February 10, 2009

Restoring Market Confidence

From the Presidents Press Conference:
My immediate task is making sure that the second half of that money, $350 billion, is spent properly. That's my first job. Before I even think about what else I've got to do, my first task is to make sure that my Secretary of the Treasury, Tim Geithner, working with Larry Summers, my National Economic Advisor, and others, are coming up with the best possible plan to use this money wisely…
...I don't want to preempt my Secretary of the Treasury; he's going to be laying out these principles in great detail tomorrow. But my instruction to him has been, let's get this right, let's create a template in which we're restoring market confidence.
Giethner Speaks, Market Tanks.
This is the tax cheat that had to be confirmed because he was the only one that could save the world. In typical Obama fashion he built up expectations and then Geithner comes up lacking. Am I sensing a pattern here? Larry Kudlow wonders if Geithner is ready even for prime time:
The day after President Obama’s big news conference, and on the day Treasury-man Tim Geithner unveiled his Bank Bailout Nation TARP III Plan, stock markets plunged in a vote of no-confidence, with the Dow dropping nearly 400 points.
The Comedy Continues.
The President is running around the country pissing like a puppy, screaming catastrophe at every opportunity, while trying to put lipstick on his stimulus pig. Let this be a lesson to you, the White House is no place for on the job training.

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