TREAS. SECT’Y GEITHNER’S PLAN IS MERDE

The maiden voyage for Treasury Secretary Geithner addressing the American public directly was a complete bust.  Not only is he a lousy speaker inspiring no confidence whatsoever, his message is even worse. If we accept that money is an idea backed by confidence, then we’re in deep merde (dodo).

This guy comes across like a teenage boy caught coming home late in the family car with condoms in his pocket and a guilty look on his face.  He’s not believable.  He’s got secrets that he’s hiding that’s for sure.  His background is as a Wall Street insider and this plan reveals he’s still in their pocket.  I thought that it couldn’t get worse than our previous Treas. Sect’y. “King” Paulson.  I was wrong.  Unbelievably, this guy is worse!  He’s a pawn in the big dog’s game with delusions of self-importance.  If this is the guy heading up the U.S. Treasury . . . we’re doomed.

This quote from Howard Katz says it all:

“For what they say,
And this is true,
Is far removed
From what they do.”

Chuck Butler is a business and economic writer I follow regularly.  Excerpts from his daily column on 2.11.09,   called “A Pfennig for Your Thoughts” follow.  – d. jacobs

Tim Geithner
Tim Geithner

The Geithner Plan was a bust according to the markets… Here’s what the Wall Street Journal had to say about the stock sell off… “Financial stocks led a broad move down in the market on the heels of Geithner’s unveiling of the Treasury’s bank-rescue plan and Senate passage of the stimulus measure. The Dow Jones Industrial Average dropped by roughly 350 points, or 4.2%, reaching its worst levels of the day in mid-afternoon trading. Bank of America and Citigroup experienced double-digit percentage losses.”

I read the text of the Geithner Plan… And was very disappointed… I will say that the Treasury’s plan to make this all transparent is good… In fact you can follow the money trail at this website: http://www.finacialstability.gov  But, the rest of it was the same old, spending taxpayer funds on shoring up financial institutions… Could go up to $1 Trillion!

The Geithner Plan was a bust according to the markets… Here’s what the Wall Street Journal had to say about the stock sell off… “Financial stocks led a broad move down in the market on the heels of Geithner’s unveiling of the Treasury’s bank-rescue plan and Senate passage of the stimulus measure. The Dow Jones Industrial Average dropped by roughly 350 points, or 4.2%, reaching its worst levels of the day in mid-afternoon trading. Bank of America and Citigroup experienced double-digit percentage losses.”

It was reported yesterday that economic advisors for Obama were in a tug-o-war with Geithner on this Plan, and that Geithner had won… Given the reaction by the markets, I think I would like to see what the Advisors had planned, to make a choice between the two! Maybe Geithner is swayed by the old regime at the Treasury, given he had his hands in there helping the old Treasury Sec. Paulson, with his bailouts and TARP last year… Hmmmm… Makes you wonder…

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