Democratic Chatter 3-23-2009

George Wenschhof Bio

President Barack Obama returns to the White House from Camp David this morning - later the president will discuss the energy independence part of his proposed budget. Increased funds will be provided for clean energy technologies. Tomorrow night at 8:00 PM ET, the president will address the nation during prime time. He is expected to address the A.I.G. bonuses and efforts being made to correct the dismal economy. Time.com has more here.

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Treasury Secretary Timothy Geithner announces the latest bailout plan for Banks - this has been talked about for some time but the details were lacking on this proposed public-private partnership to purchase up to 1 trillion of troubled mortgages and related assets of banks. CNN.com has more here. Initially the Treasury would buy between 75-100 billion of bad debt and then auction the debt securities to the private sector. There is already hesitancy from the private sector due to the government attempting to limit executive pay so don't expect the private sector to be lining up to buy these bad debt securities.

Geithner has an Op-Ed which appeared in the Wall Street Journal today describing this program and the efforts to date of the Obama administration to stem the financial crisis. You can read his Op-Ed column here.

Perhaps the Obama administration has finally realized Geithner is not a good public relations man - Dr. Christina Romer, chair of the White House council of economic advisers is the one appearing on TV early today to push the program.

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Wall Street reacts favorably to Geithner's plan - at least for this morning. The Dow Jones is up 150 points after stocks in Asia and Europe gained on news of the latest U.S. government plan to aid troubled banks. Bloomberg.com has more here.

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For those of you who are MSNBC junkies - Chris Matthews and Keith Olberman have signed contracts through the 2012 campaign - this will ensure loyal viewers these political pundits will be discussing the first term of the Obama administration and the 2012 election. Politico.com has more here.

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On the foreign policy front, Obama spoke yesterday on "Sixty Minutes" of the need for a comprehensive strategy and exit plan for Afghanistan - he spoke of the need to improve the economy, further diplomacy with Pakistan and increase regional assistance in the effort. The exit strategy is important as this was absent in the planning when George W. Bush administration sent U.S. troops into Iraq. MSNBC.com has more here.

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