Geithner Unveils Revised Bank Plan

There was very little in specifics detailed in this plan. Looks like they are making this up on the fly. The stock market tanked on the news. Then later in the day Ben Bernanke testified in front of Congress and the stock market fell another 150 points. Doesn't give me much confidence.-Lou

Geithner Unveils Revised Bank Plan

Treasury Secretary Timothy Geithner on Feb. 10 laid out details of the Obama Administration's revised bank rescue plan. It includes a program to purchase up to $500 billion in toxic assets on bank balance sheets and up to $1 trillion to support consumer and small business lending.

Geithner, promised "comprehensive and forceful" policy involving a wide range of federal agencies. Addressing a major criticism of previous spending from the $700 billion Troubled Asset Relief Program, or TARP, he promised to impose "higher standards for transparency and accountability." The government has about $350 billion left in the TARP to be deployed.

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http://www.businessweek.com/bwdaily/dnflash/content/feb2009/db20090210_824612.htm?chan=top+news_top+news+index+-+temp_top+story