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American Morning’s Monday viewers were dissecting Tim Geithner and his plan for banks. Some felt Geitner’s personality was too “nice” for the job of Treasury Secretary. Others simply wanted more detail on Geitner’s plan before the media “condemn” it to failure.
Tell us how you feel. Is Tim Geithner the right man for the job? Are you willing to wait for more details on Mr. Geithner’s plan? Let us know your thoughts.
Good Monday morning to you! Hope you had a good weekend.
Here on AM we started the week talking about the new plan by the Treasury Department and Secretary Tim Geithner to establish a public/private partnership to help get toxic assets off the banks' books and help them lend again. Here's a look at the actual plan.
And just as soon as it was released, the criticisms started as well. Not just from political foes but from leading economists who say it's a waste of money and a rehash of a similar plan the Bush administration's Treasury secretary floated and then backed away from. Read Paul Krugman's NY Times op-ed here.
Christine Romans told us today in one of the breaks just how much hope there is on Wall Street and in the banking industry that this plan will work. Other questions too, after getting eviscerated by Congress last week during the AIG bonus scandal, how willing a partner will some of these private investment firms be? Will they be scared away by the potential for caps on compensation if things do turn around and these assets start making money again? And what about the taxpayers? Many of our viewers asked... why does it seem we as the taxpayer put the money up front and assume the risks while Wall Street benefits if the plan works?
Well, we put a lot of these questions to Christina Romer, President Obama's Chief Economic Adviser. Check it out here.
Another big issue today, the more than one hundred billion dollars set for infrastructure projects around the nation. We talked to Pennsylvania Governor Ed Rendell who co-founded Building America's Future Coalition along with California Governor Arnold Schwarzenegger and New York City Mayor Michael Bloomberg.
I asked Governor Rendell how soon we'll see jobs come out of it and if now is the time to be spending billions more tax dollars.
Finally, the story of a former banker who found a new job and passion as a NY cabbie. He is a real character and shows us that success comes in all forms.
CNN International Correspondent Michael Ware has been tracking the deadly gun battles between drug cartels and Mexican authorities.
He joined us live to discuss President Obama's plan and Secretary Clinton's visit south of the border.
President Barack Obama was poised, confident, even laughing at times during his 60 Minutes interview Sunday night. He expressed confidence in his Treasury Secretary, and even had cautious optimism for the economy. Mortgage rates are historically low, credit-worthy Americans are rushing to refinance their home loans to lower their monthly payments, (if you have not yet, check it out) and finally, look how the President responded to this question by CBS' Steve Kroft:
“Were you surprised at the depth of this recession when you got here? Did you know it was this bad?”
President Obama: “Now–there's a potential silver– silver lining, which may be that things are so accelerated now, the modern economy is so intertwined and– and wired, that things happen really fast– for ill, but things may recover faster than they have in the past”.
Today, the Obama administration will roll out its latest plan to tackle the banking crisis and get loans flowing to families and businesses again.
President Obama's Chief Economic Adviser, Christina Romer, joined us live from the White House.
President Obama won the election with the help of a vast network of grassroots supporters who organized online and then took their message to the streets.
Now the President is calling on his volunteers once again... to sell more than a campaign.