each and every intervention seems to have diminishing effect ....tarp, son of tarp, attack of the 50T$ tarp, tarp the next generation,
if only there would be an incredible shrinking tarp....
guess the market will have to chill for another week:
money.cnn.com
Rollout of rescue package delayed
Details of Obama's massive financial rescue plan will be delayed by a week.
By Ed Henry, CNN senior White House correspondent
Last Updated: January 31, 2009: 3:01 PM ET
Money Summit 2009
President Obama inherits an economy mired in recession and rising unemployment.
How does he fix it and where does he start?
CNN’s Ali Velshi and a panel of experts analyze his rescue plan.
Panelists include David Gergen, CNN Sr. Political Analyst and Andy Serwer, Managing Editor of Fortune Magazine.
Tune in Friday at 11 p.m. ET and Saturday at 8 p.m. ET.
WASHINGTON (CNN) -- After initially vowing to unveil a new financial rescue package this coming week, senior officials in President Obama's administration now say the rollout date is being pushed back an extra week.
It is a sign of just how difficult it may be to craft such a massive plan -- especially while the White House is simultaneously trying to sell a separate $819 billion economic stimulus plan.
Two senior administration officials told CNN Friday that the full rescue plan, which is being put together by Treasury Secretary Timothy Geithner and other top economic advisers, is now expected to be unveiled the second week of February.
But the officials held out the possibility that Geithner could start dribbling out some aspects of the rescue plan this coming week. In his weekly radio address
Saturday, Obama said, "Soon my Treasury secretary, Tim Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families."
Officials said the plan will include a crackdown on bonuses and other compensation for companies that receive federal bailout money.
Obama lashed out this week at Wall Street firms that handed out more than $18 billion in bonuses last year, calling it "shameful" that they did that while teetering on bankruptcy and seeking federal handouts.
White House Senior Adviser David Axelrod told Bloomberg TV on Friday that "limiting some of this executive compensation" is important to help sell the broader financial rescue plan to the American people.
That broader plan could include a so-called "bad bank" set up by the federal government to buy up troubled assets from faltering banks, according to the senior administration officials.
The plan is also expected to include provisions dealing with the foreclosure crisis to help taxpayers restructure their mortgages to stay in their homes. To top of page |
