Geithner was laughed at when he met with lawmakers.

[backscatter712]

Yep, literally laughed at.

http://www.huffingtonpost.com/2009/02/10/administration-officials_n_165551.html

Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner's new financial-sector bailout project, according to people who were in the room.

The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets -- which they referred to as "legacy assets" -- but wouldn't be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn't provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.

Congress may be able to do little more than laugh. The Federal Reserve, in extreme situations, is allowed to intervene in the financial markets in dramatic ways. The Fed jumped into the markets long before the $700 billion bailout passed through Congress by guaranteeing toxic assets held by CitiGroup and Bank of America.

OK, I was wrong. I thought Geithner would have been good, but it's clear that the Treasury job should have went to Paul Krugman.

[anonymous171]

1. Who would have replaced Krugman on the talk show circuit?

[Captain Hilts]

2. Figuratively. I don't know how you spell it. And the Admin isn't there to please Repub lawmakers.

They need to learn to suck on it and like it.

[marketcrazy1]

4. ""The officials said that they couldn't provide a number""

they have a number, they simply do not DARE utter it in public...........

[backscatter712]

9. It wasn't just Repubs that were laughing.

I don't think Geithner's going in the right direction - his new plan doesn't put enough rules on the road for banks taking bailout money.

He's rolling back the executive pay caps, he's not explicitly requiring them to lend the money instead of hoarding it. I don't like it.

[Captain Hilts]

11. I'm not pleased either. But Obama is still having a honeymoon with writers...

Bob Herbert's big, wet kiss to Obama on Valentine's week is an example.

[babylonsister]

3. They can laugh all they want, the money has already been approved.

What exactly were they laughing at, their complicity in allowing this economy to sink so low?

[Romulox]

5. Er, no it hasn't. Obama and Geithner want $1.5 trillion MORE. nt

[babylonsister]

6. The second half of the TARP funds have been approved and

were while idiot son was still in office. I didn't say anything about any additional monies they might be looking for.

[Romulox]

8. What part of "Quid pro quo" don't you get?

You think that Obama can shove this TARP down the American people's throats via an end-around, and then will be greeted with open arms when he goes to Congress in a week asking for $1.5 TRILLION more???

"I didn't say anything about any additional monies they might be looking for."

I did.

[babylonsister]

10. Why are you even here? There's not a thing you like about this new

admin and you have been very vocal expressing that. Welcome to ignore; I don't want to waste my time with the likes of you. There's enough misery to go around - I don't need you adding to mine.

[Romulox]

12. LOL. Here come the waterworks!

"Welcome to ignore; I don't want to waste my time with the likes of you. There's enough misery to go around - I don't need you adding to mine."

You and your cheerleading are as big a waste of time as anything on these boards. :hi:

[Greyhound]

7. Unfortunately, he apparently didn't want it.

Something about not having the stomach for being a sausage maker.

[Julius Civitatus]

13. 8 years of Repub policies brough the worst crisis in history. Yeah, hilarious!

How dare those motherf#ckers show their faces in public, much less laugh at the solutions offered?

8 years ago, at the end of the Clinton presidency, we had a stable economy, balanced budgets, and the biggest surplus in the history of our country. After two terms of GOP management, we are in one of the biggest economic crisis ever.
Now the same people that brought in this disaster are trying to dictate terms about how to "solve" the crisis, and dare to laugh at proposed solutions, after they literally threw 350 billion dollars at banks without any accountability.
In the meantime, the same banks that have gone on junkets to Las Vegas, giant Super Bowl parties, luxurious office redecorations, bonuses, and about to get executive jets if the news hadn't leaked it.

Yeah, f#cking hilarious!

These Republicans have and will never have any shame.

:wtf: