President Obama is getting whupped over his Treasury secretary, Timothy Geithner, and the heaviest hits are coming from the left. David Kurtz at Talking Points Memo was succinct: "Geithner bank plan is as bad as advertised."
More samples of the left-wing blogs on Geithner and his handling of the bank bailout here, and here and here.
On the other hand, Wall Street must have liked it. The S&P 500 and the Dow industrials posted their biggest one-day percentage gains since late October, rising bout 7%.
yeah but the market will probably go down a couple hundred points tomorrow. The plan is strange and not enough to turn things around on its own, but the recent rally the last couple of weeks is somewhat promising.
I keep thinking this market gain is only to get the people back into the market who got out early and now think it's the rebound only to have George Soros and Obama tank the market again to reap a couple more trillion.I figure it a 50-50 chance I'm right.
Brian, I give you 60-40 chances that you're right. At least.
Here's my projections.
1. Despite the liberals' claim that the economic conditions of the last 12 or so months took as long as 20+ years since the Reagan era to happen (or at least can be totally blamed on W), any credit for a fast economic turnaround will be quickly claimed by the current prez and demo congress. Any reasonable economist knows that a full 180 turn takes many months, if not years.
In other words, blame conservatives for the problem and credit liberals for the solution, even if improvement over the next year is really a result of Bush's work.
2. Whatever the outcome over the next few months, Obama will claim that he told us so. Last month we were in a mess of "crisis" proportions. Now Obama says it'll be over in a year or so. Can I have that same crystal ball so I can plan my investing?
3. Expect a whole new batch of economic buzzwords, what used to be called gobbledygook. "If you can't dazzle 'em with brilliance..."
I think Obama is going to throw everything he can at the wall and when one thing sticks, he'll disregard the mess from all else that has fallen on the floor, claiming victory. We citizens will be so overwhelmed with new taxes and meeting new "green" requirements, we won't be able to comprehend or keep up with it all, as more socialized agendas work through our political system.
" sunguy 49" Re; goobledygook. I got beat up while at Fresno State. I wrote a historical story. Dates, places and principle characters were authentic. Some of it was fiction. THE SEPULCHER IN THE WAVES was about the Visigoth king Alarich and his unexpected sudden death after conquering Rome. Legend claims that the Visigoth diverted the river Busento on Calabria, burried their dead king with all his treasures, and then diverted the river back into its bed. The story contained names such as the Balten dynasty, Fritigil the Christian queen of the Markomanni; Guntharis; Teodemaer; Amelungs, Hadubad, Gotelindis, Ulf, et.al.. I copied (by hand ) a map of the Roman provinces Raetia, Noricum and Pannonicum. The students brought the story back with favorable critique, except for one. She wrote that she was sure that Isabell's story was well researched as always, but she would not read all those foreign names which she never heard of. She just refused to "critique Isabell's goobledygook." That is the only other time I ran across that word. I still have that copy of the story, and I am still laughing about the total rejection (one out of 17) of my story. It's great not to be the President. hahaha!
When the media wanted Gore to win in 2000, they talked about how great the economy was, even though it wasn't.
When the media wanted BO to win in 2008, they talked about how bad the economy was, even though it was a far site better than it is now.
When BO wanted his stimulus, he actually said, which was despicable, that if he didn't get it, the American economy just might not come back. Such scare tactics talked the stock market down another 1,000 points. Finally, Bill Clinton told him to knock it off.
Now that BO has gotten what he wants and it's in his best interests, not to mention ours, to say that everything is not that bad, the stock market has been coming back up.
BO likes to say that nothing that is currently happening is his fault, and there are people out there stupid enough to believe him. But nothing could be farther from the truth.
Facts are: democrats in congress brought about the housing crisis because (1) they forced banks to lend to unqualified people; (2) refused to do anything about Fannie Mae and Freddie Mac when they were warned by the Bush administration on more than one occasion. Barney Frank and Chris Dodd, two of the biggest crooks in America, were too busy stuffing their pockets with campaign cash and looking the other way.
BO was a member of the United States Senate when all this was going on. Maybe he doesn't remember because he was too busy running for a job for which he is supremely unqualified.
Roxanna...If the bands Toto and The Police teamed up they might produce a song called "Roxanna"...seriously though do you think facts matter to selective memories of the "New Socialists" aka. Democrat voters for Obama?
Brian, thanks for the addition to my pseudonym. Not only "New Socialists" voted for Obama, but many moderate Republicans who were tired of the Bush wars, the physiological and economic blood letting of our nation. Last but not least, the loss of America's prestige abroad. They shunned Mc Cain because of his hawkish platform. Now Obama has become a war president, picking up where Bush left off and adding to it. The Republicans will come back in 2012. The majority of us are sick of counting the dead, of feeding humans to the Military Industrial Complex for profit. I just finished reading President Eisenhower's address. The highest ranking American military general knew war profiteering when he saw it. It had nothing to do with the protection of the homeland. Cheer up Roxanna, change of the change is only 4 years off. And it would help if you got out of Fantasy Land and joined the here and now reality. Now back to grading. Tomorrow starts another week.