Timothy Geithner confirmed as Obama's Treasury secretary

WASHINGTON (Reuters) - Timothy Geithner won confirmation as U.S. Treasury secretary on Monday and vowed to act quickly to protect the U.S. economy from the worst financial crisis since the Great Depression.

"We are at a moment of maximum challenge for our economy and our country," Geithner said as he was sworn into office shortly after the Senate approved him on a 60-34 vote.

Faced with a full-blown crisis, senators largely set aside misgivings about Geithner's failure to pay some taxes earlier this decade in light of his experience in battling the financial storm as head of the New York Federal Reserve Bank, a post he relinquished on Monday.

Geithner will immediately start work on a massive overhaul of the $700 billion (501.5 billion pound) U.S. financial rescue program and is expected to propose new efforts to unclogged frozen credit markets within the next two weeks.

"At this moment of challenge and crisis, Tim's work and the work of the entire Treasury Department must begin at once," President Barack Obama said as Geithner was sworn in. "We cannot lose a single day because every day the economic picture is darkening, here and across the globe."

The new administration, which is already pushing Congress to approve an $825 billion economic stimulus package, may need to go back to lawmakers to ask for more funds to clean up the banking system, possibly through the creation of a government-run "bad bank" to soak up distressed assets.

"I don't want to prejudge what the parameters might be or the decisions that might ultimately be made," White House spokesman Robert Gibbs told reporters.

Category:

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• obama
• Geithner
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• treasury
• secretary

[sarjil]

lol

[beefbazooka]

nice

[vulc1]

@Pseudologic hoe vile of russians to honor stalinist rapists every year

[Bopkasen]

1 person is Timothy Geithner, he watch the video and clicked on the dislike button.

[FamousDave2186]

The simpsons... They do get a good one every now and then.

[kh739]

@Pseudologic

you don't have pearls or knowledge, punkass piggy

clean the shit off your cloven hooves

[Pseudologic]

@kh739 I don't make it a habit of casting pearls before swines, goodbye.

[kh739]

@Pseudologic

Still no response to the tangible results?

BO's running away from that too.

I'd like to see some succinct rebuttals against Lee's arguments, but seeing that your a finance guy living in Canada I know you're too stupid to make rational decisions.

[Pseudologic]

@kh739 I have to deal daily with the glue-sniffing community on YouTube. You recognize them by their subscription to "Howtheworldworks"

[kh739]

@Pseudologic

You seem to have knowledge of this glue sniffing, likely other inhalants as well. I notice you haven't heralded any of BO's accomplishments as it relates to TANGIBLE results. Of course you cannot and that is where you are ground into dust to be put in glue and sniffed by your brethren.

[Pseudologic]

@kh739 Your name sounds like a toxic agent in an industrial glue and your argument are written by someone who was sniffing that glue.

[kh739]

@Pseudologic

With a name like pseudologic, your statement makes sense. You see, pseudologic, blaming Bush is a strategy for election but not for governance. At some point the most majestic messiah Barack Hussein Obama must be able to point to his accomplishments that have provided tangible results. Blaming Bush -- Strategy. Tangible results -- nope; and passing legislation/regulation that worsens the state of the country are not tangible results.

BLAME BUSH / AMERICA TOUR

BO in 2012