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Photograph of traders watching Treasury Secretary Geithner's speech by Richard Drew/AP
Treasury Secretary Timothy Geithner didn't get the reception he was probably hoping for after revealing the new bank bailout plan that may involve $2 trillion: The Dow Jones Industrial Average has fallen over 300 points/almost 4% (at this point), and the S&P 500 has dropped over 4% and the Nasdaq is off by 3.54%. The main complaint: The lack of details. Asset manager Joseph Keating told Bloomberg News, "The lack of clarity [on the public-private investment fund] has the market upset. Nationalization could have been a better outcome for some banks.” Another investment strategist said, “Everybody is disappointed in the lack of details. They came out and said, ‘We want you to believe that we’re still working on this.’ Well, we knew that last night.”
You can read Geither's speech here—the NY Times notes how he criticized the Bush administration's actions by saying "American people have lost faith in the leaders of our financial institutions and are skeptical that their government has — to this point — used taxpayers’ money in ways that will benefit them." CNBC notes the Treasury's four points: "1) It will set up a public-private fund to mop up to $500 billion of spoiled bank assets; 2) It will set up a consumer-lending facility to support up to $1 trillion in new lending; 3) It will devote up to $50 billion to help stem home foreclosures; 4) It will provide new funding to banks after a "stress test" to determine if the bank is healthy."
In other news, the Senate passed a $838 billion economic stimulus package. Now it's up to Congress.
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Every time these guys go before Congress, the Dow tanks. The Fed should hire dishy blonde supermodels to answer questions about systemic risk, liquidity, and asset backed security programs.
that sounds a lot like cnbc!
Bet Obama is saying to himself "this is much harder than I thought". Much easier making promises on the campaign trail than actually figuring out the details.
Yes, clearly Obama thought being President would only require photo ops with unicorns and sunshine...
LOL
spaghetti-at-the-wall economics
HOPE?.......More like Hopeless!
This plan sucks ass.
your plan sucks ass.
I've got some leftover rubber bands and glue I can pass along to the Fed.
Details? HA!
We have seen this administration's tactics before... The idea is to make news with a vague plan that lacks enough detail to argue against. Then release the horrid details when as few people as possible are paying attention.
How much do you want to bet the details of this bank bailout will come late Friday or over the weekend?
Stimulus Porkage.
dollar cost averaging, short selling,
now's the time to buy buy buy, bitter renter,
and voodoo economics.
who cares about the stock market. cue standard wall street trader with hands on face.
Is it time to buy gold, MREs and ammunition yet?
Land in the exurbs and beyond is starting to look pretty good. I'll need the space to store my gold, MREs and ammunition. Plus it will be easier to see the hordes coming so I can start firing warning shots. How does one defend a one bedroom apartment?
I never understood why gold is the quasi currency of choice at times of unrest or survivalist mentality.
ammo and mre's, who doesn't have a stockpile of those in their closet?
what did the wolverines have at their camp?
Think of the last fight scene from 'The Professional'.
If only SI had waited another couple days for the A-Rod story, the markets totally wouldn't have been paying attention.
"In other news, the Senate passed a $838 billion economic stimulus package. Now it's up to Congress."
Now it's up to the House*
I'm picky that way.