Word: geithners
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...understands how much is riding on the gradual rollout of version 2.0 of his bank plan - not necessarily bigger than the $787 billion package that left the markets cold, but sharper and more plausible. The trouble with the initial draft unveiled unartfully last month by Treasury Secretary Tim Geithner, says Moody's Economy.com chief economist Mark Zandi, was that it was "too clever by half," creating elaborate incentives for private investors when the simple solution would be to have Uncle Sam immediately wade in, grab control, wring out the bad debt and punish the malefactors. The more complex approach attempted...
...What price might Treasury offer? Treasury Secretary Timothy Geithner is doing a "stress test" of the banks to determine how much capital they need to survive. Whatever number that ends up being might be a good price for the toxic assets. "We want to get the assets off our books," says Talbott...
...Geithner's biggest problem - biggest besides the economy, of course - is that any hint of disorder heats up the already simmering public skepticism surrounding him. For many critics, the acknowledgment during his own confirmation process that he failed to pay taxes left two possible conclusions: either Geithner knowingly underpaid, or the man now nominally in charge of the IRS couldn't figure out his own taxes. His first major speech as Treasury Secretary, delivered on Feb. 10 with a focus on how to save America's banks, fell flat in part because he had few details to provide...
...Geithner's allies say the fastest way for him to ease doubts about his competence is to do what he's been doing: work. His appearances before Congress since the bank speech have been solid, and if those who only heard of him in the past month have a poor impression, those who watched him in his previous job at the New York Fed tend to believe he has the skills to meet the daunting tasks before...
...cruel irony of a Treasury Secretary who can't seem to fill important positions in an economy in which millions of people are desperate for jobs will go away only when Geithner is fully staffed...