The Washington Post reports:
With Geithner leading the discussions along with Summers, who will head the National Economic Council in the White House, the group is devising plans that would use rescue funds to help homeowners avoid foreclosure and unclog the credit markets that finance loans to consumers, small businesses and municipalities. The team is also planning to have the government take more stakes in financial firms, but companies receiving federal aid would have to submit to greater restrictions on executive compensation than were imposed by the Bush administration.but who could forget:
Geithner is also considering creating a new bureau within the Treasury to manage the Troubled Asset Relief Program, or TARP, in an attempt to improve the program's operations and oversight.
In building a case for the additional $350 billion, however, Geithner must also allay concerns about his past responses to the financial crisis. Geithner, as president of the Federal Reserve Bank of New York, was a leading architect of the bailouts of Bear Stearns, American International Group and Citigroup.Obama sure likes to continue those socialist Bush economic policies! What better proof than this?
