If you’re interested in the full text of Treasury Secretary Tim Geithner’s speech from this morning, you can read it here. But I’ll sum it up by saying that it contains a lot of talk, with few details. Everyone is kind of sitting around and asking, “That’s it? No real details on the plan? No real idea of how these assets are going to be priced?” The market is not pleased, with the Dow down around 280 points at last count.
{ 3 comments… read them below or add one }
I think the point was we didn’t get in this situation overnight and it’s going to take a great deal of time and hard work – there is no instant solution that will please everybody
America- We don’t make anything, we just consume. Pigged out on equity loans and explosion of home values; now gone and some are upside down or just toasted by ARM’s. Economy is 70% consumption. We have so much debt, personally, we can consume anymore. We’re addicts, like alcoholics. Bush gave us a bottle or two last year. Now Obama is having a kegger. Doesn’t matter. The booze is running out-finite supply. Time to detox; painful, some don’t make it-companies, people and governments.
As noted by the comments from your analyst from the GDR, time is up. China a good play. They still make things and don’t give a rats pitoot about standard of living.
We’re a Nation that has lived way beyond our means, betting tomorrow will bring more of yesterday. Yes, prompted and fostered by easy money, ninja loans, inflated asset prices, and an out of control Fed. Sorry to all including me, but last call at the bar was Sept 08.
The bear has just started his rampage. A long way to go until he/she hibernates.
I live in a unscale Country Club. Many of my club members are scared to death about their future. Many have lost 40% – 90% of their savings. Thanks due to your help I have lost very little, but I need your help! How do I invest into the future?