From Pine View Farm

Morning Joke 5

Via Andrew Sullivan.

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5 comments

  1. Bill

    February 10, 2009 at 4:17 pm

    I thought the “morning joke” was Treasury Secretary Geithner’s “…as soon as we can figure out a plan, we’ll have a plan…” speech.  Things are a mess and I understand the complexities of trying to come up with an fix.  But don’t pretend you have a plan in place when you don’t.  The markets can and have taken a lot of bad news.  What the markets don’t like (as illustrated by today’s selloff) is the promise of a fix that is more smoke than substance.

     
  2. Frank

    February 10, 2009 at 6:45 pm

    I’ll read about his speech later.

    Frankly, I think they should be prosecuting some of these guys, not bailing them out.  I have a suspicion that  prosecutions will come later.

     
  3. Bill

    February 10, 2009 at 9:52 pm

    I agree.  Many of these guys should be out of a job and some should end up in jail.  That energy can be expended later.  Now the first priority should be (and seems to be) fixing the problem.  Seven or eight of the major bank CEOs will be testifying before one of the Congressional committees tomorrow – that should be entertaining.  I plan to listen on CNBC assuming Sirius-XM doesn’t fold between now and then.

    I just think the Administration needs to learn about ratcheting up expectations and not delivering the goods.  Perhaps that happened today.  As I said, the markets appear to be able to absorb a lot of negative news.  Geithner did not present a plan as the Administration promised.  It was more of a framework or outline for a plan.  The markets expected something substantive, based largely on the build-up by the Administration, and reacted badly when it wasn’t presented.  Hopefully, it’s just part of the learning curve for the new Administration.

     
  4. Bill

    February 10, 2009 at 9:59 pm

    By the way, if you spent $1,000,000 each and every day since the first day of year 1 A.D., you still would not have spent $1 trillion as of today.  Frightening isn’t it.

     
  5. Bill

    February 11, 2009 at 7:44 pm

    I listened to the bank CEOs testify before the House Financial Services Committee.  Jamie Dimon was the smartest person in the room.  How some members of Congress ever won an election is a mystery to me.