Geithner: Global Financial Crisis "Still Evolving"

Crisis is "still evolving"? Thank you Christopher Columbus.

Read the Article at HuffingtonPost

According to AP:

"They (the G20) aren't waiting patiently. Brazilian Finance Minister Guido Mantega said there is an "urgency" for the U.S. to solve its banking problem.

"If they're going to be nationalized then go ahead, if they are going to be liquidated then go ahead. But it must be done quickly," he said after the Saturday meeting."

I have written and said a thousand times - just get on with it. Do something.

Markets Are Information Junkies

Image via Wikipedia

Yes, markets are information junkies. More, more, more.

• If markets don't hear "enough", then they tank.
  
• If markets don't hear what they "like", then they tank.

President Obama is between a rock and a hard place. Transparency and announcements will not promote market stability unless markets hear what they deem is "appropriate".

And the only thing that will make markets happy now is lots of money, no questions asked, no regulations, and that the government will take the bad assets and pay the companies handsomely for them. And everybody goes back to the way things were before the crash regardless of the consequences. Since Secretary Geithner cannot tell them that, then evidently we will continue to have a problem. Today, it was reported that markets reacted negatively to his "plan". Oh, that's so shocking.

My 2 cents: Come up with a detailed plan, share it only with the potential participants, come to an agreement, implement it and then make grand announcements for the media and the general public to dissect. Frankly, no one really knows how to fix it, especially those with the least amount of information - that would be everybody except the troubled institutions and the Government.

About Timothy Geithner
Read the Article at HuffingtonPost