Hope Is Not A Plan. Nor Is Change.

Treasury secretary Geithner gets panned for announcing not much.  Lefties will flock to Prof. Krugman, whose warmest praise is this:

It’s really not clear what the plan means; there’s an interpretation that makes it not too bad, but it’s not clear if that’s the right interpretation.

...So what is the plan? I really don’t know, at least based on what we’ve seen today. But maybe, maybe, it’s a Trojan horse that smuggles the right policy into place.

hardly reassuring.  Martin Wolf of the Financial Times is cogent and terrifying:

Doing too little is now far riskier than doing too much. If he fails to act decisively, the president risks being overwhelmed, like his predecessor. The costs to the US and the world of another failed presidency do not bear contemplating.

What is needed? The answer is: focus and ferocity. If Mr Obama does not fix this crisis, all he hopes from his presidency will be lost. If he does, he can reshape the agenda. Hoping for the best is foolish. He should expect the worst and act accordingly.

Yet hoping for the best is what one sees in the stimulus programme and – so far as I can judge from Tuesday’s sketchy announcement by Tim Geithner, Treasury secretary – also in the new plans for fixing the banking system. I commented on the former last week. I would merely add that it is extraordinary that a popular new president, confronting a once-in-80-years’ economic crisis, has let Congress shape the outcome.

The banking programme seems to be yet another child of the failed interventions of the past one and a half years: optimistic and indecisive. If this “progeny of the troubled asset relief programme” fails, Mr Obama’s credibility will be ruined. Now is the time for action that seems close to certain to resolve the problem; this, however, does not seem to be it.

Mr. Wolf explains that we are dealing either with a liquidity panic or with the insolvency of a notable swath of the banking sector, and continues:

Personally, I have little doubt that the second view is correct and, as the world economy deteriorates, will become ever more so. But this is not the heart of the matter. That is whether, in the presence of such uncertainty, it can be right to base policy on hoping for the best. The answer is clear: rational policymakers must assume the worst. If this proved pessimistic, they would end up with an over-capitalised financial system. If the optimistic choice turned out to be wrong, they would have zombie banks and a discredited government. This choice is surely a “no brainer”.

...Why then is the administration making what appears to be a blunder? It may be that it is hoping for the best. But it also seems it has set itself the wrong question. It has not asked what needs to be done to be sure of a solution. It has asked itself, instead, what is the best it can do given three arbitrary, self-imposed constraints: no nationalisation; no losses for bondholders; and no more money from Congress. Yet why does a new administration, confronting a huge crisis, not try to change the terms of debate? This timidity is depressing. Trying to make up for this mistake by imposing pettifogging conditions on assisted institutions is more likely to compound the error than to reduce it.

Scary.  The WSJ reports on the lack of details in Geithner's pronouncements, as does Megan McArdle:

I don't envy Geithner his position.  But he's known this was coming for months.  I expected a little more than telling us that he wanted to spend a lot of money to help banks clean up their balance sheets.  We knew that much already.

Waddya expect from a guy who shilly-shallyed for two years before squaring away his tax problem?

IF YOU ARE HAVING TROUBLE GETTING NERVOUS:  For folks unfazed by the slow clapping which greeted today's news, maybe the mortgage relief progem to be announced next week will induce panic.  And why might it do that?  I have no idea what form the relief will take, but if the perception takes hold among the great unwashed that folks who actually make their monthly mortgage payments are suckers and that those who default on their obligations will get government assistance and a shoulder ride from Nancy Pelosi and other Dems seeking "victims" of the evil predatory lenders, well... it shouldn't take but a month or two to crash the whole system.

[END OF WORLD AS WE KNOW IT]

Comments

[kim]

Easy answer: I doubt Obama has ever had to solve a problem in his life. When has he been challenged?

