Yesterday, our new Treasury Secretary spoke for the first time, and promptly the Dow dropped 400 points (about 5% of its total value) and bank stocks went down 10%.
Check MSN for a reality check.
As for me, I have been saying all along that the government has no clue about what’s going on. I said that about Bush’s team, and I am now saying it about Obama’s team. However, in the face of newness, the country was excited to hear what all the bright people on Obama’s team have up their sleeves. Unfortunately, there appears to be nothing.
We’re not making many widgets in this country anymore, and those that we’re making are too expensive.
Those that don’t contribute but just push the money around (Wall Street) have run out of paper to push.
Our wallets are empty.
The housing bubble has burst.
Three years ago we would all have run to the bank and refinanced our old houses and pulled out some cash to buy those boats.
Now we can’t do that anymore. We have to start making more money than we’re spending, all of us, individuals, banks, mortgage companies, General Motors, Wal-Mart, Citibank.
If Obama doesn’t pull some doves out of his sleeves, or shows Geithner how to do it, he’ll have to move on in 4 years.