Wall St labeled the plan as befitting an ingrate, poorly detailed, and once again the market is off and running over the cliff.
Looking at the DOW right now, its down 358 points. Cripes.
Talk about not feeling the vibe, I mean, let's face it, now what?
Reuters: U.S. offers new bank rescue plan
"Investors want clarity, simplicity, and resolution. This plan is seen as convoluted, obfuscating, and clouded," said James Ellman, President of Seacliff Capital in San Francisco.
"The spectacle of huge amounts of taxpayer money being provided to the same institutions that helped cause the crisis, with limited transparency and oversight, added to public distrust," Geithner said.
3 comments:
The banks just want the $$ with no rules. Then they can spend it on more Corp. goodies for themselves. Screw the borrowers, who needs them?
i have to say at the very bottom of this whole mess lay some very unscrupulous people.
The sense that the market is being manipulated to force a transference of wealth is pronounced.
I have to say I am somewhat shocked by the reaction to Geithner and Obama, its very disheartening. These bankers want to see everything go into complete chaos so they can observe it from a gated militarized island or something.
They are like AIDs organisms, they have a great old time killing the host and in the end they die too. Is it all about how many beans you have?
Good analysis. Naomi Klein's Shock Doctrine hits the nail on the head. These folks don't want stability! They want as much chaos and disaster as possible. They can then make huge profits from the wild swings. The last thing they want is to go back to being bankers. They're gamblers not bankers. They need fresh money to gamble with and they want the rest of us to fork it over. Looks like Tim and Obama are going to do just that.
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