Oh, my, God. What have we done.
=============================================

[matt]

"better read from it first, for if one drinks much from a bottle labeled "Poison", it's almost certain to disagree with one sooner or later"

Alice in Wonderland

[kim]

So why did he tell the country last night that all the economists agree with him? Don't answer. I know he's a liar.
=====================================

[PeterUK]

"Oh, my, God. What have we done."

You bought a one billion dollar president with a ten cent character.

[squeakie]

howie carr was having a good time with the fort meyers bama lovefest - reminded him of the old game show "queen for a day". all o needed was an applause-o-meter.

[bad]

president with a ten cent character.

You are an incredibly generous man.

[PeterUK]

bad,
I was allowing for inflation.

[steveaz]

I'll bet the DLC'er's in the Obama administration have been given a long leash to work a miracle on the economy.

Hillary, Rubin and Summers are the closest thing to capitalists that the Left has got. If these dogs won't hunt, Barry'll be wearing his best dogs out in the first act.

And the show's just beginning.

[Fresh Air]

Not nationalizing industries is "pettifoggery"? I thought it was just, you know, the American way of life. Sorry, limey. We can handle this problem without turning into another socialist outpost. Tom, I think when you have to quote a Brit to induce panic you're reaching a little bit.

[Danube of Thought]

Rasmussen:

"The latest Rasmussen Reports national telephone surveys found that the Democrats’ lead is down to just one percentage point. Forty percent (40%) of voters said they would vote for their district’s Democratic candidate while 39% said they would choose the Republican (see crosstabs).

"This marks the lowest level of support for the Democrats in tracking history and is the closest the two parties have been on the generic ballot."

[Jane]

I liked this from Don Surber:

4. Not only did congressmen laugh at Democratic Tax Cheat Tim Geithner when he unveiled his plan (see previous post) but legendary investor Jim Rogers told CNBC that Geithner “has been dead wrong about everything for 15 years in a row.”

“It is mind-boggling to me,” Rogers said. “If I were on your show 15 weeks in a row and was wrong, you’d probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it’s going to make it worse.”

LUN

[Crew v1.0]

Private capital shuns the banks right now, no? Hence the need for government to invest in preferred shares in banks. But, really, why would anyone want to be in banking if San Fran Nan says that borrowers ought to be excused from their obligations because, well, bankers smell nasty? If a banker must loan money, but a borrower needn't fear foreclosure, well, what sort of a business model is that? Better to buy pharmaceuticals, or whatever.

Look -- it's simple. Call up Chris Dodd. By now, he's rumored to have moved back to DC from his new, new home in Iowa, and I take it he's shut down his Presidential Campaign. Just ask him what to do. Him and his silvery mane, he'll know the prescription. TRUST!

[clarice]

Now that's a little ray of sunshine,DoT. And I'll take every one I can get.
For what it's worth, watching the dopes at the switch, I want to shout, "Just back away slowly and go home. Don't do a thing. The check's in the mail. Beat it. Hit the road , Jack.Etc."

[Jane]

I keep thinking Obama is gonna quit.

Then I look at the next in line.

[clarice]

Well, la de da, Ms Jane. Guess what other poster is very fond of Surber. Right. Darn it! I expect someone will be photoshoppinh him, too.GRRRRRRRRR

[clarice]

bgates, I'm still trying to get your post published. The editor was away for several days and is just now swimming thru the backed up emails. Don't lose hope.

[mary]

Anyone who saw the town hall meeting today in Ft. Myers, Fla. will see that the majority of people in the US think that Obama will solve ALL problems! So, everyone, I think, will just "go along" with whatever is said by Tim and think it is all wonderful. Sad, but true.

[E. Nigma]

Kudlow and Co. had a field day with this on CNBC.
It's the same thing over and over I guess. Maybe even the blind and halt can pick up on it.
1. Stop mark to market (or suspend for a while)
2) Start resolving the bad mortgages that are underwater and are going to default soon.

