vague, and Geithner had strayed at times into "Paulson-land."
The Treasury rolled out a reworked financial rescue plan on Tuesday worth possibly more than $2 trillion to mop up bad bank assets and revive consumer lending in a bid to stave off a deep recession.But investors said they were disappointed that Treasury Secretary Timothy Geithner did not provide vital details of how his plan will work.
The comprehensive overhaul of the government’s financial bailout plan announced Tuesday is designed to succeed where other plans have failed by unifying a sometimes piecemeal set of policies. But as outlined by Treasury Secretary Tim Geithner, the plan was disappointing in its dearth of detail.
Changing the way Washington does business, eh?
But at least some people thought there were enough details.
Treasuries rose on speculation Treasury Secretary Timothy Geithner’s plan to bail out the banking system will prove inadequate, boosting demand for the safety of government debt.
Oh we of little faith.
....but hey, do what you want....you will anyway.
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