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Did you all read about the new Treasury plan to use private investors, backed by government loans, to help get the toxic assets off the bank balance sheets - and finally free up the financial markets - which have been frozen since Sept 2008???
This is the first good chance to really get the financial sector functioning normally again - which is absolutely necessary if the economy is to recover.
Did you see the market reaction today???
If you have money sitting on the side-line, this is a once-in-a-lifetime opportunity to get into the market and win big!!!
Well, I've been pointing out for a couple a weeks now that there are some indications that we MAY have the reached the bottom (at least in regards to several indicators). The market has been on a generally upward trend (the first time the DOW has been up for 2 weeks in a row since May of last year (I believe)) and retail sales have been picking up a bit - at least in some sectors (and for others, while still down, the dropping seems to be slowing).
The market does seem to be reacting pretty favorably to Geithner's plan - and the fact that homes sales are showing an unexpected uptick seems also to be piling a bit more good news to the growing list of positive indicators.
To be sure, there are still lots of "down" indicators, but the fact is, not all the indicators will reverse course at once. Some will lead, others will follow. It looks like the "leaders" are starting to point upward instead of downward. We have a long climb to be sure, but it looks like MAYBE the tide has turned.
Ken
Last edited by LordBalfor; 03-23-2009 at 10:31 AM..
I like this plan a bit more than many of the Obama Administration's economic policies so far. Hopefully this is actually allowed to act as a private auction and does not result in artificial price inflation or price fixing. I agree toxic assets are an incredible opportunity for private investors, and I am glad to see the government finally pushing the private sector to solve this problem. Markets are cyclical, and regardless of what the government has done so far (last year and this year) the housing market is following a pretty natural progression.
Well, MrBob, since you brought up the NYT...you might want to peruse the paper a bit more. Say, the editorial page.
The always supportive, unabashed liberal Paul Krugman has done the unthinkable (gasp!)...and soundly criticized this recycled toxic asset plan.
As far as no live coverage of the "unveiling"..after Geithner's disastrous stage debut in Feb, I suspect he'll be kept out of the spotlight as much as possible.
"Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy — specifically, the “cash for trash” plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson. This is more than disappointing. In fact, it fills me with a sense of despair." http://www.nytimes.com/2009/03/23/op...=2&ref=opinion
"Tim Geithner, the Treasury secretary, has persuaded President Obama to recycle Bush administration policy — specifically, the “cash for trash” plan proposed, then abandoned, six months ago by then-Treasury Secretary Henry Paulson. This is more than disappointing. In fact, it fills me with a sense of despair." http://www.nytimes.com/2009/03/23/op...=2&ref=opinion
Krugman has never been what you refer to as an "Obama cheerleader"..he supported Hillary in the primaries and has criticized Obama in the past. Nevertheless, I greatly respect him and the fact that he doesn't support this plan is reason for unease.
It's no different than Paulson's program of 6 months ago. I love how there was no live coverage of the "unveiling." Love that transparency!
This is entirely different from Paulson's program...
He never bought any bad loans from banks - even though he said that to Congress to get TARP approved - then he went back on his word..
He only injected capital in the banks directly...
Your statement is very factually incorrect.
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