Changes

[[Image:Geithner3.jpg|thumb|390px|left|Tom Toles lampoons Geithner's March 2009 plan, which will force taxpayers to "eat" (pay for) a trillion dollars worth of toxic assets]] With banks on the verge of failure, Geithner unveiled yet another massive bailout program in mid-February. Trillions would be spent to move toxic assets out of the banks, but the unanimous reaction was negative and Geithner hung on to his job, but had to come up with a better plan. Geithner has the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008.  

[[Image:Geithner3.jpg|thumb|390px|left|Tom Toles lampoons Geithner's March 2009 plan, which will force taxpayers to "eat" (pay for) a trillion dollars worth of toxic assets]] With banks on the verge of failure, Geithner unveiled yet another massive bailout program in mid-February. Trillions would be spent to move toxic assets out of the banks, but the unanimous reaction was negative and Geithner hung on to his job, but had to come up with a better plan. Geithner has the authority to decide what to do with the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008.  

With Geithner losing more of his credibility as a problem solver, he came back with a plan on March 23 that will not need additional funding or approval by Congress.  The Treasury will use $100 billion from the Troubled Asset Relief Program (TARP), as well as new capital from private investors, in order to generate $500 billion in purchasing power to buy toxic loans and assets. The program could potentially expand to $1 trillion over time, and initial responses by Wall Street have been favorable.

With Geithner losing more of his credibility as a problem solver, he came back with a plan on March 23 that will not need additional funding or approval by Congress.  The Treasury will use $100 billion from the Troubled Asset Relief Program (TARP), as well as new capital from private investors, in order to generate $500 billion in purchasing power to buy toxic loans and assets. The program could potentially expand to $1 trillion over time, and initial responses by Wall Street have been favorable.