The Obama administration faces its biggest test today when US Treasury secretary Tim Geithner unveils a plan to take hundreds of billions of dollars of toxic assets off banks' balance sheets.
The Treasury plan, on which the credibility of the administration hinges, will subsidise private investors to buy up such assets through a Public Private Investment Programme it hopes will unfreeze credit markets.
“We can't let our anger over mistakes that happened last year block the fact that we've got to save the economy; we have to fix this problem,” Austan Goolsbee, one of President Barack Obama's top economic advisers, told CBS yesterday, referring to public and congressional outrage about $165m in bonuses paid to executives at insurer AIG.
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