I didn't think anyone could bungle communication and the approach to the market worse than Hank Paulson and the Bush administration but the Geithner and the Obama administration is giving them a run for their money. Good grief. I am not making a political statement but the Hank Paulson was a sad excuse for trying to address the problem, unfortunately Tim Geitner may be worse.
Dont's
You don't make this big announcement plan and schedule it for Monday and then pull the plug moving it Tuesday.
You especially don't get on national tv when the world is watching and announce you do not know how the plan will work but that you are still working out the details. (he said that only slightly more eloquently)
I am not even suggesting there is a plan that can make the difference. You can definitely make it worse when you show you have no idea what your doing and playing darts with American capital. It would be much better to keep your mouth shut. The press conference was pathetic.
A year ago the market would rally on Bernanke until they realized he couldn't do anything. They they would rally on Hank Paulson. Well it looks like the Obama team and Tim Geithner may have gotten there chance and the market is now burned. Doubt they will get a second chance.
Ugly ugly markets out there and the worse part is there seems to be more problems over in Europe that could ripple back into the US over the next few weeks.
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