Treasury Secretary Unveils Financial Bailout, Obama-style

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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. 




Warren Olney