Quote of the Day
Geithner's Cash For Trash, Why no honest write-downs for bad debt?, Forbes.com, Susan Lee.
He came. He spoke. The market tanked. He went. The market tanked some more. Such is the power of Treasury Secretary Geithner.To summarize:
- We need to ignore Sec. Geithner's tax violations because he is uniquely qualified to manage the economy,
- The One™, in his Monday press conference, announces that the saintly Geithner will detail the administration's solution for the banking/credit crisis,
- The details are: we need to spend an additional $1-2 Trillion, amount otherwise undetermined, in unspecified ways.