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Geithner Defends TARP Extension

Says it would 'irresponsible' not to extend bailout

By the Associated Press

Posted Dec 10, 2009 11:30 AM CST
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(AP) – Treasury Secretary Timothy Geithner told a skeptical watchdog panel today that a "limited, qualified extension" of the unpopular bank bailout program until October was necessary. "It would be irresponsible to do otherwise," Geithner said. Oversight chairman Elizabeth Warren seemed unconvinced, saying that though the program was "an important part of the government's rescue strategy," it "has been far from an unmitigated success."

Panel member Paul S. Atkins, once on the Securities and Exchange Commission, said extending the program "borders on irresponsibility" and is "a free option at taxpayer expense." Geithner said the government is committed to shutting down the bailout program, promising to "keep the government out of the business decisions of these companies," and shed its investments quickly. But "we still need to keep in reserve some ability to respond," if another crisis arises.

Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).   (Haraz N. Ghanbari)
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).   (Haraz N. Ghanbari)
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).   (Haraz N. Ghanbari)
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).
Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, Thursday, Dec. 10,2009, before the Congressional Oversight Panel hearing on the Troubled Asset Relief Program (TARP).   (Haraz N. Ghanbari)
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COMMENTS
Showing 3 of 10 comments
SilenceDogood
Dec 11, 2009 12:40 PM CST
Why waste a good crisis.
Unaffiliated
Dec 10, 2009 8:25 AM CST
Thanks, Wonka! Just placed a hold on the audio book at the library.
Unaffiliated
Dec 10, 2009 8:19 AM CST
And turn off the Caps lock. Thanks! =0)

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oversight • financial crisis • Wall Street bailout • Timothy Geithner • TARP • extension • Elizabeth Warren

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