- ISIL creates all-female brigade to terrorize women into following Sharia law
- ISTOOK: Obama wants to be impeached
- Obama to Latin leaders: Help with border
- Military bans troops from Baptist church event honoring ‘God’s Rescue Squad’
- ‘Pocket drones’: U.S. Army developing tiny surveillance tools for the next big war
- Belgian cafe posts sign: Dogs allowed, but Jews stay out
- Gen. Dempsey: Pentagon studying Russian readiness plans not viewed ‘for 20 years’
- John McCain: Botched, two-hour execution of murderer is ‘torture’
- House GOP ready to move border bill
- Bomb squad called after live WWII artillery washes on Cape Cod beach
GOP says some banks may have to fail
Question of the Day
Mr. Geithner delivered broad outlines for a plan to spend the rest of the TARP money last month, with plans to buy up “toxic” bank assets and help homeowners renegotiate mortgages they can’t afford.
But the Treasury secretary was short on details and critics have questioned whether the Obama White House has a specific, workable plan in mind.
“Well, I think fundamentally, the economy is weak,” Peter R. Orszag, director of the Office of Management and Budget, said Sunday on CBS’ “Face the Nation,” though he blamed the George W. Bush administration for that weakness.
“Job losses began in January of 2008. The stock market started declining October 2007. This has been, you know, eight years in the making, and again, it’s going to take some time to work our way out of it,” he said.
Stock prices have continued to decline at sharp rates and unemployment figures for February reached 8.1 percent nationally - up from 7.6 percent in January and 4.8 percent last year.
Mr. Obama cautioned last month that the national economy is likely to worsen before it improves - drawing a rebuke from former President Bill Clinton, who said his Democratic colleague needed to be more optimistic. The president also took criticism last week for dismissing the cratering stock market - it has lost nearly one-third of its value since his election - as “day-to-day gyrations … sort of like a tracking poll in politics, it bobs up and down, day to day.”
The federal government has intervened extensively to rescue failing financial institutions over the past six months, authorizing $700 billion to bail out troubled lending institutions, spending more than $150 billion on the giant American International Group (AIG), and acquiring significant stock shares in several major banks.
Among criticisms of the administration’s early attempts to begin economic healing, particularly in the wake of Thursday’s withdrawals of Annette Nazareth and Caroline Atkinson from consideration for top Treasury posts, it has been noted that the department does not have a single deputy or assistant secretary in place. Thus nobody other than Mr. Geithner authorized to make decisions or speak for the department in negotiations.
On Sunday, Mr. Obama moved to beef up Mr. Geithner’s supporting team, nominating David S. Cohen to be assistant secretary for terrorist financing, Alan B. Krueger as assistant secretary for economic policy, and Kim N. Wallace to be assistant secretary for legislative affairs.
All three currently serve as senior advisers to Mr. Geithner and are subject to Senate confirmation.
About the Author
Tom LoBianco has covered energy and environmental policy, including the climate change bill making its way through Congress. From 2007 to 2008, he covered Maryland politics from the Times’s Annapolis bureau. Tom hold’s a master’s degree in political science from Northeastern University and a bachelor’s degree in journalism from the University of Maryland, College Park. He spent two and a ...
By Mark Davis
The nation founders, the Lone Star State thrives
- Rahm Emanuel: Send illegal immigrant shelter kids to Chicago
- 'Pocket drones': U.S. Army developing tiny spies for the next big war
- Tactical advantage: Russian military shows off impressive new gear
- CURL: Obama, staffers not even pretending any more
- Family of Marine killed in Afghanistan pushes back against cover-up
- Pentagon running out of time to find mass of missing weapons in Afghanistan
- Washington Times strikes content and marketing partnership with Redskins
- ISTOOK: Obama wants to be impeached
- Obama family set to buy $4.25M desert home in California: report
- ORTEL: Note to Janet Yellen: The American bubble is popping
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq