Treasury Secretary Tim Geithner and Bailout Backlash
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The bailout of America's financial system began last fall, but the Bush Administration is history. Now the Obama Administration is faced with growing outrage over the use of public money to rescue failed private companies. the Tata Nano will be the cheapest car in the world.But what about the environment and India’s traffic congestion?
Banner image: President Barack Obama listens as Treasury Secretary Geithner makes a point during a White House budget meeting. At left is Phil Schiliro, Assistant to the President for Legislative Affairs. White House Photo: Pete Souza
Making News
Obama Administration's Bank Rescue Plan ()
Last month, Treasury Secretary Tim Geithner's outline of plans to stabilize the banking system was panned as being short on substance. Today, when details were explained, stocks soared on Wall Street and markets around the world. President Obama said the public-private partnership will allow banks to get bad assets off their books. Michael Crittenden is finance reporter for Dow Jones Newswires.
Guests:
- Michael Crittenden: Reporter, Dow Jones Newswires
Main Topic
Treasury Secretary Tim Geithner and Bailout Backlash ()
The Obama Administration today explained its public-private partnership to rescue the banking system, and stock prices shot up around the world. But it may be too late to rescue Secretary Tim Geithner, who's taken the heat for AIG's executive bonuses and public payoffs to firms including Goldman Sachs. Some Republicans in Congress are calling for Geithner to be fired, and liberal commentators want him to go. The President says he wouldn't let him resign. Is there another way of heading off public outrage?
Guests:
- David Sirota: nationally syndicated columnist
- Brad Sherman: Congressman (D-CA)
- Steve Clemons: Director, New America Foundation
- David Rothkopf: Visiting Scholar, Carnegie Endowment for International Peace
Links:
- Obama on '60 Minutes'
- House Financial Services Committee hearing on federal oversight intervention of AIG
- Sirota's 'The Uprising: An Unauthorized Tour of the Populist Revolt Scaring Wall Street and Washington'
- Rothkopf's 'Superclass: The Global Power Elite and the World They Are Making'
- Clemons on Economic Advisor Romer, bank lending
Reporter's Notebook
The Tata Nano Has Arrived ()
The Tata Nano has gone on sale in India for 100,000 rupees, just under $2000. Tata Motors hopes that means big sales for what's now the cheapest car in the world. Will millions of Indians give up their bikes and mopeds? What about air pollution and traffic? Can you get one here? Dan Neil is the auto critic for the Los Angeles Times.
Guests:
- Dan Neil: Pulitzer Prize-winning auto critic, Los Angeles Times
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