Geithner and Bernanke yesterday "argued Tuesday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. President Barack Obama agreed and said he hoped 'it doesn't take too long to convince Congress.'"
The president expects to get that authority.
"While the power seems likely to be granted by Congress, it's unclear which wing of the government would be given the authority. Mr. Geithner proposed that any emergency action be based on a determination by the Treasury secretary along with the Federal Reserve and the federal regulator overseeing the company," the Wall Street Journal adds.
Third time's the charm, we guess. Gary Locke was confirmed as Obama's commerce secretary. "Locke, 59, the nation's first Chinese-American governor, was approved by a voice vote and has promised to focus on job creation and to closely oversee the 2010 census."
And don't miss this… "Bill Clinton's White House era is finally getting the Tinseltown treatment. Dennis Quaid will play Bubba and Julianne Moore will portray Hillary in a new movie tentatively titled "Special Relationship," from Academy Award-nominated British screenwriter Peter Morgan, the Daily News has confirmed."