Geithner's CNBC Interview: Denies Plan Is A "Disguised Subsidy"

Following his speech on the Obama administration's plan to alleviate the economic crisis, Treasury of Secretary Timothy Geithner discussed the financial meltdown with NBC's Brian Williams and CNBC's Steve Liesman.

So far, the comprehensive financial sector rescue package is estimated to cost up to $2 trillion.

The market has not reacted well to the plan. When Geithner started talking, the Dow was down 190 points. By the time he finished, it was down 275 points.

In the interview, Geithner emphasized that although drastic measures are being taken to recover from the current economic crisis, it's important "to be honest about how hard this is going to be."

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Geithner tells Williams and Liesman that public funds to support a "significantly restructured" auto industry will be considered.

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Geithner believes that next time this year, the banking situation will have improved.

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Comments

[whirledpiece]

Geithner is a financial guru not a PR guru.. Heres the deal, this is Geithner calling Wall Streets Bluff, let them be sceptic. They will ultimately come around and rally, they want us to pay for their mistakes and once they realise that Geithner is not giving in they will come around, Wall street desperately needs to improve the market. Geithner please dont blink and people please dont press him, let him play this hand for us, we will win.

[merger]

He had an opportunity to attempt to be positive and help restore some confidence and he let it pass. he is a PR flop.

[littleblackcat]

I am afraid President Obama has been hoodwinked by a Wall Streeter, Geithner. Nothing I have heard yet from this man makes any sense and some of his ideas such as the removal of caps on salaries show way too much consideration for CEOs and way too little for those of us who are going to be footing the bill. My daughter has lost her job, I've lost my part-time job so now my full-time job (for which I am VERY grateful, don't get me wrong) just covers my fixed expenses with about $46 a month left for everything else. No one has offered either of us a thing in the way of financial help. Where does the regular working class person go to apply for some of this bailout money?

[funkalicious]

Geithner needs to coral the bankers who are responsible for this mess and we should revert to the 1800's remedy to thieving bankers who ruin credit markets stuff them into a sack full of snakes and throw them in the Hudson.