Laughter in the literal sense; both Democratic and Republican lawmakers actually laughed at it. No wonder the Dow Jones plummeted 381 points today.
Administration officials were greeted with sarcasm and laughter Monday night when they briefed lawmakers and congressional staff on Treasury Secretary Tim Geithner’s new financial-sector bailout project, according to people who were in the room.
The laughter was at its height when Obama officials explained that the White House planned to guarantee a wide swath of toxic assets — which they referred to as “legacy assets” — but wouldn’t be asking Congress for money. Rep. Brad Sherman (D-CA), a bailout opponent in the fall, asked the officials to give Congress the total dollar figure for which they were on the hook. The officials said that they couldn’t provide a number, a response met by chuckling that was bipartisan, but tilted toward the GOP side. By guaranteeing the assets, Geithner hopes he can persuade the private sector to purchase a portion of them.
Is anyone surprised? Geithner couldn’t even file his taxes correctly and we expect him to bailout the nation’s financial sector?
More: Michelle Malkin, Hot Air Headlines.
by Stephan Tawney on Tue, Feb 10, 2009