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Treasury launches Normandy-like bank rescue

Commentary: 'Time is not on our side,' but this is best bet yet

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Tim Geithner's inaugural speech fell flatter than an egg in Kansas, but the problem lies in the audience, not in the speaker or the content. The gripes were unanimous, if varied: Geithner was part of the problem and can't be the solution -- no details, no plan at all, no engagement with the crisis, the Obama administration is all dance and no delivery, the White House never should have allowed high expectations for the speech ... on and on -- and that was from the Democrats. Enough. Step one in a one-step course in listening: Listen. Not for what you expect to hear, or want, or hope, but what the man says. Details and decisions? Huge. Nuclear. Also a change in style: We will collect evidence, define problems, and then act. A refreshing reversal. 1. There will be no "aggregator bank," no nouveau RTC for toxic assets. Geithner said that government is not good at managing assets, which is even more true for fancy financial wreckage than the 80s' condos and offices. Al...