President Barack Obama says Wall Street is looking for an "easy out" but none is coming as his government launches a plan to revamp the financial sector.
Treasury Secretary Timothy Geithner on Tuesday outlined plans to increase consumer lending and remove toxic assets from banks' balance sheets. But analysts said they were disappointed by the lack of details in the plans. The Dow Jones industrial average plunged about 400 points in afternoon trading.
Asked about the markets' reaction, Obama said Wall Street is hoping for an easy out and there is no easy out. He said banks have not been transparent about their own books and now it is time to be clear about the losses they've suffered.
Obama spoke in an interview with ABC News.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.