It’s a Quarter to Three, There’s No One In the Place Except You and Me

By Caitlin Taylor

Feb 24, 2009 8:58am

Interesting story from ABC News’ Matt Jaffe about how the Treasury Department is "understaffed and overburdened as it confronts the biggest economic crisis since the Great Depression…In the past two weeks, Geithner has moved quickly, outlining a revised approach to stabilize the financial sector and a program to assist struggling homeowners from losing their homes to foreclosure. However, critics say Treasury has not moved quickly enough to fill key positions — such as deputy secretary, various undersecretary posts, and general counsel — which may have contributed to a lack of details in Treasury’s plans, which in turn caused a dive in the stock market…

"Analysts point to a variety of possible causes for the hiring delays, including new ethics rules introduced by Obama himself. The new commander in chief has barred lobbyists from taking jobs where they would be working on issues that they have lobbied on during the last two years. Treasury has also imposed stricter regulations on Wall Street, preventing lobbyists from contacting the Department as it works on distributing the billions in federal funds remaining from the banking bailout program."

- jpt

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