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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Poet who wrote (180464)1/29/2009 2:10:22 PM
From: patron_anejo_por_favorRead Replies (3) of 306849
 
>>Would your opinion of Geithner change if his and Obama's actions yield noticeable changes for the better?<<

That possibility is so remote that it doesn't concern me....<NG>

Let me make this clear: I was against Geithner BEFORE the tax stuff came up, based on his catastrophic policies as head of the NY Fed. Including (specifically) the LTCM bailout, the willingness to avoid meaningfully limits on credt derivatives (even though, as chief bank regulator of the region where these institutions were centered it was his responsibility to do so). And for the BSC bailout/takeunder, in which he was a prime architect. I have no doubt he'll be equally disastrous as Secretary of the Treasury, I see a horrendous 10 year track record and no heretofore undiscovered resources he possesses that will change the performance record going forward.

There are pros and cons in his other picks. But the coup de grace was the 850 billion dollar "stimulus bill" which the CBO tells us has < 5% going for infrastructure and more than half of which won't be spent for the next 2 years. Right about the time we're in a stagflationary inferno, which this bill will only serve to accelerate.

Obama's own character may be OK. This is not a character issue; he's listening to the wrong people, and it will end in tears.
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