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Geithner a Bust 11 February, 2009

Posted by David Anderson in Economic Policy.

Here’s the bad news according to Rasmussen Reports. Geithner was a bust. Some of us have been skeptical of the Secretary since Mr. Bailout was announced. Our skepticism is now shared by most people. The good news is that the real plan can erase these worries if it is good. I just don’t understand why they would hype an announcement and then say that they are still working on a plan.

I could not get a business loan with a plan like the one presented by Secretary Geithner yet we are suppose to entrust him with $2,000,000,000,000. I have hope that this outline will continue to develop into a fine plan, but my faith in this economic team was weakened. They obviously don’t have a plan worked out even now.

This is why we should not pass a full stimulus package until we know what we are doing. Give some aid to the states, the unemployed, and some tax breaks. Then wait until the housing plan is ready to do the rest. There is not enough money to toss around and hope something sticks. That approach could end up giving stagflation which would be worse than we have now. We need to act with urgency, but even more importantly we need to know what we are doing. This is not a game with unlimited do overs.

Following Treasury Secretary Tim Geithner’s presentation of the White House financial rescue plan, the Rasmussen Consumer Index fell a point-and-a-half to 56.6. That’s another all-time record low, surpassing the mark set ten days ago.



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