The Obama administration is hoping it has finally come up with the right formula to resolve the nation's worst banking crisis in 70 years.
Fanfare (none) for the common toxics
by Mark Silva
On this Treasury-dominated day in which the Dow Jones Industrial Average surged by more than 400 points at this writing, the White House was asked why it hadn't wrapped Tim Geithner's announcement of his new toxic-assets strategy in more fanfare.
Geithner "used a more sort of quiet approach, pen and pad with reporters, not getting out there on television in a very public way,'' a reporter noted. "This is a major event. Everyone was waiting for the details, and it almost seemed like it came out in less than sort of a bombastic way.''
"I guess he's worried a little about less about what the packaging is... and more importantly what's inside of the box,'' said Robert Gibbs, White House press secretary, taking a poke at the administration's own campaign playbook for big announcements.
"I suppose we could have rigged out some flags and printed up
some placards and cued up some old campaign music,'' Gibbs said, "but I think what's important -- maybe not for Washington reporters, but what's more important for the American people -- is to hear the details of a plan that works to get their bank lending money again. I think that's, in all honesty, what the American people care most about.
"I think if you objectively look at what this administration has done or what the economic team has done in the course of about nine weeks of service,'' he said, "I think you'd be hard-pressed to find nine weeks where more solutions were outlined to problems and challenges that have been facing this country probably since the 1930s.''
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