Geithner on TARP Money: ‘We Have Roughly $135 Billion Left’ – George’s Bottom Line
Treasury Secretary Timothy Geithner told me this morning on “This Week” that his department has roughly $135 billion in uncommitted money left over in the TARP plan.
“George, we have roughly $135 billion left of uncommitted resources,” Geithner said on “This Week” — in his first public accounting of TARP funds.
According to estimates, there was only about $32 billion dollars left of in the TARP money, the government’s financial rescue plan.
So, I asked Secretary Geithner, “Where did you come up with that extra $100 billion dollars?”
Now Listen Closely to the Answer, joe
“Less is out the door, but in terms of, if you look at what’s not committed yet, it’s roughly in the $130-135 billion range,” he said.
“Now that, that estimate includes a judgment, a very conservative judgment, about how much money is likely to come back from banks that are strong enough not to need this capital now to get through a recession. But that’s a reasonably conservative estimate. And it gives us, and this is very important, substantial resources to move ahead with this broad based sweep of initiatives to help get the financial system back in the business of providing credit,” Geithner said.
He could of just said: “We are just guessing but it really doesn’t matter” , joe
“Can you get through the rest of this year with the money you have?” I asked Geithner.
“We have substantial resources and we’re going to use them quickly, as quickly as we can, to make sure they’re devoted to things that are going to get credit flowing again,” Geithner said. “And we’ll cross that bridge when we come to it in terms of whether we need additional resources. And of course if we come to that point, we’ll go to the Congress and give them the strongest case possible and help them understand why this’ll be cheaper over the long run to move aggressively.”
–George Stephanopoulos
“Again, we are just guessing and making this up as we go… and don’t worry about congress they have no idea what Ben and I are doing”…, joe
Read full article here…Geithner on TARP Money: ‘We Have Roughly $135 Billion Left’ – George’s Bottom Line.
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