Treasury Secretary Geithner Overrules on TARP reforms

Aren't you glad this guy is in charge? I'm just shaking my head reading about the guy who blamed TurboTax first actions as Treasury Secretary.

According to the New York Times

The Obama administration’s new plan to bail out the nation’s banks was fashioned after a spirited internal debate that pitted the Treasury secretary, Timothy F. Geithner, against some of the president’s top political hands.

In the end, Mr. Geithner largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides, including David Axelrod, a senior adviser to the president, according to administration and Congressional officials.

Mr. Geithner, who will announce the broad outlines of the plan on Tuesday, successfully fought against more severe limits on executive pay for companies receiving government aid.

He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid.

Because of the internal debate, some of the most contentious issues remain unresolved.

We'll take a look at this plan to reserve judgment until tomorrow but considering TurboTax disabled Geithner helped craft the original TARP, this is not looking too good for the U.S. taxpayer or the economy.

Anyone else notice a very disturbing pattern? The news reports are all about form, who won and power instead of actual substance, policy and common sense on what actually works.

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Stupid f#%kers haven't learned a thing

But Obama's first press conference has generated a great wave of euphoria because we finally have a chief executive who can navigate his way through a paragraph of more than one sentence.

I actually was not impressed with the content on economics. How about you?

By thwe way, CNBC has an interview with Noriel Roubini and Nasem Taleb in which Taleb said Geithner is "that class of people who have failed, and they're going to fail again." I'm putting the link in Instapundit, too.

that's why we are officially nonpartisan

Because when you hear empty rhetoric, while it all sounds awesome, you are allowed to say "I hear empty rhetoric" and not get blasted and troll rated all over hell for saying so! We are even allowed to disagree with each other on various economic theory or what x policy really does.

I've never been impressed with Obama on economic policy because he has way too many corporate group think policies, people around him, which in my opinion ...well, I have yet to find many of these policy recommendations add up from the math to the results.

For advanced R&D, "techie" things...I am really scared shitless. From the people he has around him it's like they are going to offshore outsource all of it to India and China. (this is a generalization but I really am frightened by some of these people showing up in his cabinet and inner circle!)