Too much stock being put into Geintner's coin toss. This plan lacks so much.. Financial longs, this will get so much worse. Just because your seeing a rally doesn't mean squat. Just a bunch of pumpers making money early morning. The DOW sell off will begin as soon as Geitner opens his trap. We already know the plans, and they don't look good. Why you ask? Because no one wants anything to do with toxic assets. Trust me. The banks will refi another boat load of loans only for homeowners to default all over again. The majority of people who foreclosed on homes couldn't afford the taxes on the house let alone the mortgage, pmi, and insurances. Now you got credit cards defaults rising along with unemployment and you guys think this is turning around for banks. The dollar is going to get crushed and confidence will get worse. Financial longs, enjoy your couple hours in the sun because when Timmy opens his mouth we will be right back to FAZ 35
Geithner was the main player in sweeping Bear Stearns under the rug (to JP Morgan) with reasoning much like this plan, only on a much bigger scale. Designed to control a ripple effect. Gee that went over well.