Geithner's plan falls flat (Amateur Hour in D.C.)

money.cnn.com/FORTUNE ^ | February 10, 2009 | Colin Barr

[kellynla]

NEW YORK (Fortune) -- Treasury Secretary Tim Geithner failed Tuesday to persuade Wall Street that he will succeed where his predecessor Henry Paulson failed.

Geithner outlined the administration's plan to restart frozen credit markets and bolster the health of troubled banks. He said the economy will recover from its swoon only with the help of healthy financial institutions.

But observers said the Obama administration's plan is neither well-funded enough to recapitalize troubled banks, nor detailed enough to assure investors that the government can solve the toxic asset problem plaguing banks.

That, in part, is why stocks fell so sharply after the plan was unveiled, with the Dow Jones Industrial Average and other major indexes plunging more than 4% in mid-afternoon trading.

[kellynla]

Well, with double digit interest rates, inflation & unemployment by 2012, Hussein will be another Jimmy Carter..."one & done!"

Dow lost 380 points! Thanks Timmy...

"Liberalism is just Communism sold by the drink." P.J.O'Rourke

[tsmith130]

Where do I get an exemption to swear in my posts? I'll need it for 4 years.

[Fred]

If Obambi has his way, We will all be livin in the ‘southside of Chicago’...Obambi will take it nationwide...

[Palladin]

Geithner will not last very long.

[ontap]

These guys want nothing to do with Tim Geithner and his restrictive salaries and bonuses. This group is not going to get any more takers on the bail out.

[savedbygrace]

Obama knew this plan in detail before he did his little Stutter Conference last night. I wonder why he never let on about what Timmy had in mind??????????

[griswold3]

restart frozen credit markets ????
The way I heard it there’s plenty of credit available for creditworthy customers. The creditworthy customers just don’t want to take the risk right now.
Somehow the government wants to create demand for credit.
The deflationary cycle we’re in means values will fall. Now is a bad time to buy.
Next
Also REad The Great Inflation and It’s Aftermath
Robert J Samuelson

[ontap]

Just do it! Better to ask forgiveness than permission. Of course you might have to be reincarnated with a new name!

[avacado]

"If Obambi has his way, We will all be livin in the ‘southside of Chicago’...Obambi will take it nationwide..."

ObamaLand... Chicago Housing Projects.

[Arizona Carolyn]

Now down almost 400 points! Yeah, the tax-evading genius speaks.

[TCats]

Why would this ‘Plan’ fall flat? I mean, after the tutorial conducted by Obama last evening and the appearance of this guy (Geitner) who looks like a deer caught in the headlights, why would anyone lack faith. Not to mention the big ‘Plan’ is being put together by the very capable Congressional Democrats (Assisted by almost equally inept Republicans).

Who could have doubts in the face of all of this?

/mega s

[BAW]

Timmy lacks moral authority.

[Edit35]

the capital that funded america thru 2007 and early 2008 was based on ever increasing values of real estate and homes, etc.

when the oil crisis struck in late 2007 and early 2008, it popped the ever expanding real estate bubble as businesses and families were forced to spend too much on energy.

when real estate began to decline, due in part to overbuildong and optomistic projections and stagnant businesses, the bond and mortgage-backed security industry bust, and has been in a vicious downward spiral ever since.

thr oil spike was the spark that set this ‘crisis’ ablaze.

[ontap]

Well!! Since you put it that way!!

super duper/mega s

[ontap]

Real estate went to hell because of Messers Frank And Dodd.

[Diogenesis]

The proven Obama-Certified TAX-CHEAT leads -- but considers NONE of the following:

---

Rep. Kanjorski: $550 Billion Disappeared in "Electronic Run On the Banks"
"On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve
noticed a tremendous draw down of money market accounts in the USA
to the tune of $550 Billion dollars in a matter of an hour or two.
Money was being removed electronically.
The treasury tried to help with $150 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts
they estimated that by 2 PM that afternoon.
Within 3 hours. $5.5 Trillion would have been withdrawled
and collapsed and within 24 hours the world economy."

---

FLASHBACK: from 9/15/08:

“U.S. President George W. Bush said Monday he is confident
that the markets are resilient and can deal with the latest financial blows.
“We are working to reduce disruptions and minimize the impact
these financial market developments on the broader economy.” ...

U.S. Democratic presidential candidate Barack Obama
said eight years of Bush “brought us the most serious financial crisis
since the Great Depression.”

His Republican rival said John McCain said he was happy the
federal government decided not to use taxpayer dollars to bail out Lehman Brothers.”

How did Obama know THEN
that we would experience the ‘most serious financial crisis since the Great Depression’
when those who did not plan the takeover would not know for three more months?

---

October 10, 2008, another massive selloff.

---

Professor Joseph Olson of Hamline University School of Law, St. Paul , Minnesota,
points out some interesting facts concerning the Presidential Election2008

* Number of States won by: Democrats: 19 Republicans: 29
* Square miles of land won by: Democrats: 580,000 Republicans: 2,427,000
* Population of counties won by: Democrats: 127 million Republicans: 143 million
* Murder rate per 100,000 residents in counties won by: Democrats: 13.2 Republicans: 2.1

[tsmith130]

Just do it! Better to ask forgiveness than permission. Of course you might have to be reincarnated with a new name!

I'd hate to be a newbie again...that would be like reliving your teenage years.

[penelopesire]

Just have to say this after watching this arrogant and clueless clown for the last hour.....I HATE HIS SPEECH PATTERN...LOL.

He talks....like....everyone.....is....stupid....Therefore...he
must...separate..his..every...spoken....word...with..a... pause.

Argggg.....

[TCats]

“the oil spike was the spark that set this ‘crisis’ ablaze.”

I think it is reversed. IMO the Oil Spike was caused by the overheated credit markets and the expectation that that would continue. When the Ponzi Scheme of hyper-inflated property values, fueled by fraudulent lending practices, failed, the Oil Spike went right along with it.

IMO, the majority of ‘Growth’ in the economy from 2003-2007 was fueled by this type of over leveraging. We are now in a give back cycle.

[goodnesswins]

Probably should check those numbers....take a look at SNOPES