What the British guy, Mr. Wolf, fails to grasp is that there is an ulterior political motive to a lot of the so-called "actions" to resolve the crisis.

And any guesses as to how long Nancy Pelosi fiddles around with the incredibly important (Do it today!!) Stimulus Bill in conference committee, "to make it better...for the children!" ?

[MayBee]

This is what Obama said last night about Geithner's speech today:

We also have to deal with the housing issue in a clear and consistent way. I don't want to preempt my Secretary of the Treasury; he's going to be laying out these principles in great detail tomorrow. But my instruction to him has been, let's get this right, let's create a template in which we're restoring market confidence.

I get the feeling the political timing of the announcement got in the way of finishing the plan.

Why do I feel this is all being done backwards? Shouldn't it be
1-Get credit moving
2-Offer Hope!
3-Work on the mortgage problem
4-Start a spending bill to take care of what the credit and mortgage stuff hasn't solved

As for panic, I won't do it. Experts are often wrong about the future. I remind myself how many experts believed the surge wouldn't work. I remember the people that believed we'd never forget the lessons of 9/11.

[mel]

TM started with this, and I quote " I have no idea what form the relief will take...".

Coming from Chicago, I believe it should be phrased " I have no idea what relief will be taken from me".

Rahm and company are going for permanent power right now. The health care "board", "banking plan with no plan", this need for all the money committed now. Is a Chicago style mayoral mugging. Slammed through the city council with nary a thought.

I've seen this game before, and Axelrod's a pro as how it's sold.

Now it has a national franchise to it.

They either pull it off here and now, or they're done.

Dinner.

This sucks.

[Jane]

Well, la de da, Ms Jane. Guess what other poster is very fond of Surber

We are all suckers for a man who can wield a pen.

And there was no photoshop. Ask Madpen the next time she is here - she actually drew the sign.

[MayBee]

What the British guy, Mr. Wolf, fails to grasp is that there is an ulterior political motive to a lot of the so-called "actions" to resolve the crisis.

Yes. The stimulus was about getting green energy grids, building school science labs, checks to low-wage earners, and starting electronic medical records.
That was the true goal of the stimulus package. Those were the things Obama wanted as he was running before this crisis was even a twinkle in his eye- aside from the science lab stuff. That must have come from a donor that popped up later in the cycle.

[Rick Ballard]

DoT's Rasmussen Report I also liked the Muddle swinging Rep 34% to 28%.

"Experts are often wrong about the future."

The past too, MayBee. Also climate and oil.

[MayBee]

xoxo

Oh, and thanks everybody about the TurboTarp. Although I'm starting to feel sorry for Geithner.

[peter]

As for panic, I won't do it. Experts are often wrong about the future. I remind myself how many experts believed the surge wouldn't work. I remember the people that believed we'd never forget the lessons of 9/11.

May Bee, you are spouting some good stuff today. You go, girl

[Rick Ballard]

MayBee,

With Tarpo covered we need names for the other two Marxist brothers - Hairplugs and Dumbo come to mind but they don't scan against Chico and Groucho.

[hit and run]

"Experts are often wrong about the future."

The past too, MayBee.

Hell, throw in being wrong about the present, too.

And sometimes they are wrong due to ignorance and other times due to perfidy, and still other times they are wrong due to both.

[PeterUK]

"Although I'm starting to feel sorry for Geithner."

Don't,this is the biggest bunch of shysters,carpebaggers,chiselers and snake oil salesmen since the Sheriff of Nottingham.

[Fresh Air]

Anyone else get the feeling we just elected a president based upon a telephone poll taken during a commercial break of "American Idol"?

Zero's got a tremendous running start on Carter. I don't even think this will go down to the wire. By the end of 2010, you can book it.

And Andrew Johnson rejoices!

[PeterUK]

"Experts are often wrong about the future."

This benighted lot are even wrong about the past.

[Extraneus]

Will the $4.1B voter-fraud subsidy be able to trump the real vote by 2010?

