Tim Geithner Pulls an Amy Poehler

Listening to Treasury Secretary Tim Geithner's opening remarks yesterday before a congressional oversight panel on the government’s financial-rescue program, one couldn't help but be reminded of Amy Poehler in the debut of Parks and Recreation last week when she opted for a filibuster at a town hall meeting rather than face the wrath of the audience.
Committee Chairman Elizabeth Warren repeatedly asked Geithner to wrap things up so they could get on with the Q&A portion of the hearing, but it took quite a while for that to happen.

Interestingly, when the questioning did begin, Ms. Warren went right to the issue of the disparity between how the banking and auto industry were being treated throughout the long bailout process.

Naturally, the reply was less than confidence-inspiring as the retort, "we have to get the financial industry working to get the rest of the economy working again" has long outworn its welcome amongst elected officials and the population in general.

Bloomberg filed this report focusing on whether big banks will require more bailout money, providing the answer that stock market investors were clamoring to hear.

Treasury Secretary Timothy Geithner said the “vast majority” of U.S. banks have more capital than needed, stoking a rally in stocks as investors await results of stress tests on the balance sheets of the biggest lenders.

“Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators,” Geithner said in testimony to a congressional oversight panel on the government’s financial-rescue program. He added that there will be a “series of options” for lenders deemed to need additional money at the conclusion of the tests.

Can't wait for those stress test results.

Comments

[ArkansasAngie]

Seems to me that Geithner just put in his conditional resignation letter. If the banks need more tarp money, he'll resign.

What irks me is how the media jumped on his words as went with them. Talking about moral hazard.

Do you suppose their bailout is contigent on how good a sales job they do for him on the banks?

2009 Apr 22 05:39 AM

[Roger Knights]

"Can't wait for those stress test results."

No bank left behind.

2009 Apr 22 08:14 AM

[CM in MA]

Except that Amy Poehler is funny.

2009 Apr 22 08:29 AM

[kelm]

Unfortunately the "vast majority" means out of all the banks in the country, not the sub-set that the stress test was performed on. remember that the banks needing more capital will be given six months. Each of those management teams should have the capital raising plan ready to be unveiled the milli-second the results are announced. I doubt there will be any talk of more TARP until the banks failing the stress test have had at least three months to attempt to raise capital.

2009 Apr 22 09:21 AM

[TeresaE]

Banks are propping up numbers before the execs & politicians, cash out.

Then we are completely FUBAR.

Right now the banks, through TARP, TALF, PPIP & usurious interest rates and insane fees are sucking at least a quarter of our economy directly to their pocketbooks.

But, there actions are forcing their customers into insolvency and bankruptcy. Wonder who they think will be bailing them out once every other industry (other than government) is shut down?

100% of nothing, is nothing. These criminals should be slashing interest rates and upping credit to "fix" our economy.

Good luck to us all.

2009 Apr 22 06:04 PM

[Allan Frain]

Once a Bankster, always a Bankster--whether on the GS payroll or the US payroll.

2009 Apr 23 06:23 AM

[History Buff 24/7]

The banks are only modifying loans with a gun to their head. In California foreclosures are down, but the number of people not making their house payments is up. They've already found out they can't even get the lenders to call them unless they skip a payment or two.

2009 Apr 23 10:06 AM