Geithner Speaks, Market Plunges
The “Plan”: he doesn’t have one. Fact sheet
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February 10th, 2009 at 5:21 pm
Just off the top of my head………
Advocates use of a public-private solution as though the Fannie/Freddie debacle never happened.
Advocates use of “stress-testing” to measure bank soundness as though the failure of VaR never happened.
Advocates limiting the purchases to “safe” AAA securities as though the breakdown of rating agency risk models never happened.
Defines “accountability and transparency” as the volume of bank loans made, not their creditworthiness, as though the collapse of underwriting standards never happened.
Also very short on detail for something labeled a “fact” sheet.
February 10th, 2009 at 5:29 pm
Agreed, mostly hot air, very disapointing but not surprising coming from him, he is the ultimate delusional denialist.
February 11th, 2009 at 2:25 am
Matt.
That was really well put…