Someone Liked Geithner’s Speech

Jonathan Weisman reports on the White House. In the White House press office, aides gathered to watch Sen. Judd Gregg ’s announcement that he was withdrawing as President Barack Obama ’s commerce secretary nominee. As the New Hampshire Republican spoke highly of Treasury Secretary Tim Geithner ’s Tuesday speech unveiling the president’s financial rescue, Jon Favreau , Obama’s wunderkind speechwriter, quipped, “Well, we’ve found the guy who liked Geithner’s speech.” “I believe that Secretary [Tim] Geithner’s put forward the outlines of an extremely comprehensive plan that I think will work when it gets the detail behind it,” Gregg said. “I think as soon as the detail starts to flow in behind the plan that Secretary Geithner has laid out, people in the market are going to react to it positively because what they basically outlined is what we need.” After Geithner spoke on Tuesday, stock prices tumbled ... (link)