Top Banking Committee Senator Attacks Obama, Geithner Bank Bailout

The top Republican on the Senate Banking Committee is attacking the Obama administration’s proposal to leverage for than $2 trillion into the shaky financial system.

Sen. Richard Shelby, sharing the general reaction of Wall Street, complained vigorously that the new plan outlined by Treasury Secretary Timothy Giethner on Tuesday was too short on specifics.

Shelby told CBS’s “The Early Show” he thinks Geithner “wasted about three or four hours of the Senate’s time” in trying to explain the complex program. The Alabama Republican said that senators wanted to know “where the specifics are, and he doesn’t have them.”

Shelby acknowledged that the new administration is in unfamiliar territory, but said that it must “do better than this.”

–Associated Press

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The Los Angeles Times said:

The dearth of details, which sent the stock market into a tailspin, reflects a double bind for the Obama administration.

Read the rest:
http://www.latimes.com/business/la-fi-
economy11-2009feb11,0,4690912.story

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