Geithner's plan is doomed to fail ........

[Stinky The Clown]

..... because I like it.

I am as far from a financial maven as can be found. I am, however, in business.

I like what I am hearing.

Maybe its just the framing. He's calling out the former noodnicks who got us here.

[eleny]

1. Did you see that the Dow has dropped 100 sicne he started speaking

Someone else pointed this out in another thread. Jeez. :(

[Stinky The Clown]

2. Yes, I commented to Sparkly about that

I actually think the Dow is disconnected, in many ways, from what happens elsewhere right now. People are **still** making money there. I think what is happening right now is they are driving it down to buy cheap and then it will go up ..... maybe even as soon as today or tomorrow.

[Thrill]

3. Hopefully we don't allow the DOW to influence policy

[notesdev]

4. Uh, you know...

that's pretty much what this bailout is in the first place...

[marketcrazy1]

7. the market was expecting

a comprehensive plan to be announced, what they got was a plan to make a plan with details to follow in coming weeks?? and a cost of trillions?

[OwnedByFerrets]

It must be a very labor oriented plan then....Dow Steet hates

ANYTHING that helps middle america and labor.

[JFKfanforever]

6. Yes, I noticed the drop in the Dow...

If he cannot calculate his taxes properly without making a
"mistake" or two, how can we trust him to calculate
the impact of yet another bailout of banks which have grossly
abused TARP I?

[Donnachaidh]

8. err, he blamed his tax problems on Turbo Tax

Of COURSE it was the software that caused the problem. :sarcasm: :rofl:

[Stinky The Clown]

9. He didn't make a mistake on his taxes.

He cheated on his taxes.

[KoKo]

10. Down 300 now....

[Spazito]

13. If the Stock Market doesn't like it, it must be good for the American public and not so good...

for the fat cats/CEOs/big 'feeding from the taxpayers' trough' corporations.

[Orsino]

16. If it scares the robber barons...

...it may not be all bad.

[KoKo]

5. All I heard from him was "Give Me Your Money NOW! Give it TO ME!"

It thought he was dreadful.... I wouldn't trust him with my piggy bank. :eyes:

[kentuck]

11. Ask for more than you want...

when they compromise the total, he will end up with what he wanted... He is not a very credible Treasury Secretary. I would have preferred Robert Reich in his position.

[BootinUp]

12. Well

I thought his presentation was fine, but its pretty clear there isn't a quick fix to this humongous turd economy that Bush left. The stock market must have been hoping for a convincing fairy tale as it is now falling like a rock in a vacuum.

[HamdenRice]

14. What pisses me off most is that it might work

And what I mean by that, is it's a lot like the Baker Latin American debt plan in that it drafts the private sector investors to turn things around.

That means that they stand to make enormous profits.

The nationalization of the banks should be taken to its logical conclusion and when the situation turns around, the profits should accrue to the American taxpayer, not hedge funds.

[marketcrazy1]

15. I hear you HamdenRice

if this goes down the way I am hearing hedge funds will be the big winners, with the FED/Treasury financing these "private" investments with non recourse loans the hedge funds could reap 200+ percent yearly returns with almost zero risk! and when the bottom falls out tax payers via the treasury will assume the lions share of any losses..