Wikinvest Wire

Tim Geithner does Amy Poehler

Tuesday, April 21, 2009

Listening to Treasury Secretary Tim Geithner's opening remarks today before a congressional oversight panel on the government’s financial-rescue program, one couldn't help but be reminded of Amy Poehler in the debut of Parks and Recreation last week when she opted for a filibuster at a town hall meeting rather than face the wrath of the audience.
IMAGE Committee Chairman Elizabeth Warren repeatedly asked Geithner to wrap things up so they could get on with the Q&A portion of the hearing, but it took quite a while for that to happen.

Interestingly, when the questioning did begin, Ms. Warren went right to the issue of the disparity between how the banking and auto industry were being treated throughout the long bailout process.

Naturally, the reply was less than confidence inspiring as the retort, "we have to get the financial industry working to get the rest of the economy working again" has long outworn its welcome amongst elected officials and the population in general.

Bloomberg filed this report focusing on whether big banks will require more bailout money, providing the answer that stock market investors were clamoring to hear.

Treasury Secretary Timothy Geithner said the “vast majority” of U.S. banks have more capital than needed, stoking a rally in stocks as investors await results of stress tests on the balance sheets of the biggest lenders.

“Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators,” Geithner said in testimony to a congressional oversight panel on the government’s financial-rescue program. He added that there will be a “series of options” for lenders deemed to need additional money at the conclusion of the tests.
Can't wait for those stress test results.


Anonymous said...

From Kunstler's latest: "The assumption up until now was something about the reassuring value of continuity -- if we could just prop up an ailing set of banks for a little while, the US public could resume a revolving credit way-of-life within an economy dedicated to building more suburban houses and selling all the needed accessories from supersized "family" cars to cappuccino machines. This would keep everyone employed at the jobs they were qualified for -- finish carpenters, realtors, pool installers, mortgage brokers, advertising account executives, Williams-Sonoma product demonstrators, showroom sales agents, doctors of liposuction, and so on."

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