The market votes Geithner down

Who wouldn't sell everything after that pathetic performance by the Treasury Secretary pretender, Timmy Geithner?

Maybe hope sells an election, but hope doesn't sell on Wall Street, and Geithner didn't even have that!

Empty promises from another empty suit, whose idea of policy was trial balloons.

He said that Treasury had to stabilize systematically important institutions, and then said that their goal was the stabilization of the financial system.

Every systematically important institution that Treasury has "stabilized" has been decimated.

Freddie Mac, that Treasury stabilized is at .55 cents.
Fannie Mae, that Treasury stabilized is at .55 cents.
AIG, that Treasury stabilized is at .92 cents.
Citicorp, that Treasury stabilized is at $3.35.
Bank of America that Treasury stabilized is at $5.56.

That's from the earliest stabilization's to the latest. See the sliding scale of their prices?

Geithner rapped on about his Capital Assistance Plan (CAP), where student loans, auto loans, and credit cards receivables will be securitized under the TALF.

The same TALF that the Federal Reserve announced on November 25, with much ballyhoo, even though it wasn't yet operational.
http://www.federalreserve.gov/newsevents/press/monetary/20081125a.htm

The same TALF, that the Federal Reserve, adjusted the terms on December 19, even though it wasn't yet operational.
http://www.federalreserve.gov/newsevents/press/monetary/20081219b.htm

The same TALF, that the Federal Reserve, on February 6 said would be up and running in February, even though it wasn't yet operational.
http://www.newyorkfed.org/markets/talf_faq.html

The same TALF, that the Federal Reserve said today, February 10, which would be expanded to $1 trillion dollars, even though it wasn't yet operational.
http://www.federalreserve.gov/newsevents/press/monetary/20090210b.htm

The same TALF, that the Federal Reserve now pushed up the start date by a couple more weeks. The Federal Reserve calls these programs, "announced but not yet implemented." Treasury gave Geithner another day, before he would wow Wall Street. With a track record like that, why wouldn't the market be suspect of our Fed, and his main man, Timothy "Mr. to important for the financial system to let some unpaid taxes derail his nomination" Geithner?

What are they going to put in the TALF? Bankrupt auto loans? Since they call it a CAP program, why don't they put in Capital One's loans? What will the Fed do then, when COF goes insolvent? Will Joe Sixpack pay his credit card, when Capital One gets on bankruptcy's door?

Geithner was soo bad, that Meredith Whitney didn't even have to go on CNBC and tell us how bad the plan was.

Timothy did it himself!

(chart courtesy Denninger)