Obama’s patsy?
President Obama has axed his plan for a car czar in favor of a presidential task force led by Treasury Secretary Timothy Geithner, a move sure to bristle many on Wall Street.
Last week Geithner was hammered by Wall Street, and the stock market, for the lack of details on how the Treasury Department is going to handle the financial crisis, including the mortgage mess. As Geithner has been deeply involved with this crisis for some 6 months now, and as Obama has talked at great lengths about the failures of the Paulson plan, many observers were shocked by the lack of any specific details of the Obama administration’s plans.
Hopefully, the automaker bailout plan isn’t going to follow the same lack of details when the showdown begins tomorrow, and Chrysler and GM turn in their plans for viability.
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