Wednesday, Dec 09, 2009

'Extend and pretend' to keep the system afloat

Bloomberg: Geithner Said to Be Seeking TARP Extension Until Next October

Treasury Secretary Timothy Geithner plans to tell Congress that the Obama administration will extend the $700 billion financial-rescue program until next October.
“There has rarely been a less loved or more necessary emergency program than TARP,” President Barack Obama said yesterday in a speech in Washington. “I’m asking my Treasury secretary to continue mobilizing the remaining TARP funds to facilitate lending to small businesses.”
In public comments about the program over the past several weeks, Geithner has cautioned that shutting it down too soon could hurt the economic recovery.

Posted by devo @ 06:18 AM (878 views)
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2 Comments

1. bystander said...

..but can someone explain what stimulus fund it is that hasn't spent $200bln and therefore Obama can use it for something else to help shore up the US economy?? I don't understand where al this money has/ hasn't gone and why the banks still need TARP, after milking the equities markets on this 'fundamentals' driven bull rally since March. Anyone got any answers??

Wednesday, December 9, 2009 12:18PM Report Comment
 

2. general congreve said...

Nice one! Keep the spigots open you morons! Great news for gold!

Wednesday, December 9, 2009 02:05PM Report Comment
 

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