[MayBee]

You guys all know I am addicted to Tapper.

Every thread over there-- every single thread- some Obamabot insists the Republicans have had the majority in both the House and Senate for the last 8 years. I have several times been called an idiot for insisting otherwise.

[Elliott]

One term FLOTUS, inshawlah. (via Drudge)

[Rick Ballard]

"Will the $4.1B voter-fraud subsidy be able to trump the real vote by 2010?"

That depends quite a bit on how high up the food chain the layoffs and firings go. The first whack took out mostly male high school level. According to that Rasmussen report, women are still suckers for Democrats by 44% to 36%. If unemployment goes above 10% and holds (a better than 50/50 bet, IMO) then support among women should drop. The group isn't known for political loyalty.

[Elliott]

some Obamabot insists the Republicans have had the majority in both the House and Senate for the last 8 years.

That is as pathetic as "Turbo TARP" is fantastic.

[Danube of Thought]

I see you over there at Tapper, MayBee--keep up the good work. As you may have noticed, I do occasional strafing and bombing there under a different name.

[centralcal]

It is tax season so I will be busy, busy for the next 4 months, but I just want to tell you all that I check in every chance I get (not very many - boo hoo). You all keep me abreast of what is going on and help me stay sane!

You have no idea how appreciated you all are!

ohmigawd - I used "you all" almost as much as Caroline uses "you know."

Apologies - it is the Brandy Manhattan's fault. That's my story and I'm sticking to it.

[Jane]

I can't get over the fact that the only thing this guy seems to know how to do is campaign.

[centralcal]

Campaign and LIE a lot, Jane.

[hit and run]

Oh, I'd say he knows how to inspire hope.

...

In our enemies.

[Ann]

I can't get over the fact that this guy is still in the Senate:

John Kerry On Taxes: You Can't Be Trusted to Invest Your Own Money

[Jim Ryan]

2014:

ME: You're telling me you just let my mom die?

CLERK: At 79, sir, she was ineligible for the treatments. That's what it says when you click on 4EB.

ME: 79? She was 69.

CLERK: It says she was 79, sir. She was 79 so I gave her 4EB. When you click on it... hang on...I think it was 4EB....do you right click? No, just left-click. There. 4EB no treatment. Look, there are a lot of people in line, sir.

ME: I wrote 69 there. It says 69 right there.

CLERK: Well, that right there looks like a 7. 79. That's what it looks like to me, sir. So, I gave her 4EB. I need to ask you to move along as we have other people in line.

ME: Wait a minute. I knew I recognized you. You're the clerk who lost my mom's MRI form. Which is why she had to wait an extra six months for an MRI. Which is why they didn't find the tumor.

CLERK: I don't work in MRI. Maybe you're thinking of Janice. They say Janice looks like me. David usually works in MRI. Plus we haven't had an MRI in this hospital since about two years ago. So maybe you're thinking of some other hospital.

MOM [wheeling self in wheelchair]: Jim?

ME: Mom!!

MOM: Jimmy, I'm exhausted. You're not going to believe what these people....

MIDDLE AGED MAN: I'm here to see my mother. They called and said she was up and around...

CLERK: Yes, sir she should be right out. I clicked DS3 about half an hour ago which I think is supposed to get her out here.

[mel]

I had dinner, but that hasn't changed what this looks like from here.

Geithner was sent to to the Hill, with his marching papers, to be as vague as possible but to maintain the need for "urgency". This is what Rahm meant when he said "never let a crisis go to waste". If they can get the second leg of this passed, the damage to the economy will be so thorough that it will take at least three years to stabilize. They don't care about the economy, which is why they are following Rahm's playbook, talking about the need to fix the economy, but actually doing nothing except their domestic agenda, reshuffling amidst the cloud of dust. THAT is what's important to them and they mean to wrap it up quickly, before anyone's figured it out. This is how things are done here. Like three card monte, just watch for the red queen, only it's never been close to the table.

