by Frank James
Wall Street wasn't alone in reacting badly to Treasury Secretary Timothy Geithner's financial stabilization plan.
Last night when Obama administration officials briefed members of Congress on the plan, lawmakers were amused.
An excerpt from Huffington Post:
Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner's new financial-sector bailout project, according to people who were in the room.
The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets -- which they referred to as "legacy assets" -- but wouldn't be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn't provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.
This reaction is 180 degrees opposed to Congress's reaction to Geithner's predecessor Henry Paulson and Federal Reserve Chairman Ben Bernanke. When Paulson and Bernanke went to Capitol Hill last fall to ask for emergency funding to prop up the financial system which they said was at risk of collapsing, the panic among lawmakers was almost palpable.
What was it that Karl Marx said about historic events occurring twice, the first time as tragedy, the second as farce?
Comments
Don't blame them for laughing, especially from a former TAX CHEAT..
Posted by: Inky | February 10, 2009 2:52 PM
Well...these brainiacs who are laughing are the ones who legislated us into this mess in the first place. They have no business laughing at a guy who is trying to put a plan together to help us out of it. Instead of laughing, try putting some work into the thing and help out! United we stand, divided we fall.
Posted by: lochnessmonster | February 10, 2009 4:47 PM
Congress may have been 'shocked' when Paulson and Bernanke explained the facts to them, but they still delayed passing anything long enough to increase the damage by a huge amount. iow, we're now in an even deeper hole and they still want to delay, delay, delay.
Posted by: Tom J | February 10, 2009 5:39 PM
So funny and the presser was a riot! I am sure Geithner is going to be a skit on SNL this Saturday night. Can't wait. Who do you think will parody him?
This was almost as funny as seeing my black neighbor with a new Hummer and personalized plates "PRECH." Hilarious.
Posted by: FeFe | February 10, 2009 6:18 PM
If the Congressmen laughed, it must be a good plan.
Posted by: rupert | February 10, 2009 6:21 PM
Do I hear 3 trillion?
Going once, going twice....
Posted by: Kenny Bunkport ☯ | February 10, 2009 10:08 PM
At first I thought the appointment of Geithner was a mistake, but now I take that back. This Administration can use another comic foil besides Biden.
Posted by: MJ | February 11, 2009 7:09 AM
Current tally with interest comes to 15 trillion dollars.
If you support this power grab, you are enslaving your great-great-great-grandchildren.
As for laughing, he's a tax cheat clown who doesn't know his job in charge of an agency that has no clue what it's doing. If you don't laugh at him, you'd better cry.
Posted by: Obama is the New Hitler | February 12, 2009 10:14 AM