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FT.com / US & Canada - Geithner pledges `dramatic' action
The Obama administration will take action on a "dramatic scale" to revive credit markets and strengthen banks so they are able to lend, Treasury secretary- designate Tim Geithner said on Wednesday.

Testifying to the Senate committee considering his nomination, Mr Geithner said the Obama team was working on a "comprehensive plan" to deal with the banks and hoped to unveil it soon.

"We're going to have to do more to make sure that the institutions at the core of our system are strong enough that they can lend."

He refused to offer any insight into how this might work, in spite of pressure from the markets, saying: "We have seen the costs in terms of uncertainty created by tentative signals not followed up with clear actions."

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet
by Melanchthon on Wed Jan 21st, 2009 at 07:54:22 PM EST
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I'd settle for effective action.

If I wanted dramatic action I'd buy a TV.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Thu Jan 22nd, 2009 at 06:12:52 PM EST
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But, it's much more politically beneficial to appear to fix the problem in a big way on TV, rather than actually doing so without the fanfare.

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
by ManfromMiddletown (manfrommiddletown at lycos dot com) on Fri Jan 23rd, 2009 at 09:08:14 AM EST
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