CNBC's Ratigan on Geithner's TARP II Presentation: 'He Soiled the Bed'
Despite his tax problems, President Barack Obama's newly minted Treasury secretary, Tim Geithner, was sold to Congress as the one who was going to save the fragile financial system.
However, in what was billed to be a big announcement, and Geithner's first major appearance, he failed to deliver. The Treasury Secretary was slated to outline his plan to rescue troubled financial institutions from the toxic assets they had on their books. But he failed to give specifics and the markets suffered; the Dow Jones Industrial Average (DJIA) nosedived 382 points.
CNBC "Fast Money" host Dylan Ratigan had his own description of Geithner's performance. In an appearance on MSNBC's Feb. 11 "Morning Joe," he likened it to "soiling a bed."
"He soiled the bed," Ratigan said. "He did, and that's not to say it's not a good plan - potentially, that it doesn't have good elements."
Ratigan elaborated, suggesting Geithner's bank bailout plan, now referred to as TARP II, might be a good plan, but noted he failed to communicate the plan effectively.
"But here's where he soiled the bed - America was led to believe that there was a plan ... It was a communication failure, not necessarily a plan failure. I believe they made a reasonable and constructive path. I believe that their intent is very good."
The "Fast Money" host said that after a build up to something grand, Geithner's appearance was a profound disappointment.
"It's as if I invited you to my house for a gourmet meal and instead just gave you a shopping list of everything I was going to buy," Ratigan said. "I don't want a grocery list, I want food."