Treasury Secretary Timothy Geithner has unveiled a new plan to combat the financial crisis: convincing private financial institutions to buy up “toxic assets” with the government’s backing. While this is a step up from former Secretary Henry Paulson’s original bailout planin which the government itself would buy up the bad securitiesit is still not the right approach. Instead, there is a better, cheaper, less risky, more direct way to improve banks’ balance sheets and restore confidence
Timothy Geithner to America: We’re going big, aggressive and expensive.
President Obama appeared before a national audience Monday night to make the case for his economic stimulus plan, saying this is not your "run-of-the-mill recession." The president stressed the urgency of passing the roughly $838 billion measure, which his administration and Democratic leaders say will help pull the U.S.
The Obama administration’s $838 billion economic stimulus plan survived a key vote in the Senate, putting a compromise version of the bill on track for passage Tuesday.