Timothy Geithner opens mouth, stock market drops 200 points

[metalman]

Administration unveiling bailout overhaul
Tuesday February 10, 10:27 am ET
By Martin Crutsinger, AP Economics Writer Administration unveiling aggressive effort for banking crisis; support could top $1 trillion WASHINGTON (AP) -- The Obama administration is promising an aggressive effort to combat the worst financial crisis in seven decades, unveiling a program that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again.

Treasury Secretary Timothy Geithner said Tuesday the new plan would bring the full force of the federal government to bear in a partnership with the private sector.

--

what? more fire economy public-private partnerships? we're hosed.

[GRG55]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Administration unveiling bailout overhaul
Tuesday February 10, 10:27 am ET
By Martin Crutsinger, AP Economics Writer Administration unveiling aggressive effort for banking crisis; support could top $1 trillion WASHINGTON (AP) -- The Obama administration is promising an aggressive effort to combat the worst financial crisis in seven decades, unveiling a program that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again.

Treasury Secretary Timothy Geithner said Tuesday the new plan would bring the full force of the federal government to bear in a partnership with the private sector.

--

what? more fire economy public-private partnerships? we're fucked.

Time for the new Administration to employ another well used strategy of the old administration...PPT where art thou...

[LargoWinch]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Yep, it is not pretty out there at the moment.

Send in the governator...quick!

Dow Jones 7,985.81 285.06 (3.45%) S&P 500 838.61 31.28 (3.60%) Nasdaq 1,542.43 49.13 (3.09%) TSE 300 9,003.20 44.08 (0.49%) RJA 7.18 0.19 (2.52%) GOLD 89.78 1.41 (1.60%) CDN-USD 0.8184 0.00 (0.00%) 30 YRS T-BILLS 3.58 0.1260

[goadam1]

Re: Timothy Geithner opens mouth, stock market drops 200 points

The market wanted to hear about suitcases of money and passports with new i.d.. How much more would you like to hear?

[D-Mack]

Re: Timothy Geithner opens mouth, stock market drops 200 points

I didn't know of his ties through his father to the Obama's and the foundation world

Geithner was born in Brooklyn, New York, USA.[4] His father, Peter F. Geithner, is the director of the Asia program at the Ford Foundation in New York. During the early 1980s, Peter Geithner oversaw the Ford Foundation's microfinance programs in Indonesia being developed by Ann Dunham-Soetoro, mother of President Barack Obama, and they met in person at least once.[5]
http://sthweb.bu.edu/shaw/anna-howar...hy_F._Geithner

But the DJI was dipping into 7900 severel times for the last weeks, anyway.

[goadam1]

Re: Timothy Geithner opens mouth, stock market drops 200 points

ooh a conspiracy. Maybe they are the last Templars?

[Sapiens]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Don’t mock it, the alternative actions in their arsenal is nothing to be happy about.

[D-Mack]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Time for the new Administration to employ another well used strategy of the old administration...PPT where art thou...

Crime Scene Investigation
BY ROB KIRBY

Last week on Thursday February 5th, 2009, The President’s Working Group On Financial Markets held their first official soiree with former New York Federal Reserve Bank President, Timothy Geithner, installed as President Obama’s pick as Treasury Secretary.

In the spirit of “Change has come to America” and transparency, cameras were invited in for the ‘proverbial photo-op’ in what was no doubt an attempt to demystify this shadowy organization. You can see this press conference for yourself beginning at the 3:20 minute mark of this video excerpt.

http://www.financialsense.com/Market/wrapup.htm

[Fiat Currency]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Time for the new Administration to employ another well used strategy of the old administration...PPT where art thou...

Give it until about 2:30pm ET ... that's when they'll start buying

[fliped42]

Re: Timothy Geithner opens mouth, stock market drops 200 points

Watched the speech and thought it was the worst possible outcome. For two weeks they have been promoting a "Big Bang" for trying to bail out the banks and all he can come up with for this highly anticipated speech is.

1) We are going to open a website so you know where we spent the money.
2) We will deal with the most important issue housing in two weeks.
3) And whatever we decide to do we will have to go back to congress so they can add another 2 weeks of bickering and tack on the required serving of pork.
5) We will spend all the money we have to once we figure out what to do.
6) We will regulate these insolvent industries.
7) We will call the Europeans and Chinese and ask them what we should do.

Of course the markest didn't like it it showed no direction or leadership. No confidence. It didn't live up to the billing. IMHO If they said we are letting all the banks go out of business it would have been better at least there would be a clear policy direction.

[goadam1]

Re: Timothy Geithner opens mouth, stock market drops 200 points

who mocks it? I think Mr. Market took a piss on Mr Obama and that is all I need to know about the world. I live in New York and there were a couple of pissy wall streeters at private school drop off today.

[metalman]

Re: Timothy Geithner opens mouth, stock market drops 200 points

who mocks it? I think Mr. Market took a piss on Mr Obama and that is all I need to know about the world. I live in New York and there were a couple of pissy wall streeters at private school drop off today.

down 400 pts. anyone trading the ppt? they should be along in about 10 minutes.

[charliebrown]

Re: Timothy Geithner opens mouth, stock market drops 200 points

well, 2:30 almost here, i have a buy in at spy 815. It would be nice for a non linear dip, then the PPT lets watch. Do you got popcorn? I'm going up for a coke

[LargoWinch]

Re: Timothy Geithner opens mouth, stock market drops 200 points

The currencies of commodities-related countries are getting hit especially hard. Peter where are thou?

These are gold prices (in green and change vs USD in Red):

US Dollar	--	02/10-15:25	--	--	916.10	+21.10		+2.36%
Australian Dollar	-4.38%	02/10-15:21	1.5367	0.6507	1407.77	+90.11		+6.84%
Brazilian Real	-0.27%	02/10-15:04	2.2687	0.4408	2078.36	+53.42		+2.64%
British Pound	-3.05%	02/10-15:25	0.6912	1.4469	633.16	+32.89		+5.48%
Canadian Dollar	-2.50%	02/10-15:21	1.2478	0.8014	1143.06	+53.54		+4.91%

[LargoWinch]

Re: Timothy Geithner opens mouth, stock market drops 200 points

well, 2:30 almost here, i have a buy in at spy 815. It would be nice for a non linear dip, then the PPT lets watch. Do you got popcorn? I'm going up for a coke

I have been clicking sell on FAZ as hard as I can.

Now I can afford popcorn too!