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Once again, the Obama administration reveals either incompetence or dishonesty in its economic policies this week. On Monday, when Barack Obama announced an effort to push a jobs package (but don’t call it “stimulus”!) through Congress, he said that he would end the controversial TARP program to fund it:
Today, however, Treasury Secretary Tim Geithner announced that the White House would extend the TARP program: Treasury Secretary Timothy Geithner says the administration is extending the financial bailout program until next fall.
In a letter to House and Senate leaders, Geithner says the extension is “necessary to assist American families and stabilize financial markets.” …
Geithner says the program will be extended until Oct. 3, 2010.
So “wind down” is the Obama version of Orwellian Newspeak for “extension”? Less than 48 hours after Obama pledged to “wind down” TARP and use the leftover monies for job stimulus, his Treasury Secretary announces the exact opposite policy.
There are only two possible explanations for the contradiction. Either Obama lied on Monday, or he had no idea what Geithner had in mind for TARP. And frankly, I’m not sure whether I should be more worried about a flat-out lie or gross incompetence.