**Stimulus Passed - All Rhetoric And Promises? - No Plan Of Action**Submitted by truth supporter on Wed, 02/11/2009 - 10:42
WASHINGTON: For Treasury Secretary Timothy Geithner, as much as for the troubled government program to bail out the financial system, Tuesday amounted to a do-over.
In his first big test as Treasury secretary, Geithner has one of the toughest sells in America: convincing lawmakers and taxpayers that they should again bail out the very banks whose mistakes contributed to the loss of more than three million jobs and caused acute financial pain around the globe.
Geithner announced a package that was far bigger than anyone had predicted and envisioned a far greater government role in markets and banks than at any time since the 1930s. Administration officials committed the government to flooding the financial system with as much as $2.5 trillion - $350 billion of that coming from the bailout fund and the rest from the Federal Reserve and private investors.
But initial reviews for the man and his plan were not good. Stock markets slid through the day, perhaps pushed downward by withering punditry on the business-news cable channels faulting Geithner for not having provided more details, particularly on stemming home foreclosures. Stocks in Asia followed suit Wednesday.
Senators of both parties made similar complaints at a hearing. "I haven't heard yet how we're going to solve this problem," Senator Bob Corker, Republican of Tennessee, told the Treasury secretary more than three hours into a hearing of the Senate Banking Committee.