Wall St pooed on Geithner's get the US out of hock plan. Today Geithner will allegedly add more details and attempt to set the tone of authority and direction.
With the DOW plunging almost 400 points yesterday, there is a massive power struggle in play between Wall St and the new administration.
As Geithner provides more information today, several major CEOs from Wall St, the kings of the universe, will be testifying before Congress on their use of the first bailout installment via Bush and Paulson. Let's call that package the "Bush gift."
So the CEOs will get a darn good tongue lashing, leave, and call us suckers. It all will amount to nothing more than a pretend public whipping with a wet noodle, winks and nods will be all the rage.
Reuters: Futures point to higher start on Wall Street
...U.S. Treasury Secretary Geithner testifies before the Senate Budget Committee hearing on "Policies to Address the Crises in Financial and Housing Markets."Reuters: Wall St CEOs to defend use of bailout to Congress
With the economy now mired in a deepening recession, the hearing before the House Financial Services Committee will be the first time that so many bank CEOs will face what could be the full wrath of Washington politicians since the crisis fully took hold.
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