One “car czar” isn’t enough. Obama needs a task force.

The auto industry is “necessary,” says an Obama advisor. After initially saying he was going to put one guy in charge of the auto industry’s restructuring, Barack Obama thanks a staff is necessary, an official says. The task force would be overseen by Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers. Tomorrow is GM and Chrysler’s deadline for submitting their company’s plans to restructure. source

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If that means that there is going to be disappointment with the level of details until we get it right, I will live with that disappointment because it is better than the alternative.
Timothy Geithner • Treasury secretary, who shrugged off the negative reaction to his bailout plan, which he announced Tuesday. • source

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$1 trillion the size of the plan Geithner proposed; he was sparse when it came to the details of the plan
-382 points in afternoon trading after the announcement was made in the morning; that’s a 4% decline source

Posted by Ernie Smith • 0 Comments • Permalink

This policy is just inadequate. The first quarter is just going to be grotesque for the banks – and then we’re going to have to have this discussion all over again.
Chris Whalen • A managing director at financial research provider Institutional Risk Analytics, on Treasury Secretary Timothy Geithner’s bailout plan, which proved to be highly unpopular on its announcement. • source

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Our challenge is much greater today because the American people have lost faith in the leaders of our financial institutions, and are skeptical that their government has – to this point – used taxpayers’ money in ways that will benefit them.
Timothy F. Geithner • Treasury secretary, who will announce a bailout plan for the banks today. • source

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The confirmed These guys are good to go: Energy secretary Steven Chu, education secretary Arne Duncan, Department of Homeland Security head Janet Napolitano, Eric Shinseki for head of Veterans’ Affairs, Ken Salazar for the Department of the Interior, Peter Orszag to head the Office of Management and Budget and Department of Agriculture head Tom Vilsack.
The “hey, wait a second …” Secretary of State pick Hillary Clinton faces conflict-of-interest-type questions about her ex-president husband’s charity. Treasury Department head Timothy Geithner forgot to pay his taxes (oof). Attorney General pick Eric Holder and Health and Human Services pick Tom Daschle are still going through the process.
The sitting prettyBush’s Defense Secretary, Robert Gates, is just staying in that role for Obama. We imagine he’s kicking his legs up on his desk right now thinking of all the things he could be doing besides getting confirmed by the Senate. source

Posted by Ernie Smith • 0 Comments • Permalink

16 Feb 2009 10:20