SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : View from the Center and Left
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: JohnM who wrote (103734)2/10/2009 7:07:00 PM
From: Katelew  Read Replies (3) of 542068
 
Yes, S&P 800 considered important support.....has thus far defined bottom end of trading range.

There's a case out there for a last flush to DOW 6000, but don't know what that would be on the S&P.

Geithner gave no clarity with his plan, otherwise referred to as a non-plan. This is being considered responsible for the market rout.

I listened carefully and was truly shocked at how much of a non-plan it was. Also was discouraged by Geithner's lack of gravitas. His testimony was mostly just explaining how we got in this mess, blaming the old administration, and stating ten different ways it's going to take alot of money and a long time for the banking system to be healed. In my mind's eye, I saw the words "tax cheat" stamped on his wrinkled forehead, heretofore being willing to give him a pass on this in the hopes he had some special brilliance to bring to the table.

OTOH, a few things came out in the questioning that appealed to me. One was that he basically admitted that many of our largest banks are indeed insolvent and that he's going to rip the kimonos off them and expose their balance sheets.....something that should have happened before now. The other was his statement that the current mess is bigger and more complex than what led to the formation of the RTC, thus an RTC approach is pretty much off the table. This plus some commentary from the bank CEOs themselves at least seems to indicate a growing awareness that Humpty just can't be put back together....the old business models are dead and gone.

All and all, though, it was a very bad day for the Obama administration. Even without his tax blemishes, Geithner will likely never command the market respect needed going forward.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News