For Geithner’s Debut, a Lukewarm Reception
For Treasury Secretary Timothy F. Geithner as much as for the troubled government program to bail out the financial system, Tuesday amounted to a do-over.
Initial reviews for the man and his plan were not good, however. Stock markets slid through the day, perhaps spurred downward by withering punditry on the business-news cable channels faulting Mr. Geithner for not providing more details, particularly on stemming home foreclosures. Senators of both parties lodged similar complaints at a hearing.
“I haven’t heard yet how we’re going to solve this problem,” Senator Bob Corker, Republican of Tennessee, told the Treasury secretary more than three hours into the Senate Banking Committee hearing.
With a formal speech, live television interviews and then his Senate appearance, Mr. Geithner announced the Obama administration’s overhaul of the Bush administration’s bank bailout program, which had proved largely ineffective at getting credit flowing again.