American Express? American Experience? America Fererra? Regardless, NPR got plugged on Cap Hill yesterday. I guess Farley isn’t the only one listening to the radio…
SEN. BAUCUS: Another question that Senator Cantwell somewhat touched on, and I think a couple of other senators have too. I think one reason that confidence is not restored — there are tons of reasons, but one is because people just don’t understand TARP and TALF and all these different toxic assets and purchase and repurchase and so on and so forth. They just don’t understand it.
When you try to explain it, when Chairman Bernanke tries to explain it, members of Congress try and explain it, it’s Greek. It’s no language. It doesn’t — it’s not understandable. And I wonder if you could — is there some way you can kind of, in English, to the average American — I think most members of this Congress don’t understand it.
SEC. GEITHNER: I think you’re — I completely agree. I think the instruments are complicated, but the objective is relatively simple, and the objective is to try to make sure that banks are strong enough that they can lend and provide credit and we get the pipes that are critical to the credit markets unfrozen and unclogged.
SEN. BAUCUS: Well, I just urge you to try to think this through more in words and terms that the average American starts to understand. You know, I don’t want to overstate this point, but I have been listening to NPR. I think it’s “American Experience,” American something, about a week or two ago, and trying to explain all this in simple terms, starting with a balance sheet. This guy had $10 and he had loaned to somebody who had a piggy — (inaudible) — doll house and so on. It just got more and more and more. I thought it was very well done.
SEC. GEITHNER: Yeah, I thought they did a very nice job. I agree with you.
SEN. BAUCUS: Yeah. And if somehow you can just talk about this in more basic sort of simple terms and put it in terms that the average American household relates to, that might help quite a bit, for whatever it’s worth.
They were referring to NPR’s Planet Money – a reporting project from NPR and “This American Life” all about the economy. What Baucus heard was last week’s piece on “This American Life”