by Frank James
One problem the Obama Administration encountered today with its roll out of its Financial Stabilization Plan was the way it raised expectations too high that Treasury Secretary Timothy Geithner would unveil a comprehensive plan for strengthening the nation's financial system.
That notion was advanced by President Barack Obama himself who at his prime-time news conference last night ore than once directed everyone's attention to Geithner's presentation today, suggesting there'd be a lot more answers than there actually were.
Obama said:
"And so tomorrow my Treasury Secretary, Tim Geithner, will be announcing some very clear and specific plans for how we are going to start loosening up credit once again."
By saying that, he arguably oversold what Geithner would deliver.
At the Senate Banking and Urban Affairs Committee hearing today where Geithner testified, Sen. Bob Corker (R-Tenn.) told Geithner as much:
"Last night, I heard the president say you would outline a clear and specific plan. Obviously that was not the case. It was vague."
And Sen. Jim DeMint (R-S.C.) took a shot too:
"The stock market was down 400 points. Maybe the investors will catch on tomorrow but they don't have a lot of confidence today in what we're doing."









Comments
Don't think America has much faith in a confessed tax cheat for this paticular job?
Posted by: Inky | February 10, 2009 5:30 PM
Geithner did make a good appearance today.
But it came close to the line of seeming a sales pitch by an investment banker pitching a Goldman Sachs deal.
I still think Jim Cramer's misgivings about him have not been refuted and he may well repeat his Lehman Bros. type of errors of judgment.
That would be Bad.
Also, he needs to get flags without the fringe if he insists on wrapping himself in the flag.
Fringe is associated with military and unofficially at least make the flag a military standard.
Which Geithner is not entitled to display (but Obama now is).
Posted by: ornery | February 10, 2009 6:35 PM
Hate to say it but Geithner has little credibility. He may be the biggest 'lack of confidence' problem for the US economy. When I look at him on the TV I'm thinking he knew better about his taxes. And the guy was there working in the mix when Bush and Paulson told us the sky was falling last fall. If we are going to spend almost 2 trillion dollars, we need someone who is worthy and respected enough to handle the 2 trillion. My family's future is riding on it. Hope the big effort and the big credit bill of 2T will be worth it--along with the high inflation to be dealt with later. The stock market is a scam. If the big Wall Street boys don't like the bones they are being thrown I guess the market falls. Nice way of throwing hissy fits.
Posted by: Vivian | February 10, 2009 7:09 PM
How interesting. Obama supporters here and in the mainstream media are sounding increasingly panicked. Could it be the Messiah is - gasp - just another flawed politician. You mean....he...he doesn't have all the answers? Gosh, must be those darned advisers. Or Congress. Rush Limbaugh, yeah...it's all his fault. Couldn't be that a completely untested smooth talking neophyte, with his willing media accomplices, have fooled a majority of voters into thinking he's actually up to this awesome responsibility. When you've over-invested emotionally in someone, you're in for one heck of a trip. Denial...anger...don't worry, kool-aid kids...acceptance will come. And don't worry Flo and the other haters - there'll still be a place in Obama heaven for you - even when you do see the light of reason. Keep posting here Flo and Bill R. I really am enjoying it - heck, I might even break out the cheetos waiting for you two to attack me (and go after Sarah Palin and Hillary Clinton for no good reason as is your typical m.o.), just so you can feel good that you've defended your unqualified hero. More cheetos, please.
Posted by: Bemused | February 10, 2009 7:18 PM
Let us not forget who owns this economic crisis, the very same Republicans who are now attempting to block, obstruct, derail or weaken Obama's attempt to fix the problems they have created. If they get their way, we will go from teetering on the brink and plunge into the abyss of.....the Republican Depression.
28 year Idiocy: from Ronnie Raygun to Bush Jr.
This is a long term problem, 28 years of Voodoo Economics and outright thievery, with a heavy dose of criminal actions and constitution shredding.
Time to repudiate all these Republi-slugs and toss them out of the Senate, the House, and the governorships of any states where they still exist. End the Republican Party forever, they have disgraced Mr. Lincoln's party and distorted it beyond all recognition.
Fat-Cat Repugs are all about stealing our money, and it is time we fought back.
