I'd say Tim Geithner had a pretty shitty day

[Stinky The Clown]

The 'market' is fucking nuts. They didn't get enough details? That translates into "how can we steal more unless we know what you're giving us?"

I got a sense of what Geithner proposed.

I kinda liked it.

I like the 'financial stress test' concept. I liked the transparency. I liked the idea that the banks would have to (mostly) play ball.

But shit .... his first shot out of the gate and the market creams his ass.

[Jennicut]

1. The "market" can go f*ck themselves

as they helped get us in this mess. Crybabies.

[GoesTo11]

2. Well, the market ate up every word Greenspan spoke

for all the good it did in the long run.

[Veritas_et_Aequitas]

4. Because he's a libertarian fraud.

I'd use a stronger word than "fraud", but I don't want my post deleted.

[Veritas_et_Aequitas]

3. Stress tests scare the hell out of some of these banks.

I've said it elsewhere, but I think it's important enough to keep repeating: Bank of America will not pass a stress test. It's a dying bank and everyone knows it. And the prospect of letting it die scares the hell out of Wall Street.

[frazzled]

5. Maybe it's a good sign

The bubble markets (casinos) are part of what got us into this mess. If they don't like it, maybe it means it has some teeth.

I don't pretend to understand everything. Listening to all those financial and economic people on Charlie Rose made me think that nobody really fully understands what will work.

[MrsCorleone]

13. To me, this is a good sign that the markets reacted this way.

Had there been a major rally in the financial sector, knowing that they're technically insolvent, it would have indicated no real change and a continuation of the BS. They'll be nationalized, and this scares the crap out of most of these institutions.

[NMDemDist2]

6. they (the Wall ST types) wanted Tim to promise to buy all the toxic paper

when he didn't they are pouting

:banghead:

[DJ13]

7. It wasnt that they didnt get enough details

It was that they didnt like the details given today.

You already mentioned several.......

"'financial stress test'"

"transparency"

The banks want bailouts without strings or oversight.

They didnt get that, and they arent happy.

[louis-t]

8. All I'm hearing is "They won't give any DETAILS".

Waaaaahhh! Didn't Geitner just spend a half hour giving details? Jeez.

I guess maybe "tax cuts tax cuts tax cuts" would have made them happy.:eyes:

[AndyA]

9. It's because the powers that be who have manipulated the stock market,

oil, and everything else know that they've shot their wad, so to speak. The free ride is over. The new watch word is transparency and accountability. They've milked the system for millions over the last few years, and it's now coming to an end. Checks and balances were tossed out the door, and no consideration was given to stability. Finally, one too many supports was removed and the whole thing just about came tumbling down.

They have all been caught with their pants down, in bed, with the ho, by their wives.

The day they've all dreaded has finally arrived.

[marketcrazy1]

10. Geitner just testified

the so called "stress test" will not meaningfully apply to the largest banks. basically admitted they will not be allowed to fail regardless of the outcome of the stress test. at least thats how i interpreted his testimony... listen ......... http://c-span.org/Listen/C-SPAN-Radio_wm.aspx

[Zynx]

15. We can't truly let a big bank "fail". If you just let one of the big four go down, the results

are not appetizing. However, I would say we could easily see nationalization in all but name.

[Hubert Flottz]

11. Better head right straight to a Cardiac Catheterization procedure!

Or a By-pass!

[Warpy]

12. Nobody likes the package since the conservatives got done with it

and that's really the problem here. It pleases neither supply side dogmatists nor demand side hopefuls. It's a mess of a plan that will do little to ameliorate deteriorating conditions.

However, nothing passed at this point will stop the slide. The economy is going to be in the crapper for the next 2 years and there is nothing anyone can do about it. In fact, I'd rather see all the conservative bullshit completely discredited than get everything that really needs to be done into the plan.

Doing everything right today will make the bottom shallower and last a shorter time, but the conservative bullshit will always come back to bite us unless we manage to discredit it completely. The Depression was lengthened when chickenshit conservatives in Congress prematurely ended the New Deal programs, ushering in the deep recession of 1937.

Remember, we haven't hit bottom yet and we will hit bottom. There is little that can be done to avoid it. The best we can hope for is that conservatives are blamed for it.

[Telly Savalas]

20. The OP wasn't about the stimulus package.

It was about the financial plan Geithner laid out today. I don't think anything he proposed today requires any Congressional action.

[terisan]

14. Possibly because insiders know some of the Big Banks should disappear and US can't shoulder their

debt without bankrupting itself ala Iceland.

or maybe they know Fed can't sell paper to cover stimulus without increasing interest rates dramatically , or maybe they want to see a unified plan based on hard facts--not the piecemeal presentation of discrete spending monsters we are getting.

or maybe Bush just "chicken-littled" us to the limit and thereby killed our collective Belief in Authority brain cells.

[AngryOldDem]

16. Like someone said, the market can go f---- itself.

The banks are what got us into this mess (despite what that clown at the news conference last night believes) and of course they deserve to be put under scrutiny before pissing away any more of our money. From what I heard of Geithner's plan, I like it.

The market just expects to do whatever it wants. Doesn't work that way.

But really, Congress really screwed it when it passed TARP with virtually no oversight last fall.

[pansypoo53219]

17. i think wall street wanted more cookies.

fuck wall street.

[Captain Hilts]

18. It's that damned Invisible Hand at it again!!! nt

[Fire1]

19. Him too ? I have alot of those.

[RB TexLa]

21. There wasn't any details. He was sent out there and read some talking points.

Plus the president hyped it at his news conference. Wall street hates uncertainty. You offer up what was offered today and this is what you will get. If they don't have the details worked out they should not have put him out there to speak.

[spanone]

22. it's amazing that the nooze mimics the same phrase 'no detals' 'not enough details'

[amborin]

23. if you read this article and especially the posters' comments...you get an idea

of what some of the issues are:

<http://norris.blogs.nytimes.com/2009/02/10/bailout-v-20/#comments>