FRIDAY, DECEMBER 17, 2010
KLMNO Geithner defends crisis response
BY DINA ELBOGHDADY Treasury Secretary Timothy F.
GeithneronThursday toldapanel overseeing the government’s bail- out programs that the Obama ad- ministration’s response to the fi- nancial crisis helped pull the na- tion from the brink of economic collapse but that a full recovery remains years away. “It’s fair to say that the worst
part, the most dangerous part, of this financial storm has passed us,” Geithner told the bipartisan Congressional Oversight Panel. “But the crisis has left a huge amount of damage in itswake. . . . It’s going to take years to fully repair thedamage.” Someof theObamaadministra-
tion’s initiatives have been widely criticized, particularly a foreclo- sure-prevention programthat has fallen far short of its goal. Panel members said that many Ameri- cans think the administration is putting the needs of financial in- stitutions ahead of those of con- sumers. Earlier this week, the panel re-
leasedareport concludingthat the administration’smarquee foreclo- sure-prevention effort, the Home AffordableModificationProgram,
is on track to prevent 700,000 to 800,
00foreclosures.The adminis- tration had predicted it would reach 3million to 4million strug- gling borrowers. For troubledhomeowners, “it is
cold comfort to these individuals and families that the too-big-to- fail financial institutions,aidedby [thegovernmentbailoutofbanks] and other government-sponsored programs, have near-record earn- ings,” said J. Mark McWatters, a panelmembers. Richard H. Neiman, another
panel member and New York state’s superintendent of banks, saidthatalthoughtheadministra- tiondidpreventa“depression-like crisis . . .many people simply feel their liveshavenot gottenbetter.” Geithner urged panelmembers
to look at the administration’s ef- forts inthe aggregate. He defended the $700 billion
rescue package for financial insti- tutions,whichhe saidis achieving its purpose for less money than
expected.TheCongressionalBud- getOffice estimates that the pack- agewillendupcosting$25billion, and Geithner said the costs are likely to be less thanthat. Thecrisispeakedtwoyearsago,
andinthemeantime, theeconomy has grown for 18months, the pri-
E.U. to create long-term financial safety net
European Union leaders
agreed Thursday to create a permanent financial safety net to take effect by 2013, and the EuropeanCentralBankmoved to increase its firepower to fight the debt crisis that has rocked the euro zone. But at Germany’s insistence,
the 27 leaders said the long-term crisis-resolution mechanism, to be added to the E.U.’s governing treaty, would be used only if it were “indispensable to safe- guard the stability of the euro.” They also decided there was
no need to increase an existing temporary rescue fund, which some analysts say could be insuf- ficient if Spain and Portugal need E.U.-IMF bailouts after Greece and Ireland, nor did they discuss using itmore flexibly. The decision not to enlarge or
even discuss enlarging the exist- ing fund could be taken by financial markets as a sign of division, potentially provoking
more market uncertainty. But leaders reiterated that they were prepared to do whatever it takes to protect the euro, a position they have reiterated formonths. “The heads of state and
government of the euro zone stand ready to do whatever is necessary to ensure the stability of the euro zone as a whole,” European Council President Herman Van Rompuy said after the first day of a two-day E.U. summit. IMFManagingDirectorDomi-
nique Strauss-Kahn, who has been critical of E.U. leaders’ dis- jointed response to the rolling crisis, said he was concerned about slowgrowth and the threat of contagion in Europe. On Thursday, the IMF’s board
approved a $30 billion loan to Ireland as part of the country’s bailout. The fund’s vote came a day after the Irish parliament ratified the rescue.
— Reuters
DIAMOND EAR STUDS Her Secret Desire
vate sector has added 1.2 million jobs, and household wealth has improved substantially, Geithner told the panel. Geithner credited the financial bailout package and ahostofprograms initiatedby the administrationfor those gains. Those initiatives cannot solve
all theeconomy’sproblems,Geith- ner said, “but they “did what they had to do and what they were designedtodo.” Thepanelalsotouchedonsome
of the problems in the processing of foreclosures that prompted many lenders to suspend evic- tions. In response to questions from panel members, Geithner said that although faulty foreclo- sure practices pose “serious chal- lenges to the system,” he does not think there will be any need for another government bailout. He said themulti-agency group
investigating the foreclosure pro- cesshopes toreportonits findings in the first quarter of 2011 and offer recommendations so that “the people . . . disadvantaged by the mess are provided with some relief”and“tomakesurewefixthe systemfor the future.”
dina@washpost.com
Staffwriter Ariana EunjungCha contributed to this report.
EZ SU
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*Digital equipment required for viewing. To view HD channels HDTV equipment and/or an HDTV capable digital converter are required. Limited Basic digital channels are not scrambled. All other digital channels are scrambled for security reasons. Viewing a digital channel requires compatible equipment. A digital ready television with a QAM tuner will only work for digital channels that are not scrambled (i.e. the Limited Basic digital channels). A Digital converter or television set with a CableCard will work for all digital channels—scrambled and unscrambled. Service is subject to terms and conditions of Comcast Cable Subscriber Agreement. Call 1.800. COMCAST for complete details about service, prices and equipment. Other restrictions apply.©2010 Comcast. All rights reserved.
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