Like watching a train wreck in slow motion.

The weak link is, that if the damage the economy enough, all they'll be trying to tax are John Galt's. Pity, but they either get it all now, or the Democrats will never be trusted with a majority ever again.

Thieves.

Have I mentioned I'm pretty worked up about this?

[Pofarmer]

This guy is assuming that Obama is actually focused on solving the "banking crisis" and not just on enacting his extremely liberal agenda.

[clarice]

Pressure is building against the stimulus bill and right and left are laughing at Geithner who yesterday we were told would present the plan in great detail (per Obama) and today had nothing but mush to support his plea for a king's ransom in dough. My fellow citizens may not be geniuses, but I can't believe they are total dunces, either.

[peter]

A failed presidency? LUN

[Jim Ryan]

This is what Rahm meant when he said "never let a crisis go to waste".

That was Lenin, IIRC. Rahm said, "Never ever let a crisis go to waste."

[narciso]

Geithner is the answer, what the hell is the question. He's going to save us, really with
another trillion dollars of TARP, the third of a trillion from the other fund, and the
nearly trillion in the stimulus fund. That's about 1/6 of our GDP, and that number is going to bigger as the GDP contracts next year

[Pofarmer]

mel, I think your last analysis there is dead on.

[Danube of Thought]

When the bill emerges out of the conference committee, can it still be filibustered in the Senate? In other words, if the three apostate Republicans repent, can this thing be stopped?

(I think I used to know the answer back in high school, but I'm getting a little dotty these days.)

[Chris]

Will the $4.1B voter-fraud subsidy be able to trump the real vote by 2010?

Posted by: Extraneus | February 10, 2009 at 09:00 PM

Probably not in time for 2010 but certainly for 2012 once you've combined it with a White House-run "census".

[Pofarmer]

I just got back from helping a new friend move in a new wood stove. I had to pour myself a stiff drink with cheap whiskey. He's a good guy, they're good folks. He's a union welder and supervisor, she's a new RN, I would guess they were single digits in 1982. He's going around trying to bid jobs and seeing people getting laid off. His attitude is "The govt has to do something to turn this around." I gently kind of reminded him how in 1982 unemployment was over 10%, inflation was in the teens, and interest hit 19%. The government didn't "turn it around" then. I kind of hope it stuck a little. I also tried to gently explain what I felt some of the long term consequences of this "stimulus" could be. It just seems that folks are willing to give Obama a really long leash here, and they don't realize how far reaching some of these changes are going to be, or how long lasting. The hangover from this could easily be years.

[Old Lurker]

"but I'm getting a little dotty these days"

Having nothing to do with it being two hours and five minutes past the sun being over the yardarm in CA just now, DoT?

[clarice]

I believe so,DoT.Once it comes out of conference, it still must win the vote in both houses.

[mel]

clarice-

The "three" who supported the "stimulus" package are to concerned with everybody "liking them" on the Hill, that they won't recognize the damage about to be done, because "they made promises".

Arlen would rather call a cousin a liar than have to back down in front of his fellow Senators.

Judicial Watch doesn't have enough in its coffers to try and tie up the first stimulus bill, let alone the absolutely final, no two , maybe three part, final, sort of, financial rescue bill.

I have seen how this is done in the City Council of Chicago and they're selling the same snake oil all over again. The budget will be a tough fight. There's a lot toargue about and some people might get their feathers ruffled with the cuts and all, oh yeah, we passed it last night on a voice vote, no need to count...

[Pofarmer]

When the bill emerges out of the conference committee, can it still be filibustered in the Senate? In other words, if the three apostate Republicans repent, can this thing be stopped?

(I think I used to know the answer back in high school, but I'm getting a little dotty these days.)

Well, the bill has been voted on once, so I think the need for cloture has passed, at least that's what I fear.

