So...does Wall Street like Geithner's plan now...or WHAT???

[CoffeeCat]

Tuesday, after Geithner unveiled his plan for the banking industry--the stock market plunged a few hundred
points, and the media couldn't stop blaming Geithner for the fall.

Countless stories were written about "Wall Street hates Geithner plan" and his words alone were blamed for
the stock market tanking.

So, Geithner's plan remains the same today. I haven't seen Geithner retract any statements or announce that
everyone should ignore what he said on Tuesday. Still, the stock market went up yesterday and is seeing gains
again today.

So, does Wall Street like Geithner now? Did they decide that the sky wasn't falling after all?

Or was the media just looking to blame the Obama Administration for every bad thing that happens?

[cosmik debris]

1. Have you checked the market today? n/t

[CoffeeCat]

3. I did, it was up 50 last time I looked...

...and yesterday it was up about 50.

What happened? Did the bottom fall out when I was posting?

(((runs to check on the DOW)))
---------

Adding: .....Ok, ok I'm...back...((out of breath))...DOW is down 200 and some change.

[cosmik debris]

9. The DOW opened down 150 pts

And is still on the decline.

That may mean a lot of things, but it is certainly not a vote of confidence.

[Flying Dream Blues]

2. I'll take C) Blame the Obama Administration for every bad thing...

It's ridiculous.

[razorman]

4. From what I've been reading, they claim that there was no real plan.

Supposedly, the disappointment and subsequent stock market drop were because of a lack of specifics. I think they are just upset that he did not promise them another immediate handout.

[CoffeeCat]

7. I'm trying to understand this....

So, when you say "I think they are just upset that he did not promise them another immediate handout"...who is "they" and "them"?

Do you think it was institutional investors dumping stocks on Monday?

Do you think it was an orchestrated punishment?

It feels orchestrated to me. I guess that's why I'm asking these questions.

I get the feeling that some the collective financial powers--that-be said, "Oh buddy...you aren't going to give us what
we want...watch us dump a whole lot of everything as our buddies in the financial media blame you!"

Then, I start thinking like that...and I scare myself.

Talk me down...or at least tell me I'm not losing it...

[havocmom]

11. Pretty much how the GOP on the Hill behaves

They seem to think 'bipartisan' = My WAY or the highway. Could it be that Big Money is playing same game? I share your fears. They don't care about the nation and THEY have enough food in the larder, what do they care if millions more end up unemployed?

[CoffeeCat]

14. In my opinion...

...coordinated sabotage is not unthinkable.

The biggest clue is how the financial media was so quick to link Geithner and Obama to the stock market plunge on Tuesday. And
I think that "big money" and the corporotocracy that has taken over our government--IS working in tandem with most Republicans
and many Democrats. The neocon politicians are interlined with the corporations--and they can manipulate the market to benefit
themselves and punish those who don't go alone.

It's as if they're saying, "You don't do what we like, we'll tank the market and America will hate you and blame you for
this economic crisis."

Obama taking it on the road was probably a good idea.

[havocmom]

16. The 1%ers are not going to let We The People back in charge without a fight

They took decades to dismantle FDR's good work. They do not give up.

[CoffeeCat]

17. Ok, good--I might not be going crazy...

Because Tuesday felt like an orchestrated hit on the Obama Administration--because Wall Street
did not like what Geithner had to say.

It felt like deliberate drama, designed to turn America against Obama and Geithner.

Sometimes intuition is all you need.

[havocmom]

19. Intution: just another term for ability to connect dots

Amazing how many people cannot.

[sharp_stick]

5. Anybody that follows the market

and blames daily fluctuations on single events is soon to be seperated from his money. The market is a complicated mess, always has been and has become even worse after more than 8 years of regulatory neglect.

The current mess is more a representation of people running around screaming "What the Fuck, sell, sell no buy buy" anytime somebody farts on the trading floor.