Posted by: Hulk Smash! | February 10, 2009 8:10 PM
Both Obama and Geithner are in no-win situations regarding the financial recovery plan. Too many details and they lose flexibility for the future. Too few details and, well, you get a market bomb and a host of angry obstructionists...I mean Republicans. Supposed you'd get the latter either way.
http://www.political-buzz.com/
Posted by: matt | February 10, 2009 8:25 PM
"Let us not forget who owns this economic crisis..."
.
That would be Obama and the Democratic Congress. There was an election this November... maybe you missed it.
.
As for the rest of your drooling, trust me, having at least 2 parties is required for a democracy. Really.
Posted by: MJ | February 10, 2009 8:55 PM
Hulk - I would remind you that Congress went majority democrat 2 years ago. Check what happened to Fannie Mae and Freddie Mac and the loan game after that. No - the democrats own this mess and the real danger is that they are in charge of fixing it.
Posted by: Biffen | February 10, 2009 9:01 PM
Or maybe he just oversold TG himself?
Here are some names;
Stiglitz
Buffet
Krugman
Volker
Maybe these guys should have been listened to?
Also, word is Volker was frozen out of the plan, as well as other voices for stronger measures.
And of course Wall Street panicked on no details.
Posted by: C.Morrisā | February 10, 2009 9:29 PM
In other words, Obama didn't tell the truth.
And the administration still doesn't have any "plan", let alone a good plan.
Posted by: Inconvenient Truth | February 10, 2009 10:42 PM
Yeah, it's always the Republicans; can't ever be a democrat problem because they are so forthright, as shown here:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Thanks Dems, for helping us all achieve the American Dream thru social engineering.
Posted by: ObamabotsACTIVATE | February 11, 2009 12:56 AM
I'm not sure if you can blame Obama as much. I don't think he will be able to solve the problem. But economies go through cycles. I read about the modern US recession at http://www.recessioninfocenter.com
They just come and go and the best solution is to try to find out how to deal with them
Posted by: Jeff | February 11, 2009 2:14 AM
Fringe is associated with military and unofficially at least make the flag a military standard.
Which Geithner is not entitled to display (but Obama now is).
Posted by: ornery | February 10, 2009 6:35 PM
\
"Forget the fringe and flags flap, we are possilbe being govering by an admirstration of "Living Gods"
Posted by: Inky | February 11, 2009 6:34 AM
This is in response to BEMUSED. To state that Obama is a a neophyte not up to the task of the job is really a joke. We had EIGHT years of a guy who abused this country, and the world, with a republican congress that rubber stamped a trillion dollars for Iraq. Now you say we are panicked? No , just expecting better than we have seen. We will see Obama make mistakes, but at least he will take resonsiblity for them and adjust for the better, not act like a rigid fool who watches as his ship heads over the falls. You really are a quite a twit.
Posted by: farticus | February 11, 2009 8:32 AM
OBAMA CAVED IN TO THE VERY PEOPLE I FEARED HE WOULD CAVE IN TO!!!!
We didn't need to give more "stimulus" to Harvard and Yale types.
Hopefully the House and Obama will have the will and the smarts to FIX this thing.
Wanna 'stimulate' the economy? END THE OIL WAR!!!!!
Wanna get Iran and 'Muslims' to "unclench their fist?"
STOP INVADING THEIR COUNTRIES AND KILLING THEIR PEOPLE WITH OUR TAX DOLLARS!!!!
And investigate the killers who used to occupy our White House the past 8 years. We had good will after the inaugural because of all the people who showed up--not just to support Obama but to say good riddance to BUSH and the other sociopaths.
http://www.michaelmoore.com/words/latestnews/print.php?id=13369
- - -
http://www.michaelmoore.com/words/latestnews/print.php?id=13367
Obama needs to WAKE UP and remember it was PROGRESSIVES who worked for him.
Posted by: AIPAC paid the campaign bills--but they didn't push the lever | February 11, 2009 9:09 AM
It's pretty obvious that this Obama Admin is lost and taking us for a ride.
Obama is basically a liar for saying we'd get details and have Tax Cheat Geithner give None.
Posted by: The laughing liberal | February 11, 2009 9:38 AM