[hit and run]

DoT http://en.wikipedia.org/wiki/United_States_Congress_Conference_committee>wikipedia...

Once a bill has been passed by a conference committee, it goes directly to the floor of both houses for a vote, and is not open to further amendment. In the first House to consider the conference, a Member may move to recommit the bill to the conference committee. But once the first House has passed the conference report, the conference committee is dissolved, and the second House to act can no longer recommit the bill to conference.

Conference reports are privileged. And in the Senate, a motion to proceed to a conference report is not debatable, although Senators can generally filibuster the conference report itself. The Congressional Budget Act of 1974 limits debate on conference reports on budget reconciliation bills to 10 hours in the Senate, so Senators cannot filibuster those conference reports.

[Mark Turner]

Before Obama was elected, I used to get what I thought was an irrational queasy feeling that he would become our 5th president to be assassinated. Based upon what I've seen of his performance and agenda so far, now I'm not so sure it's irrational. I think his enemies could strike him from the left or the right...the former if he does not live up to the "hope and change" expectations. Cult-like hero worship of a narcissistic leader is always dangerous and almost always destructive -- Jonestown comes to mind.

[clarice]

Actually, I think cloture could be sought again on the compromise measure when it comes out of conference. I understand Specter is really taking it on the chin in Penn and he and Collins hace left themselves openings--him on the health stuff which he claims to have missed; she on the reintroduction in compromise of some of the infrastructure construction procedures.

[Pofarmer]

Pagination still sucks

[Danube of Thought]

"I had to pour myself a stiff drink with cheap whiskey."

As my beloved father always said, life is too short for cheap booze.

[clarice]

hit--are these two sentences in conflict?
"Conference reports are privileged. And in the Senate, a motion to proceed to a conference report is not debatable, although Senators can generally filibuster the conference report itself. The Congressional Budget Act of 1974 limits debate on conference reports on budget reconciliation bills to 10 hours in the Senate, so Senators cannot filibuster those conference reports."

Or is it only on budget reconciliation bills that senators cannor filibuster conference reports?

[Pofarmer]

As my beloved father always said, life is too short for cheap booze.

My family were tee-totalers on both sides, so I never received any of that wisdom. Thanks.

[mel]

Rick-

Comparing the 3yr auction in December to the one today is disingenuous at best, last month? Fine. The year end freak bid to the Treasuries distorted that December auction and things are still trying to find a "norm". The bid-to cover ratio today of 2.68 (face value of bids versus face value of actual securities sold), was higher than January's 2.21, despite the jump in the actual size of the amount of notes offered, is pretty impressive. There is significant demand for Treasuries because there is nothing like them globally. The rule of law still defines ownership, here, as yours. China is a bit vague on that concept, and is why they buy our stuff, not so much their own.

To try and distort today's auction as such, you displayed your own sense of fear mongering by cherry-picking that data. You do no one any favors by skewing things like that. I've traded Treasuries for the last twenty-five years, and ALL the exchanged-based derivatives that come with them. And unfortunately, some of the other stuff too.

Not impressive. I had a tough enough day. I don't know where inflation is going to be in 2 months, let alone two years. I didn't need to see that carp. If you're going to put that stuff up, do so in a straight forward manner and let people decide for themselves.

I'm more than tired now, if I type any more, I'll be tying up TM's server space.

Good night.

[Fithian]

mel:

"They either pull it off here and now, or they're done."

Ditto, ditto, ditto........

MayBee:

Ditto you too. Panic is what got us TARP I, no?

[hit and run]

Clarice, I think your last sentence is correct...

[hit and run]

Greg Pollowitz: "Captain Sullenberger for Treasury Secretary. At least we won't die when we crash!"

[Danube of Thought]

Wow. Ali vs. Frazier; Mel vs. RickB. I have no idea what either guy is talking about, so I'll just sit back and watch the fur fly.

And DOWN goes Mel! DOWN goes RickB!

