NEW TECHNOLOGY

Update: (12:25 PM): Geithner calls this a "recession" not a "depression." {Pay attention to this, Brits.) Says things are still deteriorating but will by improving a year from now.

Update: (12:21 PM): Geither says he is for a strong dollar. Of course.

Update: 12:18 PM): Geithner gives the "I screwed up" answer on his tax troubles. Now Leisman asks about valuing the toxic assets. Geithner talks about there being "lots of different ideas out there." Leisman asks him to give an example of how this public privagte partnership would work. Geithner instead gives the broad outlines again. And then he talks about the rest of the program.

Update: (12:12 PM): Great, they are bringing in Steve Leisman after the break.

Update ( 12: 07 PM ): Brian Williams is the wrong guy to do this interview. He is not pinning him down on the toxic assets plan.

Update ( 12:03 PM ): Brian Williams is interviewing Geithner right now on CNBC. Right now all Geithner is giving him is talking points and telling him what "challenging and complicated problem it is." Yeah, we got that part.

Update (11:59 AM): This is the killer quote from Geithner's speech: "We are exploring a range of different structures for this program, and will seek input from market participants and the public as we design it." In other words, we have plan to have a plan. Ouch.

After listening to Treasury Secretary Timothy Geithner reveal the Obama bank bailout plan, I still have no idea what the government is going to do about pricing these so-called toxic assets. And that, my friends, is why I would guess the stock market is selling off.