Obama’s ‘Big Bang’ Bailout

Can anyone keep track of how many stages the bailout has been through? According to the Financial Times, the Obama administration is planning a “big bang” announcement next week “that will combine a bank clean-up with measures to reduce home foreclosures and probably steps to kick-start credit markets.” Obama’s overhaul of the TARP package will try to restore public faith in the program by including things like strict curbs on compensation for banks receiving public aid. “[Treasury Secretary Timothy] Geithner intends to present a ‘comprehensive’ plan that policymakers hope will command market confidence.”