February 9th, 2009
07:06 AM ET
5 years ago

Bank bailout plan postponed until Tuesday

NEW YORK (CNNMoney.com) - The "massive overhaul" of the banking bailout will be announced a day later than expected.

Treasury Secretary Timothy Geithner was originally scheduled to give full details about the changes to the rescue plan in a speech midday Monday. But the Treasury Department said Sunday that the plan will be announced Tuesday instead, in order for Geithner to focus on the stimulus bill that is being debated in the Senate.

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Filed under: economic stimulus • Timothy Geithner • Treasury
soundoff (52 Responses)
  1. Obama - NOPE

    The Politburo will provide full details in Pravda.

    February 9, 2009 08:55 am at 8:55 am |
  2. BB

    There had better be something LEGAL in the agreements that prohibits the parties, bonuses, etc.

    If the banks can't SERVE the public, let them go under. We should not be propping them up so they can keep our money away from us.

    February 9, 2009 08:55 am at 8:55 am |
  3. Humored In Texas

    Geithner will put forth an excellent plan, which the GOP, on purely partisan ground, will not support. Then the GOP will claim Obama is doing nothing.

    The Democrats had better figure out a forceful strategy to combat this – like reminding the constituents of 2010 candidates that their guy kept the country in trouble.

    I would preach this until the cows come home – because that's exactly what the GOP would do if they had the chance!!!

    February 9, 2009 08:57 am at 8:57 am |
  4. Nicki

    Postponed. Do you think that I don't remember 2 weeks ago Obama saying that this would be released on Tuesday?

    I love how you spin this to make it look like it is a delay. It was always scheduled for Tuesday!

    February 9, 2009 08:58 am at 8:58 am |
  5. naqib

    LOL... they've hired a tax dodger to help a financial problem...

    Good luck with that...

    February 9, 2009 09:04 am at 9:04 am |
  6. jaye

    It's best to take the time and do it right, unlike Paulson who rushed through it and messed things up.

    February 9, 2009 09:06 am at 9:06 am |
  7. mid-west

    Repubilicans created this mess and now look at them!!! Global recession= the Repubilican party

    February 9, 2009 09:11 am at 9:11 am |
  8. Chipster

    The President has reached out but very few Republican leaders have been willing to place the interests of the nation above their Party loyalty. It’s unfortunate but it seems that many more Republicans will need to be replaced, either by Democrats or by moderate Republicans. We need differing views in our government but not irrational loyalty to failed policies. Stubbornly clinging to failed policies of the past eight years and expecting different results is futile and irrational.

    February 9, 2009 09:15 am at 9:15 am |
  9. obama-mama

    It will be interesting to see Geithner's plan. I'm sure it will be 1000% better than the first $350 bil that went up in smoke.

    February 9, 2009 09:16 am at 9:16 am |
  10. Desmond Sequeira

    We cannot trust the banks with our money. I hope "bailout" means pre-accountability of EVERY DOLLAR and re-coverability of EVERY DOLLAR badly spent!

    February 9, 2009 09:25 am at 9:25 am |
  11. ronvan

    Watching GPS yesterday if I heard right, and my mind is not totally gone, I think that Holland? has the answer to their bank problems!
    Took 48hrs. to close them down and offer the 'BOSS'ES" jail time or to work for the government to help fix the problems, WITH NO PAY!!!
    Whichever country it was my CUDOS!!

    February 9, 2009 09:27 am at 9:27 am |
  12. Jill-In

    I think a stimulas package for the American people should be first and foremost. And the banks should wait until the most important jobs stimulus package is resolved.