[clarice]

Night,mel. I'm heading off, too.
Remember whoever is the first one in tomorrow morning has to set out the HAPPY BIRTHDAY DoT Banner. The cake's in the backroom and the champagne and flowers are in the fridge. And , Jane, behave yourself ..

[hit and run]

I'm tired of trying to post something and then having to wait...and wait...and wait...for it to appear. And not only that -- but right now I see my name in the recent comments list, but I'm not able to seem my, uh, recent comment. In fact, I see JMH's name in the recent comments list, but don't see her, uh recent comment.

Life's too long not to drink cheap liquor.

[Jim Rhoads a/k/a vjnjagvet]

Great job today, gang. This will take some time to trickle down to those who don't remember the term of Jimmuh the Great, but it is encouraging that Specter and Collins are feeling some heat.

BHO's activity reminds me of the kind of action the dems were urging after 9/11. They reorder "ready, aim, fire" to "ready, fire, aim". Sometimes it is better to take the advice "don't just do something -- stand there".

[narciso]

For those slightly weary souls, another gentle Karate chop from Camille Paglia,
this one's a little more incoherent than most, taking up the 'innocent Gitmo strawman, but it's still quite good.

[richard mcenroe]

Ummm... why does a majority Party with a charismatic president and three lickspittle crossover votes NEED to Trojan horse the 'right' solution?

[Ranger]

Or is it only on budget reconciliation bills that senators cannor filibuster conference reports?

Posted by: clarice | February 10, 2009 at 10:27 PM

My understanding is that only budget bills can't be filibustered, and this is not one. So, it should take another cloture vote. But you never know with Senate rules, and the Dems control the parlimentarian.

[bad]

test

[RichatUF]

test

[Fithian]

More Geithner reviews are in:

Like many, economist Robert Brusca was perplexed about the plan to purchase toxic mortgage assets through some sort of sketchy public-partnership: "It is still not clear how this will work and how much cushion public money will provide and if it will involve any guarantees. I do not begin to understand how this private/public plan will work. Moreover, Fannie Mae and Freddie Mac failed precisely because of their public-private identity crisis." Little wonder why stocks plunged and investors rushed to buy safe U.S. Treasuries.

Told ya so!

[RichatUF]

more testing...

[Neo]

CNBC had on one fellow who said that "these guys don't know markets".
He went on to explain that Treasury Secretary Timothy Geithner hadn't disclosed a "plan" today, but rather gave a "broad" outline of a plan which, as far as the markets were concerned, was worse than nothing.

Geithner should have waited until the plan was complete rather than creating new uncertainty in the market with "vapor".

[Neo]

CNBC had on one fellow who said that "these guys don't know markets".
He went on to explain that Treasury Secretary Timothy Geithner hadn't disclosed a "plan" today, but rather gave a "broad" outline of a plan which, as far as the markets were concerned, was worse than nothing.

Geithner should have waited until the plan was complete rather than creating new uncertainty in the market with "vapor".

[jimmyk]

I understand Specter is really taking it on the chin in Penn

Maybe he doesn't care. Is he really going to run for reelection in 2010? He'll be 80, and has had serious health problems.

[hit and run]

Happy Birthday DoT!

[bad]

jimmyk, I think Spector has been promised a personal gain of some sort rather than something for his state like Snow and Collins.

[hit and run]

Yes, it took this long between my 11:05 comment and that one at 12:24 to get typepad to refresh this thread.

That's a span of two days, technically.

[bad]

Happy B-day, DoT!!

[Neo]

Gov. Rendell used an early form of "Operation Chaos" to keep Specter on the ballot last time, by having Dems register Repub to vote for Specter in the primaries, then switch back for the general election in November.

Personally, I won't vote for Specter again.

[bad]

JMH, you did tell me so but you used an awful lot of big words....

