Secretary Geithner Speaks To The Democrats
I hate to have to keep bringing up the inadequacies of Tim Geithner, but because he is in charge of a little thing like saving the economy and banking system of the free world, I feel like I have to. In a dinner Monday night with House Democrats, it appears that he was able to tell them everything that he has been able to tell us about the plan to fix the banking system and the financial system: Not much. Some of the comments that were allegedly made by the guests are equally instructive as to the mentality of our legislators.
To their credit however, in their never ending goal of self-sacrifice for the benefit of the taxpayer and in an effort to save money for our cash strapped society, dinner was held at a restaurant providing good food at a good price.
“Treasury Secretary Timothy Geithner tells House Democrats that White House efforts to fix the nation’s economy are working — but he’s also urging them to be patient.
Geithner met with Democrats in a closed session Monday night, where one lawmaker urged the administration to “Hurry, whatever you’re doing, please hurry.”
Members interviewed after the meeting say it reflected the political challenge they faced — explaining the policies of a president of their party to a public angry over bank bailouts and an unending recession.
House Democratic Leader Steny Hoyer of Maryland compared the current economic situation to a crippled ship, noting that “The boat is not taking on more water, but you haven’t yet pumped it out.”(KVEWTV.com)
As you can see from the 3rd paragraph the focus is still on the political ramifications of the medicine, rather than the critical nature of the medicine itself. Wrong focus because they will be answering far tougher questions if this crisis is not resolved.
Nice stock market rally on Tuesday led by comments out of Citigroups Pandit. There were also comments made by Barney Frank regarding the re-institution of the uptick rule for shorting stocks.