Geithner: bailout program extended to October - Spokane, North Idaho News & Weather KHQ.com

Geithner: bailout program extended to October

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WASHINGTON. - Treasury Secretary Timothy Geithner says the administration is extending the financial bailout program until next fall.
     
In a letter to House and Senate leaders, Geithner says the extension is "necessary to assist American families and stabilize financial markets."
     
Money from the $700 billion taxpayer-funded bailout program has helped rescue big Wall Street firms, auto companies and others. That's angered many Americans, who feel the government hasn't provided them with relief from high unemployment and rising home foreclosures.
     
Geithner says the program will be extended until Oct. 3, 2010.

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U.S. Treasury Secretary Timothy Geithner

Bailout watchdog: Crisis response worked, somewhat

A watchdog panel says the government's $700 billion bailout of the financial system helped prevent an all-out panic last fall. The group, however, is giving the program mixed reviews.
     
The panel says the bailouts didn't address every concern Congress laid out and it pointed to ongoing problems in the financial system. Among those problems: limited credit, ongoing bank failures, escalating job losses and foreclosures.

The sole Republican on the panel voted against the report. Congressman Jeb Hensarling of Texas said the bailout failed its mandate. He says it didn't help the foreclosure crisis and, in his words, it "politicized decisions that should have been purely economic."

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