UPDATE 8: HE FXXKIN WHIFFED ON HOUSING, COMING TOGETHER ON A PLAN IN COMING WEEKS, MUTHAFRAKKER, SCHUMER VOTED DOWN TWO GOP AMENDMENTS THAT WOULD HAVE HAD US ALL REFID AT 4% ANF THEY GIVE US NADA ZIP ZILCH
UPDATE 6: Basic principles of action he will take: we believe…yada yada..WE BELIEVE over and over oh dear Gawd JUST CUT TO THE CHASE
UPDATE 5: Okayy according to Tim the actions of prev Admin on TARP sucked but COngress was great giving them the money wha?? now why it is everybodys fault, GET TO THE PLAN, MAN
UPDATE 4 – now selling the damn stimulus, more fear mongering, wth?
UPDATE 3-first three mins of Tim are the sky is falling
UPDATE 2: WTH is Dodd introducing him? and saying in coming weeks we will hear about housing, markets dont like it now down over 200-here comes tim…
UPDATE:New signage spotted, on Geithner’s lecturn, “FINANCIAL STABILITY and RECOVERY”
FOX live streaming video here
On this episode of RecessionHunters, Tim Geithner lays out details for the financial system and HOUSING
H-O-U-S-I-N-G- Find out what it means to me, HOLC it to me, HOLC it to me
just a little bit! HOLC ! Just a little bit!
(well that’s what I want to happen but here is what it looks like we are getting):
…The consumer lending facility will “leverage up to $1 trillion dollars” and is intended to “bring down borrowing costs for responsible borrowers and help get credit flowing again.”
The housing measures will provide as much as $50 billion in funding, which follows through on an earlier pledge of the Obama administration.
The summary does not provide a sum for the toxic asset fund or so-called buffer capital for banks.
The bank capital provision also calls for a “stress test” among “uniform standards to help clean up and strengthen banks.” (MiM here, sounds as though the banks won’t be able to hide their toxic assets going forward)
The new Treasury plan will “require banks to show how government assistance will expand lending and how they intend to use taxpayer dollars, which is similar in the tone and design of the House Democrat’s proposal.
At this point, it is unclear where the additional funding for TARP programs would come from and whether additional authorization or legislation from Congress would be necessary.
They will need more money, keep an eye out for Meredith Whitney’s call today on banks, and they are going to have to sell it:
Congressional Democrats, however, have made it clear that future funding depends on the success of the new initiatives.
“There has to be some sort of sales job to the people before we go out on the limb and appropriate new money,” said a senior Congressional staffer before the presentation Monday evening. “Any new money will be largely leveraged on how they do with this money.”
GH CLIPS SciFi channel courtesy of edpotkay
No Hope for Homeowners here….it’s like a frakkin horror movie at this point….first you lost equity, then you stopped making repairs, now your house is pixxed and it’s fighting back!!!!!!
Never did I think I would YEARN FOR MARTY FELDSTEIN TO BE IN CHARGE!!! HE wants to help housing…
Larry Summers says the Geithner ‘High Noon’ speech is delayed til Tuesday, they don’t want to step on their Stimulus, NOW IMPROVED WITHOUT EDUCATION!!! The frakkers:
Politico has it:
Treasury Secretary Tim Geithner’s speech on his plans for the second half of the $700 billion bank bailout package has been postponed until Tuesday, Larry Summers said this morning on “This Week with George Stephanopoulos.” The speech had been slated for Monday, but Summers said that the the administration wanted to focus for now on the $800-plus billion economic stimulus package Congress is negotiating.
“I think there is a desire to keep the focus on the economic recovery program which is so very, very important,” said Summers, the former Treasury Secretary and head of the White House’s National Economic Council.
Larry, the SOOPER Genius who would not put mass transit in the bill is also LOWBALLING the housing number to 50b, which had previously been stated as 100b which is frankly, pretty scary, IT’S TEH HOUSING STOOPID!
There will be support for the credit markets more generally and absolutely critically, support and pressure that assures that these needless foreclosures are avoided…I expect there will be 50 billion dollars or more that will be directed at providing support for the housing sector of our economy.”
And ALL of us following the TARP KNOW they need MO MONEY which is why we don’t get why Schumer shot down every single HOUSING amendment offered by the GOP, oh yeah wouldn’t want THEM rescuing housing would we, but WILL ANYONE??
Summers said that Geithner will be proposing a program that will make certain that “we are stabilizing this system,” but didn’t answer when asked whether or not the administration will ask for hundreds of billions more dollars later to continue stabilizing financial markets and institutions, as many economists are predicting will be necessary….
…Asked again if there will be more money needed down the road, he said, “we’ll see what happens.”
WE WANT OUR MO MODS!! GIVE US OUR MO MODS DAMMIT!!!!