Ed Note:Ã‚Â First posted Feb 7.Ã‚Â Bumped up to follow up (see comments below) and for some tunes.
Stable conditions need by no means be
pleasant conditions …
Click on pics to enlarge
2.Ã‚Â The much ballyhooed bank plan, rumored to be announced this coming Monday at noon, is now (friday evening) being leaked to the press and looks a disorganized mess, the product more than anything of an inability to agree on big moves.
Headed by Geithner, who has been there all along, this looks nothing like Change We Need.
Indeed, it seems the bulk of the second half of the TARP $700 billion will be — like the first — given to the banks with few strings. Will not be using the cash to buy the wounded assets or banks holding them; rather, will be “encouraging” private sector investors to do so.
I.e., Geithner has run thru the same cycle that Paulson did, bumping into the same obstacles, and backing down.Ã‚Â The banks have said get lost, and the new administration seems to lack the will to enforce whatever other ideas may lay between the president’s or Geithner’s ears.
Brings (again) to mind Walter Benjamin:
“Again and again it has been shown that society’s attachment to its familiar and long since forfeited life is so rigid as to nullify the genuinely human application of intellect and forethought — even in dire peril.”
It’s astounding how poorly prepared the new prez seems to have been on inauguration day, given the Change anthem of his campaign.
There’s colors on the street
Red, white and blue
People shuffling their feet
People sleeping in their shoes
But there’s a warning sign on the road ahead
There’s a lot of people saying we’d be better off dead
The stock market had rallied this week on the hope of a decisive bank plan. I would now look for a turnaround, back down to test the lows of November. Those soft areas have been tested before, and such things tend to weaken with each probe. Perhaps, finally discouraged re Change, this time they will give way.
If so, look out below: Dow 4000. Keep on rockin’ in the Free World.