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Thursday, February 12, 2009

The Media Blame Game

For the last 6 months, it's been anybody's turn to guess wrong in how the market will act that day. It's up, it's down, it went left? Though, it has mostly gone down, unfortunately. The point is, it has been volatile and, for the most part, unpredictable.

Geithner gets up on stage Tuesday and delivers a very bland, anti-climatic layout of the proposed actions for the 2nd half of the TARP funds. Layout is very kind, let's say, he has a very basic idea of some things to do with the money, and no real plan to speak of, which is far from what we were promised by Obama the previous day. And on this day, major stock indexes fell roughly 4%. Including the Dow Jones Industrial average falling 382 points.

So, in this turbulent time, when stock prices are completely wacky to begin with, let's just throw all the blame for the latest market tumble at Geithner. It's all your fault!

Now, don't get me wrong, it's not that I'm not upset and worried about the fact that there is no real plan for the funds, as was promised as late as the previous day. I just find it a bit pretentious to focus all the blame on one man. You can't even put all the blame on the administration. You want someone to really blame? Start looking at bank executives. Start with the people who really let this current recession and financial crisis develop.

That said, Obama, Geithner and the rest of the administration really needs to flesh out a real and working plan quickly, like within a week. Maybe I'm a little demanding, but they did promise we'd have it on Tuesday, then botched the attempt, after all.

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