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.
"(Tuesday’s) announcement is basically, ‘we have a plan to have a plan,’ James Ellman, president of Seacliff Capital, a San Francisco hedge fund, told Reuters. "We don’t know how the private-public partnership will work. But it does look like for the ‘bad bank’ the losses will mostly be suffered by taxpayers, and gains will mainly be by plutocrats."
Who the hell picked this guy? We know the answer to that question. This is the man whose financial expertise is so valuable that we were asked to overlook his tax dodges? This clown is the best man Barack Obama could find for the job?
God help us. I’ve watched a lot of bumbling idiots before but this bozo tops this all. No wonder the market tanked after he spoke. This guy could screw up a wet dream.
Notes Laurie Kellman of The Associated Press:
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.
Whether Geithner can handle the gargantuan task of bailing out a troubled government bailout — and saving the livelihoods of millions of Americans — couldn’t be answered by a single solo performance. But he could have helped with a showing that looked more sure-footed, square-shouldered and said: I can handle this. I know what to do.
That’s a tall order for a treasury secretary introduced weeks ago to a jittery nation as a tax scofflaw, a Cabinet officer who won confirmation with a third of the Senate against him.
It showed in Geithner’s nationally televised performance.
The man who is a main face of President Barack Obama’s recovery effort rarely looked through the camera to voters craving steadiness, his eyes drawn again and again to the words reflected in the trusty shields of glass.
First to his right, then his left. Briefly, he glanced at the copy of his remarks lying on the lectern and out to the reporters in the room.
He looked dwarfed by the American flags behind him.
To make matters worse, this guy is trying to convince us that he needs more time to get up to speed, saying we should understand that he has only been on the job since Jan. 20.
Bullshit. Geithner has been a player in our financial system for years. You can find his fingerprints all over many of the problems that plague our economy. He should wear a button that shouts "conspirator!"
Some say Tuesday’s event was Geithner’s trial by fire as Treasury Secretary. If so, he came off char-broiled, maybe even extra crispy. No wonder this guy didn’t know he had to pay taxes when he worked at the World Bank. If he really is as clueless as he appeared on Tuesday we have Elmer Fudd in charge of the American economy. It’s amateur night at Treasury.
Writes Howard Kurtz at The Washington Post:
I’m not an economist, but when Tim Geithner unveils his long-awaited bailout plan and the Dow plunges nearly 400 points, that’s probably not a good sign.
Most people have been scratching their heads about the Bush bailout. How could we have spent half the $700 billion and yet the banks still aren’t lending? They’re sitting on the cash or buying other banks and paying bonuses? Where did the money go?
Against that backdrop, the last thing the Obama administration needed was complaints that its plan didn’t provide enough details. But that was the overwhelming reaction. "Critical details of the plan remained unanswered, despite the weeks of planning leading up to Tuesday’s announcement," the Wall Street Journal said in a midday report.
If Geithner, considered one of the stars of the Obama cabinet, is in so far over his head, what does that say about the rest of the new President’s picks to serve as his brain trust?