Skip to comments.Geithner announces plan to clean toxic assets
Posted on 03/22/2009 9:15:10 PM PDT by advance_copy
WASHINGTON, (AFP) - Treasury Secretary Timothy Geithner announced a new 500-billion-dollar federal program to remove toxic assets from bank balance sheets that he said "are now clogging" the US financial system.
"The financial system as a whole is still working against recovery," Geithner said in an article published by The Wall Street Journal. "Many banks, still burdened by bad lending decisions, are holding back on providing credit."
He said the administration of President Barack Obama had developed a new "Public-Private Investment Program" that will set up funds to provide a market for the toxic loans and securities issued by banks over the past several years.
"Our judgment is that the best way to get through this is if we can work with the markets," Geithner said.
(Excerpt) Read more at ca.news.yahoo.com ...
The problem that Treasury Secretary Geithner has is that the President of the United States is Barak Obama, pinhead. The country could not have done worse had it elected Bozo the Clown. Obama is a dope and he has no remote clue how to manage the economy of the United States.
Will we know tomorrow from the stock market whether this has some sense or is another boner?
Anyone know if Geithner has filled the 17 or so top positions or is he still flying solo?
The private investors are fools if they let themselves be sucked in by the Obamateur Hour and the Clown Congress, all of whom are liars, cheats, thieves, and knaves who wouldn’t know “honor” if you tattooed it on their foreheads.
ICBW, but I thought that something like this was already tried only they got no takers from the private sector.
This from the gang of idiots sent to fix it. Trust me...I'm from the Government and I'm here to help you!!!
THE NEXT STEP IS TO BANKRUPT THE FDIC!
The bankruptcy of the Federal Reserve will follow shortly thereafter. At that point, all bets are off, literally. When you see it coming, invest heavily in gold and “lead” (if you get my meaning).
With all the money flying or being printed around, I forget, what’s the tab up to now? I figure its about 2 to 4 trillion dollars. Will the GOP get off their asses and really go after this administration? I mean, 0 and co. are giving us hanging curve balls.
Entertainment in perpetuity. You can’t make this stuff up!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.