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February 12, 2009

Geithner Questioned About Bank & Housing Recovery Plans
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Treasury Secretary Timothy Geithner said Wednesday he would inform
Congress as soon as possible if more taxpayer money were needed to bail
out the banking sector as part of the effort to reinvigorate the
economy. Geithner testified before the Senate Budget Committee one day
after he sketched out his plan to spend as much as $2.5 trillion to aid
banks, unfreeze consumer credit markets and stem the soaring foreclosure
rate. This is part of his exchange with Republican Senator Lindsey
Graham.

Sen. Lindsey Graham: “Will housing be fixed without any new money”

Tim Geithner: “I don’t know that..uh…”

Graham: “On a scale of 1 to 10, one you won’t need any money, ten–you
are likely to need more money to fix housing…”

Geithner: “For housing? Can’t tell you that this point, but if we think
that there is a good case for doing it, we are going to come and tell
you how we are going to do it.”

Graham: " Ok good, so you have no clue?"

Geithner: “No that’s not fair, Senator. What I will not do…even if you
are frustrated by the absence of details…”

Graham: “See I just don’t believe that’s enough money to fix housing and
banking. I just wish you would say that, because you are going to come
up here and ask us for more money…I know you will. Let’s just get on
with this thing. Let’s tell people some idea of what awaits them.”



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