Geithner has no back-up plan.

[girl gone mad]

Geithner: We Don't Need No Stinkin' Contingencies
By Brian Beutler - March 24, 2009, 1:19PM
http://tpmdc.talkingpointsmemo.com/2009/03/geithner-we-dont-need-no-stinkin-contingencies.php">Talking Points Memo

Moments ago, Secretary Geithner artfully dodged a question that's on everybody's mind: What happens if his plan fails. Echoing the architects and supporters of the success-bonanza that is the Iraq war, Geithner said that the only thing we need to ensure the plan works is sufficient will.

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tpm has the youtube clip of this exchange.

[SharonAnn]

1. Emergency disaster responses don't have backup plans unless there's been lots of

time (years) to work them out.

The Red Cross has some pretty complete disaster plans with backup plans, but there have been hundreds/thousands of people preparing those plans and updating them for many years.

When there's an emergency, one has to gather information quickly, assess it, decide what to do and do it. If it doesn't work or doesn't work well enough, then the process starts all over again.

When time is of the eseence, TIME IS OF THE ESSENCE!.

I wouldn't expect him to have a backup plan at this point and I don't want him spending time building a backup plan. There aren't enough hours in the day right now. I want him to implement his current plan and do it quickly.

[peace13]

2. Hello?

The Rethuglicans have no plan. Geithner has a plan which I imagine will be adjusted as this thing unfolds. Go figure.

[Imperialism Inc.]

3. The only thing left to do is nationalization.

The aren't going to say that though. If this doesn't work that is all that is left.

[flyarm]

4. Geithner: There Is No Plan B

Geithner: There Is No Plan B
By: emptywheel
http://emptywheel.firedoglake.com/2009/03/24/there-is-no-plan-b/

[flyarm]

5. Barclays Bank, Recipient of $9B from AIG Bailout, Promotes U.S. Tax Avoidance Schemes of Questionabl

yes folks that would be 9 billion of your money to a UK bank to bilk uncle sam and you!!..wow Geithner ( Kissinger's guy) is doing a hell of a job brownie!!

Barclays Bank, Recipient of $9B from AIG Bailout, Promotes U.S. Tax Avoidance Schemes of Questionable Legality

http://oxdown.firedoglake.com/diary/4394

Barclays Bank, Recipient of $9B from AIG Bailout, Promotes U.S. Tax Avoidance Schemes of Questionable Legality
By: Janushka Tuesday March 24, 2009 10:23 am

One of the foreign banks that received a U.S taxpayer bailout through the AIG conduit was the Britsh bank, Barclays.

They received $9B.

It has had little coverage in the U.S press, but in the U.K. there is a major scandal breaking about an extremely profitable division of Barclays, the Structured Capital Markets division, whose sole business is to advise clients on tax avoidance schemes for many tax jurisdictions, including the United States.

A whistleblower from the division provided internal Barclays documents from this division to the British tax authorities, as well as a newspaper, The Guardian.

Here is a quote from one of the Guardian stories:

The internal Barclays memos were leaked by a mole to the Liberal Democrats. The new allegations reiterate claims that the bank's main purpose in entering into these schemes was to make profit from tax avoidance through an intricate circuit of offshore Cayman Islands and Luxembourg companies. The profits are said to be enormous and the deals so complex that HM Revenue & Customs (HMRC) struggles to unravel them.

Barclays got an injunction to prevent the Guardian from publishing the documents; but they are all over the internet, including this site

[westerebus]

6. This plan is the back up plan.

The first plan was for the FED to take the junk on to their balance sheet and it get off the books of the banks. When they looked at the depth of junk, the hole just kept getting deeper, the Paulson crew said in effect it can't be done. So they shoveled money at the co-conspirators and left it for the new guy to figure out what nationalization would cost. Not the cost to the country, the cost to the political party.

So this new plan is to shove money back down the hole. They intend to print money until the hole gets filled.

That sound you hear is your tax dollars being sucked into the void.

So you don't need a back up plan. This one should kill off middle America.

[truedelphi]

7. Sadly, I think you've figured it out. n/t

[MadrasT]

8. This is the backup up plan

of the backup plan

of the backup plan.

If/when this one doesn't work, it's

Game. Over.