Couldn't they have announced this plan weeks ago? No wonder the market is disappointed. The plan is no different than TARP I except for the private investment idea that WON'T WORK. They are trying to pass off all the risk to private investors. So much for a comprehensive financial bailout plan. Geithner is even worse than Paulson. We are f**ked as a country.
geithner........raised out of the corrupt evil dungeons of the PRIVATELY held FED NY branch! What more needs to be said! :eek:
You're right, Geithner is even worse. At least Paulson paid his taxes. They won't be able to fob off these bad assets on private investors. Tax payers will be on the hook. To recapitalize banks, you can't sell $1 in bank assets for a $1 because that just means that the banks are shedding capital. The only way to recapitalize the banks using TARP is to overpay for the assets. To encourage this overpayment, the government is going to provide a guarantee and guess who pays for that guarantee...... So, "hope" & "change" = more of the same, hoping for a different result.
It isn't a bad speech, but no surprises so far. I get the impression the theme behind the scenes is confidence.
Geithner is an idiot!!! WTF this is the same bs plan that Paulson was using. Geithner is clueless. He is not the solution, but has been part of the problem all the way back to 1998 LTCM crisis!!! This F* head was in charge of all those NY banks that started this mess!!!! Market has no confidence in this empty suit!