[Rick Ballard]

"Comparing the 3yr auction in December to the one today is disingenuous at best, last month? Fine. The year end freak bid to the Treasuries distorted that December auction and things are still trying to find a "norm". The bid-to cover ratio today of 2.68 (face value of bids versus face value of actual securities sold), was higher than January's 2.21, despite the jump in the actual size of the amount of notes offered, is pretty impressive."

Mel,

I was responding to Matt and you misread my response. January's median yield of 1.12% is still substantially lower than today's 1.373 and the issue size is the same, today's coverage was very good and I didn't say it wasn't. Matt keeps saying that China is picking up its chips and staying home - I say it doesn't make much difference whether they do or not. I included the 2006 number to remind folks that the current interest rates are at rather historic lows. I don't see where you get "disingenuous" from a clear statement of "That has to be compared to a rate from 2006 of 4.79% for the same note though." I don't know how to draw pictures in comments. There isn't going to be any inflation driven by interest rates any time soon - a 20% increase over two months is relatively meaningless when there has been a 77% drop from two years ago.

[Fithian]

I used too many words too, bad!

[MayBee]

Happy Birthday, DoT!!! I adore you!

[JB]

Nancy Pelosi == Madame DeFarge

[Thomas Collins]

Happy Upcoming Birthday, DOT (I say "Upcoming" because I think in your time zone it is about half an hour away).

Which I guess raises the question of whether one marks birthdays by the time zone in which one is born, or the time zone in which one is currently located.

In either case, I hope you enjoy your favorite distilled spirits today!

[Topsecretk9]

more hope and change---

Authorities are investigating how a local nonprofit organization and a now-defunct steel company spent $700,000 in federal grant money.

The investigation comes as the Obama administration considers Frank Sanchez, a former member of the nonprofit's board and past president of the steel company, for a high-level position.

Kenneth Wolfe, a spokesman for the Health and Human Services Department, said the agency is "investigating allegations that the funds were misused...

However, Darrow said that last week FBI agents requested copies of the investigation documents.

The FBI declined to comment on the matter, but the bureau typically runs background checks of presidential appointees.

Sanchez was one of Barack Obama's top advisers on Latin America during the presidential campaign. He has been in Washington, D.C., since December as part of Obama's transition team."

http://www.tampabay.com/news/localgovernment/article974899.ece

[kim]

So when Obama said that Geithner would reveal a plan 'in great detail', was he lying, was he lied to, or does he think this is great detail? None of these options make me optimistic.
==================================================

[Davod]

"You guys all know I am addicted to Tapper.

Every thread over there-- every single thread- some Obamabot insists the Republicans have had the majority in both the House and Senate for the last 8 years. I have several times been called an idiot for insisting otherwise."

Why is this - I blame the media and the Republicans. Mostly the Republicans. Instead of falling over themselves to attack Bush they culd have spent a litle time pointing out that the crash came when the Dems were in control of Congress.

[kim]

And furthermore he said that the most important thing he conveyed to Geithner was that the plan must encourage hope. Which of those two thought that generalities about a trillion dollars and a stealth socialist plan was going to inspire confidence?

You know, if there weren't going to be so much real suffering from his regime, I think I'd be amused by it all.
===================================================

[squeakie]

i was sitting here listening to tube coverage of another athelete lying before congress and thought what the he...... given this boondoggle they're looking to wrap around our neck. lying about using steroids as compared to congress driving us off a cliff and trying to tell us it's for our good.

[cathyf]

Happy birthday, DoT!

[Pofarmer]

Instead of falling over themselves to attack Bush they culd have spent a litle time pointing out that the crash came when the Dems were in control of Congress.

Not only that, but folks like Hannity, instead of pushing the "Republicans spent like drunken sailors" meme, could be pointing out that most of our deficit problems are being caused by mandatory spending caused by------Dim entitlements.

[Jane]

I'm pretty insulated but it feels like we are reaching a tipping point on this bailout bill. If it can be delayed a bit longer, we might have a chance at defeating it.