Personally I couldn't give a shit whether they like Geithners plan, they're going to have to learn to live with it and get used to the fact that somebody will probably be watching over their cheating ass shoulders from now on.

All of course IMHO

[CoffeeCat]

8. Well, the media sure blamed Geithner...

...and I think most of America assumed that Geithner was to blame for the large drop on Tuesday.

At least, that's what the financial media wanted everyone to believe.

[sharp_stick]

12. The media thrives on controversy and simplicity

if they can't fit something into a 20 second headline sound byte it won't play. The only place on the tube where you may, may being the keyword here, find some real market news is on Bloomberg and CNBC and then only if you dig a little deeper than the tools like Cramer, who consistently gets outpicked in the market by the late great Leonard the Wonder Monkey.

[Statistical]

6. It wasn't that Wallstreet didn't like Geitner's plan.....

Geitner's plan was missing the PLAN.

Wallstreet was expecting details. Everything Geitner said has been talked about for weeks.
Everyone was expecting specifics and when it didn't happen the market tanked.

Same things happen with individual stocks when a CEO has no plan and the market is expecting one.

If/when Geitner gets down to specific details the market will likely rally.
It would have rallied this week if there was any meat in Geitner's plan.

[Mudoria]

10. I agree

If you don't have any specifics why even waste the time the to show up? Especially since the President the night before had deflected a couple of questions so as not to step on the toes of Geitner's press op the next day. When folks heard that, myself included, I thought some concrete plans were going to be put forward Tuesday and the President didn't want to get ahead of the announcement.

[Statistical]

13. The strange thing is Geitner is an experienced and smart guy.

He knows how the "game is played".

The press conference was originally going to be Monday. It got pushed back a day. Obama backs him up by deflecting all questions to Geitner.

Then Geitner comes out and fills empty air. :wtf:

I really can't figure it out.

Hopefully the next time he has a national audience he puts some serious details out.

[CoffeeCat]

15. I'm wondering....

...if their original plan was very meaty--and incredibly displeasing to Wall Street.

They postponed, which could signal that they were worried about how the market would react. A delay
usually means there is a problem, and they need time to recast their presentation.

So, Tuesday comes along---and there's no there there.

I think the "there" was removed. I think they decided that right now--when Obama is trying to pass the
stimulus bill--is not a good time to let Wall Street know that Obama isn't going to kow tow to their
every whim any more.

If the market tanked a few hundred on no news--can you imagine what would have happened if Obama/Geithner
had announced policies and ideas that benefited Main Street and said FU to Wall Street?

[Statistical]

18. Could be.....

Hopefully the next time Geitner talks about the TARP2 plan he will have the plan.

Markets HATE absolutely HATE uncertainty. That is why a company like AMZN can post very (actually incredibly good for this enviroment) numbers but offer an unknown forward outlook and get smashed.

Even if the plan is unfavorable to the banks it is like pulling a bandaid off quick. If the market goes down it will be replaced w/ more certainty and confidence going forward.

Remember financial services is only one sector. CAT doesn't care if the banks get shafted. CAT shareholders only care will it fix the problem and allow CAT to get the loans it needs to expand.

Even a "bad" (in terms of unfavorable to the banks) plan is better than no plan.

I think you might be right on the timing. Maybe Obama told him to softball it until Stimulus is done.
"One battle at a time"

[backscatter712]

20. That's what I'm starting to think.

Wall Street is reacting to the news that they're not going to just get a firehose of free money from the taxpayers.

Instead, they're going to be forced to grab their ankles and get the latex-glove treatment from the Treasury Dept. All their dirty laundry is likely to be aired, and a large lot of the bigwigs are likely to face criminal prosecutions and civil lawsuits. Yes, a lot of Wall Street is likely to get financial help, but they're going to get serious scrutiny.

And yeah, the Wall Street neocons are dumping stocks and such to force the market down - they're going to fight this.