Why should we wait? Tim Geithner should be fired immediately, taking that scoundrel Larry Summer on permanent vacation (from politics) with him.

And Elizabeth Warren should immediately be installed as the Secretary of the Treasury.

Geithner is utterly untrustworthy. And he appears to be nothing but a boy toy for the bullies on Wall Street.

We desperately need some adult supervision in Washington. Geithner has a track record proving he is utterly incapable of providing this.

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Perhaps the devil lies in the secondary responses laid out by A. Richard H. Neiman and John E. Sununu at http://cop.senate.gov/documents/cop-040709
-report-neimanandsununu.pdf

"Further, we are concerned that the prominence of alternate approaches presented in the report, particularly reorganization through nationalization, could incorrectly imply both that the banking system is insolvent and that the new Administration does not have a workable plan. The stakes for the American people are too high to permit any such misapprehensions to develop and intrude on successful outcomes that affect our national financial security...Taken together, these programs comprise a strategy that aligns with the Congressional intent in passing the TARP legislation.....they embody a preference for maintaining a private banking system via temporary public support ....also avoids the subsequent need for more extensive forms of government intervention in the markets- forms less consistent with our American experience of democratic capitalism....The debate turns on whether current prices, particularly for mortgage-related assets, reflect fundamental values or whether prices are being artificially depressed by a liquidity discount due to the market strain....financial crisis has revealed underlying weaknesses in our regulatory system, and a reform effort will contribute to preventing future crises. Regulatory reform is a process, however, and we should not withhold access to existing tools for restoring financial stability while that reform process is in progress."

This article Big Bank Profits are Bogus!
Massive public deception!

By Martin D. Weiss, Ph.D. http://informationclearinghouse.info/article22468.htm
shows what's really going on: "The authorities SAY that all of the 14 largest banks have earned a “passing” grade in their just-completed “stress tests.” But just six months ago, the authorities swore that, without a massive injection of taxpayer funds, those same banks would suffer a fatal meltdown.
Was the bad-debt disease magically cured? Did the economy miraculously turn around? Not quite. In fact, we have overwhelming evidence that the condition of the nation’s banks has deteriorated massively since then."

Need I say more? Elizabeth Warren has effectively made a case. SHe has shown great courage in making her statements and putting alternatives in the public eye. Now, if we can force "congress" to do what's right is a whole 'nother thing. As they say, they are bought and paid for by the financial industry which is aptly proven by Neimann and Sunnunu's remarks.

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fire the managers and prosecute wrong doing. Anything less leaves the door and the American tax payer open to more of the same.
One Bush was responsible for the Savings and Loan Debacle and another responsible for today's financial disaster. That is the real Bush/Republican legacy.
The time has long passed for the Bush-Carlyle-Goldman Sachs-JP Morgan Chase-Bank-of-America-et al Dynasty to be over!

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What is not mentioned in this video, is that the Liquidation option works as long as the problem is not systemic- Domestically and Internationally. Nor does she admit those Liquidations were not Huge comglomerates with as many tenticles throughout the Financial sectors. These banks are not just banks now, but investment firms and Insurance firms. Far more complicated than the '80's S&L Scandals.
Also she never defines exactly How these 'bad Assests' are 'Cleaned Up'- where does that money come from. Is it just a matter of trashing those worthless pieces of paper- and who is effected by that? Are homeowners told they actually don't own that home? Are the Foregin investors told you bought the Brooklyn bridge from a Con artist. Or are Taxpayers still left holding the tab?
Perhaps the Japanese 'Lost decade' was unavoidable. There is the assumption that had they done something different thing would have immediately rebounded- that's an unproveable assertion.
Through the last decades of deregualtion we are facing an unknown.Even with the template of the Great depression- our Economy is far different and intertwined than those less complicated days.To even compare the stratedgies and results of other countries who faced these problems is a mistake- We are the Largest Economy in the World- with far more reaching influence, thus effects to are more other countries. Anyone who views this economic meltdown as purely an American problem, is suffering from Myopia. Our Industrial revolution not only gave rise to our Middle class and National Wealth, but numerous other countries around the world- who still rely on US as the backbone of their survival. Our ravenous conspicuous consumption and Generosity literally feds the world. So there is no other 'Examples' to Guide US through this Uniquely american meltdown.
to claim there is is not only naive, but dishonest. We are in the midst of Penning the template for future resolution to Global Economic failure. For better or for Worse We are once again Leading the way into the unknown and Unchartered.Living up to once again the Title of the 'Great Experiment'.

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The $750 billion is peanuts compared to this $12.1 trillion list compiled by the NYT. We've been raped by the Honarable Dr, Professor Bernanke and his acolyte the Secretary of the Teasury. Did the President know that we would be on the hook for an additional $12.1 trillion plus. February 4, 2009

NYTimes.com

Adding Up the Government’s Total Bailout Tab

Beyond the $700 billion bailout known as TARP, which has been used to prop up banks and car companies, the government has created an array of other programs to provide support to the struggling financial system.

Through April 1, according to the New York Times, the government has made commitments of about $12.1 trillion and spent $2.5 trillion. Here is an overview, organized by the role the government has assumed in each case.

1. The Government as Investor:

$7.7 trillion
Spent: $1.4 trillion

Includes direct investments in financial institutions, purchases of high-grade corporate debt and purchases of mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae.

2. The Government as Lender

$2.3 trillion
Spent: $680 billion

A significant expansion of the government's traditional overnight lending to banks, including extending terms to as many as 90 days and allowing borrowing by other financial institutions.

3. The Government as Insurer

$2.1 trillion
Spent: $340 billion

Includes insuring debt issued by financial institutions and guaranteeing poorly performing assets owned by banks and Fannie Mae and Freddie Mac.


4. Money market funds
The Treasury originally guaranteed these accounts up to $50 billion, but the program has been extended by the Fed, which has in a few cases had to step in to buy illiquid assets of some funds to help them meet obligations.

The Treasury has received $813 million in fees from participating mutual funds. Some 1,900 funds are participating.


5. Committed:$3 trillion

$6 billion claimed and allocated


6. Commercial paper

The Federal Reserve has become the buyer of last resort in the $1.6 trillion commercial paper market.

$1.6 trillion

Spent: $247 billion


7. Federal Home Loan Bank securities

The Treasury and the Federal Reserve have begun buying debt and mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.
$1.5 trillion

$461 billion


8. Public-private investment fund

The Treasury announced details of this program on March 23. The government will seek private investors and use a combination of private and public money to buy nonperforming assets from banks. Note: $100 billion of the total amount committed comes from the Troubled Asset Relief Program.
up to $900 billion

$0 billion


9. Troubled Asset Relief Program (TARP) | See TARP recipients »

In return for bailout cash, the Treasury now owns stock in hundreds of banks, General Motors, Chrysler and the insurer A.I.G. The largest recipients are A.I.G. ($70 billion), Bank of America ($45 billion) and Citigroup ($45 billion cash and $5 billion in support of a loan guarantee).
$700 billion

$645 billion

Plus $1.945 trillion: additional subsidies to: AIG, pay off Bank debt and non-interest bearing deposit accounts, more subsidies to Fannie Mae & Freddie Mac, Bank of America and Morgan Stanley.

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