The Obama administration will take action on a “dramatic scale” to revive credit markets and strengthen banks so they are able to lend, Treasury secretary- designate Tim Geithner said on Wednesday.
Testifying to the Senate committee considering his nomination, Mr Geithner said the Obama team was working on a “comprehensive plan” to deal with the banks and hoped to unveil it soon.
“We’re going to have to do more to make sure that the institutions at the core of our system are strong enough that they can lend.”
He refused to offer any insight into how this might work, in spite of pressure from the markets, saying: “We have seen the costs in terms of uncertainty created by tentative signals not followed up with clear actions.”
Dramatic Action: “From now on, I will pay my taxes and obey the law.”
“And not bear false witness against software companies” (says someone with ties to Intuit (maker of TurboTax) that saw the stock plummet yesterday – these are people’s jobs we’re talking about here)