Treasury Secretary Tim Geithner went before the American public Tuesday to offer up a new bailout plan for banks. By the time his miserable presentation ended, America saw a need for a bailout plan for the Geithner.
President Barack Obama promised Geithner would deliver a detailed bailout plan that would correct earlier mistakes and move forward. Geithner’s "plan" wasn’t a plan at all, just a vague reference to what he said would be a plan.
Negotiators hoped to seal agreement on President Barack Obama’s economic stimulus package Wednesday after making good progress in the first rounds of closed-door talks.
Obama’s negotiating team insisted on restoring some lost funding for school construction projects as talks began Tuesday in hopes of striking a quick agreement, but by late in the day it appeared resigned to losing up to $40 billion in aid to state governments.
On a single day filled with staggering sums, the Obama administration, Federal Reserve and Senate attacked the deepening economic crisis Tuesday with actions that could throw as much as $3 trillion more in government and private funds into the fight against frozen credit markets and rising joblessness.
"It’s gone deep. It’s gotten worse," President Barack Obama said of the recession at a campaign-style appearance in Fort Myers, Fla., where unemployment has reached double digits. "The situation we face could not be more serious."
President Barack Obama accused Wall Street of seeking an "easy" way out of the financial mire, after the announcement of his new industry rescue plan sent stocks dipping sharply.
Instead of a painless rebound for debt-laden banks, Obama promised more "tough love," peppering his remarks with populism as he toured a Florida city hard-hit by the mortgage crisis.
Bankers are set to appear before Congress today to defend a bailout package.
If Treasury Secretary Timothy Geithner could get an earful of skepticism over the government’s financial bailout plans, the nation’s top bankers can expect no less when they make their maiden voyage to Congress as recipients of the widely criticized funds.
Eight chief executives will slip behind a witness table in the Rayburn House Office Building on Wednesday morning to face a battery of questions about how they have used more than $160 billion in taxpayers’ money.
It was a tough sell for Timothy Geithner, and he looked it.
The new treasury secretary read from the teleprompter on his right. Then the one on his left. He hardly stood still or looked at his audience for more than a few moments during his big announcement on Tuesday.