Framing Alert: Geithner Avoids 'Toxic' Embraces 'Legacy'
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In a Wall Street Journal op-ed this morning, Treasury Secretary Tim Geithner offers some analysis on his response to the banking crisis. He takes care to avoid to "t" word.
Today, we are announcing another critical piece of our plan to increase the flow of credit and expand liquidity. Our new Public-Private Investment Program will set up funds to provide a market for the legacy loans and securities that currently burden the financial system.
And what are "legacy loans and securities"? They're toxic assets, with a more pleasant sounding name.
As Jake Tapper asks, "Note that, branding experts?"
Likewise, the Treasury Department unveiled a new fact sheet on the new proposal, which uses the word "legacy" 40 times.
There's only so many ways to spin "toxic."
Steve Benen is "blogger in chief" of the popular Washington Monthly online blog, Political Animal . His background includes publishing The Carpetbagger Report, and writing for a variety of publications, including Talking Points Memo, The American Prospect, the Huffington Post, and The Guardian. He has also appeared on NPR's "Talk of the Nation," MSNBC's "Rachel Maddow Show," Air America Radio's "Sam Seder Show," and XM Radio's "POTUS '08."