Timmy the Tax Cheat lays an egg -Tim Geithner crashes market

This is the guy who is so awesome that we have to overlook his tax evasion so that he can save the world?

This was his big moment, a much anticipated speech in which he would reveal his brilliant plan to save the financial system. Let's go to the market reaction:

That speech was painful to watch. Geithner was like an unprepared schoolboy trying to fake it through a class discussion. Paulson didn't have a clue either, but he faked it better.

UPDATE 2/11: There is some discussion in the comments below about the market starting to tank slightly before Geithner spoke. I speculated that the text of Geithner's speech had been released at 8AM. This graph, from this morning's WSJ, confirms that:

1 comment:

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