Tax cheat Treasury Secretary Tim Geithner is set to announce TARP II in the aptly-named Cash Room of the Treasury Department.
The cost could top $1.5 trillion. But, hey, who’s counting anymore?
The gobbledygook rhetoric:
Treasury Secretary Timothy Geithner said Tuesday a new banking rescue plan will include public-private partnerships as part of an effort to stabilize the teetering financial system.
In a statement ahead of a much-anticipated announcement of the banking plan, the US Treasury offered few specifics but indicated the measure would be a comprehensive effort to reinvigorate the ailing sector.
Geithner “will unveil a comprehensive Financial Stability Plan that will bring the full force of the federal government together in partnership with the private sector to stabilize our financial system and open up the flow of credit that families and businesses depend on to keep our economy strong,” a Treasury statement said.
“Building on President (Barack) Obama’s commitment to ‘do whatever it takes’ to stabilize our financial system and protect consumers, Secretary Geithner will make it clear that the response to the financial crisis must be comprehensive and forceful and that action has to be sustained until financial recovery is firmly established.”
Let me interpret “full force of the federal government together in partnership with the private sector:”