Timothy Geithner opens mouth, stock market drops 200 points

[charliebrown]

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

OK, looks like PPT has the day off. Are we going to see spy gap down as the hopeful give up hope?

[Jim Nickerson]

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

OK, looks like PPT has the day off. Are we going to see spy gap down as the hopeful give up hope?

Or perhaps the "PPT" is NOT all that it's thought to be.

[charliebrown]

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

Very nice play dude. I have dabbled in SDS but at this juncture I'm afraid of a Obama-hot-money pop up. Will open an SDS position at 920 if we see that. Well, casino is closed for today. See you here tomorrow. My s&p buy at 815 is still open.

My general strategy is buy low, wait for a pop, if you dont see one sell a call to cover your loses. I've netted about 5% doing this since Sept.
Not enough to live on. My day job is in trouble, I have to find something.

[goadam1]

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

I guess the Gov forgot to buy commons today.

[blazespinnaker]

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

Or perhaps the "PPT" is NOT all that it's thought to be.

Maybe the ppt is out of money.

[Roughneck]

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

The market was expecting to see the "bad bank" plan thats been floated.You know the one where the government buys up all the bad debt and leaves the taxpayers on the hook for trillions in bad debt. I was a little concerned when he mentioned a need to keep securitizing debt.Isn't that what got us into this mess? Also when he stated they were open to ideas from congress on how to deal with the issues....geez. I though this guy was a whiz kid. In reality he's just another product of the system that got us where we are today.

[GRG55]

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

Or perhaps the "PPT" is NOT all that it's thought to be.

Maybe they were waiting for the word from Larry to pull the trigger...and he's so preoccupied with kneecapping Volcker he forgot about the "real" world...:rolleyes:

[BK]

Re: Geithners has his own Adjustable 1 Million Dollar Mortgage

Yes. The Guy the Obama administration put in charge of the Treasury has his very own adjustable Rate Mortgage. Nothing like putting a guy who can't manage his Families finances in charge of the US Treasury.
Mr Geithner has a $1 Million Adjustable Rate Mortgage on his home - and a $400,000 HELOC- He's like the Poster child for the New American Lifestyle.

------------details below------------- url http://tinyurl.com/bj4ppw
Details from Miami Herald - reporter Greg Gordon
"The couple bought a home in the Washington suburb of Bethesda, Md., in 1992 for $275,000, taking a mortgage of $202,300. Through a series of refinancings and the sale of two properties, they climbed the economic ladder until they bought a house for $1.6 million in Larchmont, N.Y., in 2004.

All of the Geithners' mortgages - from big banks including Nationsbanc, which is now Bank of America; Chase Manhattan, which is now J.P. Morgan Chase; and Wells Fargo - carried adjustable-rate mortgages with the risk that annual rate increases could raise their interest payments to as much as 11.25 percent, though the couple tended to refinance or sell their homes before they faced a rate adjustment.

They also took out second mortgages, now known as home equity lines of credit, borrowing a total of nearly $1 million in 2002 on their second Bethesda home, which they bought a year earlier for $1,085,000.

In 2004, they sold that house for $1.45 million and bought their current house in the New York suburb of Larchmont with a $1 million Wells Fargo mortgage, later adding a $400,000 home equity line of credit, also from Wells Fargo. "

[goadam1]

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

I guess he has a fire in his belly to get the re-fi business rolling.

[FRED]

Re: Geithners has his own Adjustable 1 Million Dollar Mortgage

Yes. The Guy the Obama administration put in charge of the Treasury has his very own adjustable Rate Mortgage. Nothing like putting a guy who can't manage his Families finances in charge of the US Treasury.
Mr Geithner has a $1 Million Adjustable Rate Mortgage on his home - and a $400,000 HELOC- He's like the Poster child for the New American Lifestyle.

------------details below------------- url http://tinyurl.com/bj4ppw
Details from Miami Herald - reporter Greg Gordon
"The couple bought a home in the Washington suburb of Bethesda, Md., in 1992 for $275,000, taking a mortgage of $202,300. Through a series of refinancings and the sale of two properties, they climbed the economic ladder until they bought a house for $1.6 million in Larchmont, N.Y., in 2004.

All of the Geithners' mortgages - from big banks including Nationsbanc, which is now Bank of America; Chase Manhattan, which is now J.P. Morgan Chase; and Wells Fargo - carried adjustable-rate mortgages with the risk that annual rate increases could raise their interest payments to as much as 11.25 percent, though the couple tended to refinance or sell their homes before they faced a rate adjustment.

They also took out second mortgages, now known as home equity lines of credit, borrowing a total of nearly $1 million in 2002 on their second Bethesda home, which they bought a year earlier for $1,085,000.

In 2004, they sold that house for $1.45 million and bought their current house in the New York suburb of Larchmont with a $1 million Wells Fargo mortgage, later adding a $400,000 home equity line of credit, also from Wells Fargo. "

Great find, BK. A couple of revelations here:
1) Geithner is, himself, a debt serf.
2) A financial reporter actually reporting.

[Andreuccio]

Re: Geithners has his own Adjustable 1 Million Dollar Mortgage

1) Geithner is, himself, a debt serf.

On the plus side, at least his interests coincide with my interests.

[Thailandnotes]

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

Geithner Said to Have Prevailed on the Bailout

"He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid.

"Because of the internal debate, some of the most contentious issues remain unresolved."

"...The plan largely repeats the Bush administration’s approach of deferring to many of the same companies and executives who had peddled risky loans and investments at the heart of the crisis and failed to foresee many of the problems plaguing the markets."

http://www.nytimes.com/2009/02/10/bu...eithner&st=cse

This is shameful.