A Trillion Here, A Trillion There

Already in the hole $10 trillion with another $1.2 trillion about to be spent on a bailout for state and local bureaucracies, President Barack Obama’s Treasury Secretary today upped the unprecedented ante even further.

Specifically, he committed to spending yet another $2 trillion in money we don’t have to prop up failing banks.

Timothy Geithner, who helped administer the failed bank bailout last October with Bush Treasury Secretary Hank Paulson, is basically fulfilling our prophecy that the Obama method of dealing with the financial crisis in America would be virtually the same as the Bush method – only much more expensive.

From Bloomberg:

“Instead of catalyzing recovery, the financial system is working against recovery,” Geithner said in unveiling the Obama administration’s overhaul of the government’s financial-bailout plans in Washington today. “At the same time, the recession is putting greater pressure on banks. This is a dangerous dynamic, and we need to arrest it.”

Wait … we need to “arrest” it?

Of course we do. Along with our free market ideology, apparently.

Even scarier than Geithner’s plan is the pronouncement from “The One” that if all of this spending doesn’t work, they’ll spend even more money.

“We don’t know yet whether we’re going to need additional money or how much additional money we’ll need until we’ve seen how successful we are at restoring a sense of confidence in the marketplace,” Obama said at his big press conference last night pimping the bailout(s).

Now that’s frightening …