January 21, 2009
Geithner Takes a Cue From Obama: "We Will Have a Plan"
Geithner's testimony at his confirmation hearings was priceless. He announced a "bold" plan (ie. "not incremental") on a "dramatic scale" that "hopefully" would come in the "next few weeks." The plan, when it appears, will fix a multitude of problems, tight credit, foreclosures, bank insolvency, international confidence in our markets. Asked for policy principles or details he demurred, agreeing amiably with any Congressperson that had a thought. "Yes, we are considering that...(fill in the blank)." No-one asked the obvious: "How can you describe a plan as "bold" and "dramatic" that has not yet to be formed and that is "hopefully" soon to appear? Sounds like trouble brewing.
January 21, 2009 | Permalink
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