HuffPost is saying that Timothy Geithner is concerned with pleasing bankers to an alarming extent.
But if it is true that renegotiations of housing interest rates are being considered, then the government will finally be appearing to do something. Most Americans want a strong leader in Treasury. They are worrying that Tim Geithner is not appearing strong enough. But of course, no one would be the perfect Treasury Secretary to everyone.
With The Wall Street Journal announcing foreclosure moratorium measures here, there would appear to be some leadership coming from the market, as I wrote on my other blog in more detail.
By the way, there are bloggers asking if patriotism is fine. Of course, I think it's fine. It's exclusionary protectionism that is counter-productive and harmful to trade.
Update 1: CNBC-TV at 1:45 p.m. EST reported that the President will make a big speech next Wednesday and also speak generally about the housing crisis early next week. They are also reporting that Goldman Sachs could free up capital which could boost the government policy decision and really help the markets. Daily Beast is reporting from Bloomberg that the stimulus (that is being signed at this moment), could help with funding in two waves: "First, "relief to cash-strapped consumers, businesses and states," followed by infrastructure spending designed to create jobs".
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