Patterico's Pontifications


When Timothy Geithner Talks, People Listen . . .

Filed under: Economics,General,Obama — Patterico @ 9:24 pm

. . . and then, they panic:

A lack of details in the financial rescue plan unveiled today by the Obama administration sent the stock market down sharply. The Dow Jones industrial average tumbled almost 400 points.

Yeah, but how do they know that was because of Geithner’s speech?

The Dow, which was down only about 70 points before Geithner’s speech, fell sharply as soon as he began talking.


The story says financial stocks took a beating due to displeasure over “the dearth of specifics” in Geithner’s speech, which was “billed as a major policy prescriptive” but “gave little more than the broad contours of the plan, many of which already had leaked out in recent days.”

That raised not only the specter of a substantial delay in the long-awaited recovery of the banking sector but also doubt about the ability of President Obama’s economic team to deal with the challenges posed by the deteriorating economy and faltering markets.

You’re in good hands, folks. Don’t worry about a thing.

13 Responses to “When Timothy Geithner Talks, People Listen . . .”

  1. Wow! That’s change you can believe in!

    America, what a country! Can you turn that golden goose into pate?

    steve miller (3381bc)

  2. I need to get a schedule of this guys press conferences. That way I can short the market whenever he talks.

    I’m gonna be rich.

    Newtons.Bit (489fda)

  3. This administration is Kevin Bacon in Animal House.

    Serious question – in his four years as Vice-President, did Dan Quayle ever cause Bush 41 to have to retract words? Was Quayle remotely the joke in the actual performance of his duties as Biden has these past few months?

    Ed (52bb9a)

  4. It *almost* makes you feel sorry for the guy. I mean, what kind of stress does this guy have to be dealing with when his mere words have the power to crash the economy. Then I remember he volunteered for the job.

    Kelly T (8ef5b9)

  5. …Then I remember he volunteered for the job.

    Apparently unpaid taxes were the least of his problems.

    Apogee (f4320c)

  6. Did Obama over the past several days, or even weeks, at least organize a meeting of Republicans and Democrats and prod them to negotiate in a room — perhaps somewhere in the White House — under his watch?

    Oh, hell, when it came to preparing and fine-tuning the stimulus package, Obama apparently didn’t even bother to insert much of his own self among those of his own party—among politicians sharing his like-minded liberalism. Instead he left much of that up to people like Nancy Pelosi, famous for their bipartisanship.

    Unbelievable who far too many Americans selected to sit in the White House. Unbelievable and even irresponsible.

    Mark (411533)

  7. From the market’s reaction, you would almost think that words matter.

    Perfect Sense (0922fa)

  8. All it know is Obama thinks he is golden…but if this economy does not improve he is going to get the blame. And Geithner? There is a bus waiting for you.

    Joe (17aeff)

  9. Well…so much for Plan A. What’s Plan B?

    Perfect Sense (0922fa)

  10. Plan B is to run out the back door of the WH, and go to a public school where you won’t have to face any hard questions. Gee, who knew being President would be so hard?

    Dmac (49b16c)

  11. I really wonder just how much of the “stimulus” bill Obama has actualy read or understood.

    Barsinister (971960)

  12. Comment by Barsinister — 2/11/2009 @ 9:55 am

    All he (Obama) cares about the stimulus bill is whether or not it will keep fresh fruit and produce on Michelle’s table.
    The Jerk as President!

    AD (dcf0cb)

  13. Chris asked in the post above, where’s the outrage. I think it’s across the blogs. It’s in the Dow crashing and economists signing on en masse to warn of the negative outcome… it’s in the calls and emails going out to elected officials, only to get a ‘busy’ or full mailbox.

    If only lemon laws applied to presidents and politicians.

    Vermont Neighbor (ab0837)

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