Treasury Secretary Geithner comments on new economy policies

Secretary Geithner spoke today about America's financial crises and the new administration's actions. The issue regarding the banks situation worldwide and its important in getting credit flowing again, was emphasized. Without credit the economy cannot grow, Geitner said.

Geithner also stated that the causes are many for the crisis. Part of it is that banks are giving to much credit, taking too many risks, and individual businesses are borrowing too much.

Geither described the jump starting of jobs and ensuring of credit to families and businesses as key issues. He also stated that one of America's current problems is that families all over the country are losing faith in authority. To be able to restore faith among people, the government needs to act and reform new polices. The two pronged approach that was presented was, job creation and private investment, and getting credit flowing again. Geithner presented policies such as a new consumer spending program that will support credit. In addition, a program that makes loans more available. In the upcoming weeks, a housing plan will also be presented.

With the new policies consumers will be able to view more actions that are affecting the lending and borrowing practices of processes of the banks. Actions that the government takes in reference to the banks will help create a new capital effort and help them to get back on track. A new private/public investment fund will also be created to support loans and help private markets. By supporting consumers and business lending, the economy can be turned around. Geithner stated that the new polices will take time, money, and risks by the government.

Subpoena will be issued to no-show Feith, former undersecretary of Defense for Policy

The House Judiciary Subcommittee on the Constitution, Civil Rights, and Civil Liberties met to discuss the issuance of a subpoena to Douglas Feith, the former Undersecretary of Defense for Policy. Feith was scheduled to give witness at a hearing last Wednesday, but canceled his appearance four hours before its scheduled time. The hearing was for discussion of the Bush Administration’s role in authorizing the use of abusive interrogation policies.

Feith cited the presence of another witness at the hearing, Colonel Lawrence Wilkerson as his reason for canceling. The Chairman of the Subcommittee, Jerrold Nadler (D-NY) said that Feith’s absence was “an affront” to the committee and to the country. Nadler said that Feith had a central role in forming the abusive interrogation policies so his testimony is necessary to understanding the matter. Congressman Steve King (R-Iowa) opposed the subpoena. He said that Feith deserved a second chance, rather than an immediate “sledgehammer of subpoena.” But, the committee voted nine to three in favor of the subpoena.