NEW YORK (CNNMoney.com) - A day after unveiling his new financial rescue plan, Treasury Secretary Tim Geithner again went before Congress to defend it.
Watch: Geithner grilled on bailout
Geithner's revised bailout was met with disappointment on Wall Street and with some lawmakers who thought Treasury's plan was lacking in details.
At a hearing held Wednesday by the Senate Budget Committee, senators pressed Geithner to give more specifics about Treasury's new bailout efforts.
"The market has made clear that certainty and stability are commodities of great demand; unfortunately, that is not what we received yesterday," said Sen. Jeff Sessions, R-Ala. "Secretary Geithner, you need to give a detailed plan in clear terms of how we are to proceed. You've had more than a month to work on the proposal, but what we've heard is an outline."
"I hope you can use the hearing today to put some meat on the bones," Sessions added.
I feel bad for Obama, I don't think he knows how to fix the economy nor do I think Bush or Paulson knew what to do. I feel like the best thing for us to do right now is wait for 6 months and see how TARP does and then discuss stimulus, Maybe we could pass the portion of the stimulus that is spent in '09 (about $200B) and save the rest for a debat in December after we see where we are at. Rushing to a big bill will only lead us to costly mistakes. Remember that we have to borrow or print this money.
Geitner is not only clueless about this economy but also needs to pay his taxes in full, on time, every time. I think that the IRS should audit him for every year because these tax cheats likely have cheated more than just where they were caught.
This guy is an idiot!
I doubt he has any detail since the banks should know how to conduct their businesses. If he must explain to them they should be bancrupt. Why aren't we lending from capital obtained from savings accounts??? The BEA states record savings deposits yet we have no capital for lending??? I smell a rat somewhere!!! Personal savings is America's perpetual stimulus plan!!!