just a few remarks about today:
this is actually the former way of running the economy:
giving speeches, opinions ("our economy is in good shape, blablabla...") or even simple promises in order to make the people consuming, buying stock or even property (they can not afford).
let's hope that the new government sees its role in more than the few things mentioned above. I actually like how they have addressed the problems of the banking sector so far. No panic action only because stocks are down.
Geithner has been critized for being "not specific enough" recently (actually the only thing he has not done was promising Wall Street was Wall Street wanted to here: "keep going as always, we pay for it in any case" (essentially the approach of the former government). So Wall Street "punished" him for this recently. How impolite by the new government, it does not give them what they want. Or remember how the car industry bosses flew with their private jets to the congress. They did not even consider it necessary to have a plan, they just wanted to fill their bags with money and leave again.
However, keep going as usual is not the answer.
I acknowledge that the new government first evaluates the situation before taking action (although it was painful for us) instead of simply doing nothing (Lehman) or simply throwing out money without thinking about it.
Some things need to be fixed, not only talked away. There have been to many speeches the last couple of years. We don't need speeches only because the DOW is down.
Geithner's plan has substance because it helps those who deserve it but also exposes those who try to live by simple promises. I'm confident that BAC belongs to the first.
Did you realize every so-called investment expert or stock guru considered nationalization imminent and unavoidable a few days ago. On Friday it seemed only a matter of hours before this will happen. Kudos to those who stood straight.
Just wait a few more days and all those clowns will then express that nationalization would have been nonsense and devasting. Then you can realize what kind of morons are running the stock markets. They pick up some words and spread it further, that's all.
Good to see that the new government finally follows its own plan.
It is cruel for those who panicsold last friday believing they would save at least the last few bucks of their investment.
