WASHINGTON (CNN)– Even as the Obama administration struggles to sell a massive economic stimulus plan, Treasury Secretary Timothy Geithner is planning Monday to unveil a separate financial stability plan that could cost hundreds of billions of dollars more to buy up troubled assets from banks and more broadly deal with the credit crunch and foreclosure crisis, according to two senior administration officials.
The officials are billing the move as a major reform of the so-called TARP federal bailout program that was created last fall to try and stabilize the financial system, but has come under withering criticism across the political spectrum.
"It will be an overhaul of the whole program," one senior official vowed about the package being put together Geithner and other top economic advisers to the President.
Officials said the goals of the new plan will include bringing new transparency and accountability standards to the TARP program, keeping people in their existing homes, and increasing lending to consumers and small businesses.
We have to sit back and let the market run its course and the President will be successful because American financial system is the best out there. Remember the more you bash this situation, you are going to really hate him when it turns around.
Hearing that Kid in Florida practically hyperventilate over the fact that he wants to do more in life beyond working at McDonalds, and that woman express the fears of countless homeowners and homeless Americans, makes the "let the economy run its course"concept a helluva tough sell right now! Be that as it may, the President has to justify the stimulus as the sole alternative to fixing the economy, and he must do so in layman's terms because the average American, bitten by the fangs of unemployment and all of its maladies, may not truly grasp how difficult fixing this mess really is!