I just got back from the Treasury Department's press briefing on the plan to establish a public-private partnership to buy toxic assets.

You can read the fact sheet on the plan, and Geithner's op-ed from today's Wall Street Journal.

But here are some quotes. Geithner sat at the end of a long table, reporters on either side and at least ten rows deep to the back of the room.

 

Geithner: "We are the United States of America, we are not Sweden" (Explaining that the financial crisis has many causes and no single fix.)

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(Asked about the financial risks the government will be taking by financing the purchase of the toxic assets.)

Geithner: "There is no doubt the government is taking risk. You cannot solve a financial crisis without the government assuming risk. The only question is how best to do it. And what is the best way to do it?... I am very confident that this scheme dominates all the alternatives"

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(Asked whether members of the public outside the beltway will understand the proposal and feel like they're getting a good deal.)
Geithner: I'm very confident you and your colleagues will do a good job. (laughter)