Tuesday, February 10, 2009

Updated: Tim Geithner Causes Stock Dump

Even as the Stimulus Package passed today, Golden Boy Tim Geithner, our nation's new Treasury Secretary and Tax Cheat, is acquiring a new tarnish. For starters, his idiot policies caused the stock market to take a dump today. UPDATE: We originally posted this at 3:27 pm, EST. Michelle Malkin got this up a couple of hours later: Tax cheat wonder boy Geithner is a laughingstock. Barack Obama, then, is also a laughing stock. Obama picked Geithner. Obama lauded him as brilliant. We now see that the unethical Geithner, while not a stupid man, is not the saviour that Our Lord Barack promised us he is. Or was, or would be. Or could be. Breitbart weighed in, too: N.Y. stocks tumble on skepticism over economic plans+ Seems Geithner, who was hyped by Democrats prior to his confirmation as the Only Man Who Can Save Us, is not the man who can save us. To wit, this breaking news: Stocks tumbled 3 percent on Tuesday as bank shares slid on concerns that a plan to shore up the financial sector unveiled by Treasury Secretary Timothy Geithner may not be enough to loosen up credit and contain the deepening recession. Indexes slumped immediately following Geithner's announcement of a plan to mop up $500 billion in spoiled assets from the beleaguered banking system. (Washington Post...) What? Geithner's genius master plan, whatever the hell that is, isn't working?!? That's right, it AIN'T WORKING! The newly named Financial Stability Plan expands some of the lending and equity capital investing mandates under the Troubled Asset Relief Program (TARP), adds the creation of a "public-private partnership" to buy troubled assets from banks, and will put the 15 largest U.S. banks through a rigorous regulatory stress test before allowing them to tap additional federal bailout money. The market reaction? Investors dumped bank stocks. (Forbes...) Genius, pure frikking genius. Si, se pueda! CNB RSS Feed