Immanentize the Eschaton

Treasury Secretary/Unindicted Tax Evader (TS/UTE) Tim Geithner was touted by President Barry O as the smartest financial mind around, that only Geithner understood the vast problems in the country’s financial system, that Geithner was indispensable in solving the economic crisis and bringing the United States (and thus the world) out of recession.

Yesterday, TS/UTE Geithner unveiled his “plan” for dealing with illiquid “toxic” assets and financial institution insolvency. How’d he do? Larry Kudlow put it best:

“Geithner had no real plan to deal with the problem of unmarketable toxic assets on bank balance sheets. He offered no new architectural structure, no good way to remove the toxic assets, no clear pricing or funding proposals, and no meat on the bones.

According to Merriam-Webster, a “plan” is “a detailed formulation of a program of action; a method for achieving an end.” But Mr. Geithner had none of this. As a result, stocks plunged about 250 points. Prominent investment strategist Ed Yardeni described Geithner as an empty suit with an empty plan.”

Here’s the chart of the Dow from yesterday. The Dow started off down about 75 points, no doubt due to the doom-and-gloom Obama “presser” Monday night. You can see how the market went off a cliff when TS/UTE Geithner started speaking:

If TS/UTE Geithner is so brilliant, shouldn’t he have known NOT to come out with a “plan” that offers no details, no new ideas, nothing but gaseous vapor? This is why the Senate ignored TS/UTE Geithner’s tax evasion? This is why the IRS didn’t nail his hide to a board? He couldn’t figure out the markets would tank if he made this announcement? Didn’t Obama see this coming if he let TS/UTE Geithner go to the mic with (essentially) nothing but his dick in his hand?

What the fuck?! We’ve got a bunch of amateurs running things! It would be funny if it weren’t so tragic.