Geithner Says Plan for Banks Is in the Works (Tax cheat won't provide any specific details)

NY Times ^ | 1/29/09

[Libloather]

Geithner Says Plan for Banks Is in the Works
January 29, 2009, 6:53 am

As lawmakers pressed the Obama administration for details of how it would assist financial firms that have been rapidly deteriorating, Treasury Secretary Timothy F. Geithner said Wednesday the administration is working on a comprehensive plan to “repair the financial system.”

Mr. Geithner declined to provide any specific details or to address rising calls for the creation of a government institution to buy or guarantee the declining assets at several of the nation’s largest banks, The New York Times’s Stephen Labaton and Edmund L. Andrews reported. He discouraged speculation that the plan would include the nationalization of some banks.

“We have a financial system that is run by private shareholders, managed by private institutions, and we’d like to do our best to preserve that system,” he said.

But bank stocks surged on hopes the government was moving toward creating a “bad bank” to purge toxic assets from balance sheets that are rapidly deteriorating as the economy worsens. On Wednesday, the Federal Reserve cautioned that the economy was still spiraling downward on many fronts.

According to several Wall Street officials, senior administration members spent the weekend and the last few days reaching out to top bankers for their views on how a bad bank should be structured. Lawrence H. Summers, head of the White House’s National Economic Council; Sheila C. Bair, the Federal Insurance Deposit Corporation chairwoman; and Mr. Geithner have been involved in the talks, the Wall Street officials told The Times.

[Libloather]

He discouraged speculation that the plan would include the nationalization of some banks.

All your banks are belong to us.

[DoughtyOne]

Exactly, nationalization. We’re going to be a tin pot dictatorship like those in South America by the time this is over.

[Cowboy Bob]

Is it just me, or does Geithner come across as a sniveling little weasel?

[JRandomFreeper]

or does Geithner come across as a sniveling little weasel?

I have yet to look at ANY of them and think "That's a manly man that says what he does, and does what he says"

Well, except maybe Dianne Feinstein.

/johnny

[Shermy]

Here he is talking about what Paulson first advocated, buying mortgage backed securities.

No way it will be purchased for real value, it will be inflated against us.

[HighlyOpinionated]

“You cannot legislate the poor into freedom by

legislating the wealthy out of freedom. What one person

receives without working for, another person must work for

without receiving. The government cannot give to anybody

anything that the government does not first take from

somebody else. When half of the people get the idea that

they do not have to work because the other half is going to

take care of them, and when the other half gets the idea

that it does no good to work because somebody else is going

to get what they work for, that my dear friend, is about the

end of any nation. You cannot multiply wealth by dividing it.”

~~~ The late Dr. Adrian Rogers , 1931 to 2005 ~~~

“…I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. “
Thomas Jefferson (1743 - 1826),
Letter to the Secretary of the Treasury Albert Gallatin (1802)

[DoughtyOne]

I just read a short article an hour or two ago, that stated they have only spent $299 of the $700 billion allotted. And they had to have the funds immediately, or the credit markets would die.

They didn’t spend half of it. And they also spent some of for purposes they didn’t say they would initially. So less than $299 billion went to the credit market they had to have $700 billion for.

[Travis McGee]

“New chief engineer of Titanic has plan to pump out water.”

[The Duke]

So much for “moral authority”.

[Nuc1]

Woulda worked too if we had bigger pumps!

[JasonC]

Nah, the leftists in the media and the short speculators want that, but Geithner isn't going to give it to them.

[antonia]

 

“…I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. “
Thomas Jefferson (1743 - 1826),

Wasted wisdom; ignorance is not innocence, but is the promoter of crime.

"The president also said that his new treasury secretary, Timothy Geithner, will soon announce a new strategy to free up credit for consumers and businesses, since the original financial bailout didn't."

Geithner may be good if he preaches what he practices; paying much less taxes., but he won't. Geithner's just another grifter come to screw the American tax payer.