Word: congressed
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Timothy Geithner, you're on your own. If Geithner, who was confirmed as Treasury Secretary late Monday, plans on waiting until a consensus forms on what to do with the second half of the $700 billion bank rescue fund approved by Congress in early October, he may be waiting awhile. Economists, Wall Streeters and industry analysts are split on how best to spend what remains in the Troubled Asset Relief Program (TARP), which has done anything but offer relief...
What's clear is that Geithner, unlike his predecessor Henry Paulson, does not face a growing chorus of voices calling for a particular plan. Initially, Paulson was reportedly in favor of spending TARP money to buy up troubled assets. But shortly after the bank rescue fund passed Congress, a flood of economists came out against Paulson's plan. Instead, most policy experts advocated a plan to inject capital into the banks by buying preferred shares. The latter strategy would be quicker to implement and would do a better job of stimulating lending. Britain was instituting a similar plan...
...economists like the idea of the government buying up banks and running them. Congress seems to have little taste for it as well. That's why the government came up with the preferred-share plan in the first place. The fear is that the government would do a worse job of running the banks than the current executives. What's more, once the government owns a bank, it has to pay for everything, from keeping the lights on to severance. And that could get very costly...
...other nuclear thinkers have suggested retooling existing weapons to improve reliability as an option. But the Energy Department's National Nuclear Security Administration, which develops America's nuclear weapons, has said it cannot meet the goals set for RRW by modifying existing weapons. Obama's position has backing in Congress, which has repeatedly refused to fund the program. (See who's who in Obama's White House...
...must not pose as: A doctor, medic, or any other type of medical personnel; Any member of the International Committee of the Red Cross (ICRC) or its affiliates. Such a ruse is a violation of U.S. treaty obligations; A chaplain or clergyman; A journalist; A member of the U.S. Congress...