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."
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That wasn't supposed to happen
February 11, 2009 - 15:19 ET by 10ksnookerBut you had a clue beforehand how good tax cheat Geithner really was, didn't you?
BHO group of Close Supporters should be in Prison
February 11, 2009 - 15:36 ET by JIMMY1660this A$$hole is another example of the type of folks who say one thing, but mean another when backed into a corner to explain, in detail.
tax cheater and the only one who can save us. what a joke, he has no plan, if he did he would have details once the spotlight hit him.
we may have to change the plan as we go. he would be a fine one to work at NASA.lets wing it, after i cheat on my taxes.
allow me to Love America
Uh oh
February 11, 2009 - 15:37 ET by needleApparently Tim Geithner is way over his head. So the one major tax cheat Obama was willing to go to bat for, and said emphatically he must have, is a complete dud.
I wonder how many people who voted for this completely inexperienced music man, this super brilliant mail boy, are beginning to realize that they and the country have been had.
Impunitas semper ad deteriora invitat.
Why....
February 11, 2009 - 15:43 ET by Prester John...if he was such a genius couldn't he have just been put in an office somewhere and, if in fact he was the only one who could administer TARP, be left to manage it while someone like Sumers or someone reasonably honest tax-wise tax over Treasury??
Of course Daschle might have gotten away with his little tax "gaffe" and been put in charge of HHS.
Funny you should ask
February 11, 2009 - 15:50 ET by general companyI wonder how many people who voted for this completely inexperienced
music man, this super brilliant mail boy, are beginning to realize that
they and the country have been had.
Unlike a month or so ago, I cant seem to find anyone here at work willing to argue on behalf of Obama? So I have started suggesting buyers remorse to them. Seems he is just a man, if even some what misguided.
"Television is a freak show" Bernie Goldberg
Either Way a Bad Choice
February 11, 2009 - 15:54 ET by slickwillie2001There are two possibilities here:
1. Geithner cheated on his income taxes year after year, willfully and by making a long series of decisions. Can someone this fundamentally dishonest be trusted to administer hundreds of billions of our dollars?
2. Geithner is so stupid that it took him four years to figure out a very simple aspect of our IRS tax code. Can someone this stupid be trusted in such an important job as fixing our severely damaged financial system?
Geithner is a crook
February 11, 2009 - 17:24 ET by c5thenHe has no ethics, no morals and can not be trusted at all.
This is a perfect example of why Obama's administration will go down in history as THE MOST CORRUPT in history.
Geithner was head of the NY Federal Reserve as the Financial institutions were betting on junk mortgages. He is the cause of the problem and the FED is supposed to be the lender of last resort, but instead the FED did nothing and came up with a plan where the American taxpayer was forced to be the lender of last resort. It's pure theft.
Hey, I got the wrong "CHANGE"!
Alan Keyes / Sarah Palin - 2012
His speech wasn't worthy of a 7th grader!
February 11, 2009 - 19:31 ET by Cape ConservativeIf this is 'the man' who can do it all, then he should at least be briefed AND take a public speaking course before his next appearance before the microphone! He looked - and sounded - CLUELESS!
I think it was his guilty conscience (if he has one) coming through - he knows WE ALL KNOW THE BAD THINGS HE DID! America has NO RESPECT for this man and the president can shove him down our throats but it will not bring respect - RESPECT MUST BE EARNED!
We are sooooooooooooo DOOMED!
It is no dishonor to be in a minority in the cause of liberty and virtue. ~ Sam Adams
Who Goes First?
February 11, 2009 - 22:01 ET by slickwillie2001Maybe we should start a poll or lottery on who will be the first to be fired in the administration of The One: Gibbs, Geithner, Emanuel, Susan Rice, or who?
Give Treasury Secretary, Tim Geithner a Break, because I heard
February 12, 2009 - 05:37 ET by Rush Fanthrough the grapevine that the reason his bailout plan was so sparse was that he has been spending much of his time the last few weeks with his Treasury staff learning TurboTax so he can properly and correctly pay his taxes this year.
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Crime wouldn't pay
if the government ran it.
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"Damn well I intended to say it! I'll say it again now: 'I hope he fails.' Because, my friends, America wins if liberalism fails, and that's the bottom line." ~ Rush Limbaugh
Rush Fan
February 12, 2009 - 11:08 ET by NorthCoasterROFLMAO!