Can Obama's Bailout Succeed Where Bush's Failed?
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George W. Bush spent $350 billion to rescue financial institutions. Barack Obama wants $1.5 trillion. We hear how Treasury Secretary Tim Geithner describes the program and the promise of accountability and transparency. Also, the President takes his stimulus pitch to Florida, and Obama Administration lawyers surprise federal judges by making no change from the Bush Administration on "extraordinary rendition.”
Banner image: Treasury Secretary Timothy Geithner announces details of a financial stability plan at the US Treasury Building in Washington, DC. Photo: Win McNamee/Getty Images
Obama Takes His Stimulus Pitch to Florida ()
Yesterday, to push for the stimulus package, President Obama went to Elkhart, Indiana, where unemployment is 15%. Today, he was in Fort Myers, Florida, where the recession has foreclosures skyrocketing. He lauded Republican Governor Charlie Christ for crossing party lines to help push through the legislation. While the President was speaking, the Senate passed its version of the stimulus package with three Republicans voting for it. Jeff Zeleny is White House correspondent for the New York Times.
Treasury Secretary Unveils Financial Bailout, Obama-style ()
Treasury Secretary Tim Geithner's speech on economic recovery was delayed for a day so President Obama could build support for the stimulus plan. Today, Geithner got what Obama promised would be his “day in the sun.” Conceding that Americans have “lost faith” in government bailouts, he proposed a package worth $1.5 trillion of combined taxpayer and private money to avoid what he called “complete collapse of our financial system.” Conceding that's a big number, especially when Americans have “lost faith” in government action, he promised accountability and transparency, acknowledging "that the cost of a complete collapse of our financial system would be incalculable for families, for businesses and for our nation.” We look at his much-anticipated plan and see what it means for banks, businesses, homeowners and taxpayers.
- Doug Elliott: Fellow, Brookings Institution
- Deborah Solomon: Reporter, Wall Street Journal
- Elizabeth Warren: Chair, TARP's Congressional Oversight Committee, @elizabethforMA
- Robert Scheer: Co-Host, Left, Right & Center, @Robert_Scheer
DOJ Follows Bush Lead, Invokes ‘State Secrets’ in Rendition Case ()
Candidate Barack Obama harshly criticized the Bush Administration's treatment of detainees in the so-called War on Terror and has ordered the closing of Guantánamo Bay. But in a federal court yesterday, a government lawyer told surprised judges there will be no change on invoking “state secrets” when it comes to “extraordinary rendition,” the practice of taking suspects to other countries, where they often claim they've been tortured. Five detainees have filed suit against a subsidiary of Boeing for arranging such flights. The Bush Administration argued that the case should be dismissed because even discussing it in court could threaten national security. Constitutional law attorney Glen Greenwald is a contributing writer at Salon.com.
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