    February 9, 2009 09:28 am at 9:28 am |
  13. Jeff from Jersey

    The economy would be far better off if the government put all that money into the hands of the consumers that need them.That way the money would be used by mortgage homeowners to pay down their mortgages,job seekers would still be able to survive,the banks would get paid for many of their loans and get an injection of money from mortgage payments and people would have more confidence in our economy and be able to start buying more goods and services to spark the economy.
    So far giving the money to banks and corporations has been a dismal failure and if the government were really concerned about how the money is being horded by banks and misused by CEOs then they should put it in the hands of the people that will spend it properly...the american families.Yes they will use a lot of it to pay down debt which means that banks will get infusions of cash from mortgage and loan payments,businesses will be able to clean much outstanding debt off of their books and consumers will have more confidence in buying goods and services again sparking the economy and saving jobs.
    The momentum of this economic nightmare must be broken before we can worry about creating jobs in the future because if it isn't stopped now there won't BE a future for most to worry about.
    The government and business financial "geniuses" are what got us into this mess in the first place.Why should anyone think that they are capable of getting us out?Put it in the hands of the only people that really know how it needs to be spent...the suffering american people.

    February 9, 2009 09:30 am at 9:30 am |
  14. Sue

    I hope people understand that the government has not released the second half of the first bailout package, and that due to changes made by the new administration, things will be much more transparent and better run.

    As far as the stimulus, the sooner the better. Get people working and spending!

    February 9, 2009 09:36 am at 9:36 am |
  15. ronvan

    Isn't this whole thing making you sick? I have not heard from ANYONE that is suppossedly an EXPERT, what is the right plan to help us get out of this mess! President Obama has provided a plan and now EVERYONE is jumping up and down saying they have the answer, and it is not President Obama's plan!! WHAT A DISGUSTING PERFORMANCE from our ELECTED OFFICIALS!!!

    February 9, 2009 09:38 am at 9:38 am |
  16. southerncousin

    Another one??????

    February 9, 2009 09:45 am at 9:45 am |
  17. Worried Democrat

    So how much money are we being duped for?

    The first bank bail out was over 700 Billion
    Then the Stimulus is another 800 Billion
    And now another bank bailout for another 800 Billion

    What the heck are these people thinking?

    If they keep this up we are going to wake up one day and find out CHINA owns the USA, as we will be unable to pay off our debt.

    STOP THE RECKLESS WASTEFUL SPENDING!!!

    February 9, 2009 09:46 am at 9:46 am |
  18. Robin

    For the first time in my adult life, "I'm afraid." If this plan fails, and there is great potential for failure, we will pay the price. We will pay when inflation goes through the roof and even more people lose their jobs.

    So far our government has hinted at natinalizing the banks, healthcare, and our 401Ks. What part of this is a good idea?

    Ronald Reagan said it best, "The 10 most dangerous words in the English language are, 'I'm from the government, and I'm here to help you."

    February 9, 2009 09:46 am at 9:46 am |
  19. Amy from Michgan

    I know I may be naive, but shouldn't some of the more corrupt banks, the most mismanaged, be allowed to fail? If I were heading up a business that was going down the toilet due to my lack of ethics, my poor judgement, my out-of-control spending, why should the government bail me out?

    February 9, 2009 09:51 am at 9:51 am |
  20. Jim Blumenthal

    This sounds strange to me. They are going back and change all the contracts and agreements that were previously made? How can this be legit?

    February 9, 2009 09:51 am at 9:51 am |
  21. JL

    Funny how fast the Senate republicans moved to bail out banks and wall street, but how cautious they are about bailing out the people who elected them...I guess we know who they really work for.

    February 9, 2009 09:57 am at 9:57 am |
  22. S.B. Stein E.B. NJ

    It makes sense to some degree because some issues could be covered by the Senate version of the stimulus bill. This isn't to say that the problems could occur when the House and Senate try to reconsile their bill while in conference committee.

    February 9, 2009 10:03 am at 10:03 am |
  23. SueB

    They should postpone it forever!

    February 9, 2009 10:05 am at 10:05 am |
  24. Mel of Alexandria, Virginia

    We the people need to know what are the risks to the taxpayers recouping what is used to help out the banks, and what contribution these rich cats at the top will make to the bail-out.

    February 9, 2009 10:12 am at 10:12 am |
  25. wwf

    Let them eat bread.

    February 9, 2009 10:25 am at 10:25 am |
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