Tax Cheat Geithner -- The Only One Capable -- Lays An Egg

When the Senate approved Tim Tax Cheat Geithner as Treasury Secretary, they assured us it was because he was the only possible person who could save us all from financial ruin, even though he hadn't paid his own taxes.  Well, the Democrat wonder boy has not had an auspicious beginning at his new post.  Within days he provoked the Chinese, and now his glorious shining moment of revealing the next bailout program turned out to be a complete dud.

He gave a preview of his plan to members of Congress Monday night, and they laughed at him.  No kidding, they actually laughed at him:

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.

Not exactly a good sign.  Then, when he presented the plan publicly on Tuesday, the stock market tanked at precisely the same time he began talking.  Seems they were expecting a real plan, and Geithner instead delivered an idea about a plan.  Translation: they have no plan.

Powerline highlights some parts of Geithner's speech and comments:

An excerpt from Geithner's presentation today:

The causes of this crisis are many and complex. They accumulated over a long period of time, and they will take time to resolve. Governments and central banks around the world pursued policies that, with the benefit of hindsight, caused a huge global boom in credit, pushed housing prices and financial markets to levels that defied gravity.

Geithner was the head of the Federal Reserve Bank of New York. The "central banks" that "pursued policies"? That was him.

Individuals, businesses, and governments borrowed beyond their means.

I didn't. Most businesses didn't, either. The biggest borrower was the federal government. But that was nothing: the Obama/Geithner administration proposes to triple, quadruple or more federal borrowing.

The rewards that went to financial executives departed from any realistic appreciation of risk. There were systematic failures in the checks and balances in our system by boards of directors, by credit rating agencies, and by government regulators.

That's very true. So why, exactly, should we believe that those institutions--the same people, largely--are now going to be able to pull off a trillion-dollar "rescue"?

It just ain't gonna' happen, and the American people know it.  That's why they have no faith in this bill and want to see it killed.  If you want to see just how widespread this PR failure of Geithner's is, take a look at this roundup of headlines posted at NRO and see the trend:

New York Times: Stocks Slide as New Bailout Disappoints

New York Times: For Geithner's Debut, a Lukewarm Reception

Washington Post: In $1.5 Trillion Rescue, Few Details; Wall Street Responds With a Sharp Sell-Off, Sinking Dow 4.6 Percent

Washington Post: Wall Street's Sharp Rebuke To Rescue Short on Detail

WSJ: Market Pans Bank Rescue Plan

WSJ: Treasury Secretary Gets a Chilly Reception

Boston Globe:US sets massive bank rescue, stirs worries on Wall Street

Investor's Business Daily: Market Tumbles As $2 Trillion Bank Fix Skimps On Details

LA Times: Stocks tumble after Geithner unveils financial plan

NY Post: Bailout Bombs

Politico: Geithner's bear of a day

Washington Times: Obama bank plan skids on Wall Street

Time: Why Geithner's Rescue Plan Spooked the Markets

Newsweek: Stocks tumble after gov't unveils financial plan

Fortune: Geithner's plan falls flat

CNN: Wall Street: Thumbs down on bailout

Reuters: Geithner on the defensive in his big debut

Reuters: Stocks sink over 4 percent on bank plan apprehension

Reuters: U.S. offers $2 trillion bank plan but stocks slump

AP: Stocks tumble after gov't unveils financial plan

McClatchy: Treasury outlines bank rescue plan, but Wall Street frowns

McClatchy: New bank bailout fails to address core economic problems

Americans have rejected Obama's plan in overwhelming numbers, which is what forced him to go stumping across the country for it a few days ago.  With each passing day, the numbers continue to get worse.  While it looks like he's going to get his monstrosity hammered through via the Democrat majority, it will be done over the strenuous objection of most of the people of this country.  There will be ramifications.

Something I've heard on the radio several times over the past couple days bears repeating.  Obama campaigned on responsibility, transparency, and tax cuts.  Now that he's in office, he's delivered none of those, especially on this particular bill.  He campaigned on his willingness to listen to the people of America, though he used the opposite tactic to bludgeon Congressional Republicans ("I won, so I'm going to trump you on tax cuts").  Now, however, with a clear and decisive majority of the American public not supporting this bill, the Great Uniter with Super Listening Skills has suddenly gone completely deaf.

What changed, Mr. President?

I suppose we were warned...I mean, how many times did Obama promise change?  It's just too bad that so many people didn't bother to ask what kind of change they were getting.

There's my two cents.