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Author: Subject: Why the market didn't like today's press conference

Maximum Peach





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  posted on 2/10/2009 at 01:32 PM
“We were led to believe the government had some comprehensive plan. People were looking for specifics, not for more rhetoric,” said David Resler, chief economist at Nomura Securities International. “We still don’t know what is happening here. Don’t come out and say you have a new program until you have a new program.”



 
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Peach Extraordinaire



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  posted on 2/10/2009 at 02:36 PM
I found it very difficult to listen to BarryO last night. All he did was stumble and stutter in search of the correct cliche. There were no real answers given or plans revealed - just like his election campaign.

Ah well, we get the government we deserve.

 

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True Peach



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  posted on 2/10/2009 at 02:43 PM
quote:
I found it very difficult to listen to BarryO last night. All he did was stumble and stutter in search of the correct cliche. There were no real answers given or plans revealed - just like his election campaign.



Isn't the stimulus plan like 600 pages long? Do you expect the President to read it to you? Even if he was willing, I doubt the networks would give him the necessary airtime to do so. An approval rating of 76% still has its limitations.

 

Peach Extraordinaire



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  posted on 2/10/2009 at 02:48 PM
quote:
quote:
I found it very difficult to listen to BarryO last night. All he did was stumble and stutter in search of the correct cliche. There were no real answers given or plans revealed - just like his election campaign.



Isn't the stimulus plan like 600 pages long? Do you expect the President to read it to you? Even if he was willing, I doubt the networks would give him the necessary airtime to do so. An approval rating of 76% still has its limitations.


Read 600 pages? Of course not. As for what he did, and DIDN'T, say as well as how he said it, I'm spot-on. As for the approval rating for the "porkulus" package, last I heard it was 38% and dropping like a rock.

 

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Maximum Peach



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  posted on 2/10/2009 at 02:49 PM
The press conference today had been built up with much anticipation. The market surge Friday can easily be attributed to the originally scheduled Monday Treasury press conference, not the speculated passage of the Recovery and Reinvestment Bill as some claimed.

People expected big things out of Geithner and people didn't want to be left out of any potential surge that may have occurred stemming from the announcement of a plan. Talking heads were touting "shock and awe". Maybe it was built up too much. But even Obama stoked the fire a bit last night:

quote:
I'm trying to avoid pre-empting my secretary of the treasury. I want all of you to show up at his press conference, as well. He's going to be terrific.


quote:
And the package that we've put together is designed to help do that. And beyond that, I'm going to make sure that Tim gets his moment in the sun tomorrow.


Well the market didn't think it was terrific and the moment in the sun got cloudy real quick.

The markets reaction is disappointment that there was no plan announced, just more talk of a process and evaluation of how to proceed.

 

Zen Peach



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  posted on 2/10/2009 at 03:25 PM
I agree. President Obama built up the press conference last night, and then this morning, not much. They have to understand the power that they have, good, bad or indifferent.

 

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  posted on 2/10/2009 at 03:44 PM
That wasn't a press "conference" that was...a snow job..cliche' ridden the guy couldn't look straight into the camera..its the only press conference I've seen where the president called out the names of individual reporters to ask their questions instead of just taking them as they came...and the A-rod question who gives a **** ...even the Helen Thomas question was a fluff ball....Buckle up Its Going To Be A Bumpy Ride

 

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Peach Extraordinaire



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  posted on 2/10/2009 at 04:21 PM
quote:
That wasn't a press "conference" that was...a snow job..cliche' ridden the guy couldn't look straight into the camera..its the only press conference I've seen where the president called out the names of individual reporters to ask their questions instead of just taking them as they came...and the A-rod question who gives a **** ...even the Helen Thomas question was a fluff ball....Buckle up Its Going To Be A Bumpy Ride


It did seem pretty contrived and yet he still couldn't articulate a straight answer. He just talked in circles. Cliches and circles.

 

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Maximum Peach



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  posted on 2/10/2009 at 04:21 PM
It also probably doesn't help sentiment when guys like Jim Rogers get up there and say things like this on cnbc, although he may not be far off the mark:

But Rogers said Geithner, who was president of the New York Federal Reserve Bank, "has been dead wrong about everything for 15 years in a row," and so was President Barack Obama's economic advisor Lawrence Summers, who acted as Treasury Secretary at the turn of the century.

"It is mind-boggling to me," Rogers told "Squawk Box Europe."

"If I were on your show 15 weeks in a row and was wrong, you'd probably never invite me back. These guys have been wrong year after year after year consistently and here they are making the same mistakes again. This is not going to solve the problem, it's going to make it worse."

 

World Class Peach



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  posted on 2/10/2009 at 07:01 PM
Can't get any worse than the last 8 years...

 

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Peach Extraordinaire



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  posted on 2/10/2009 at 08:33 PM
but it can and probably will when we have to pay down this incredulous debt.

 

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Peach Pro



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  posted on 2/11/2009 at 08:57 AM
quote:
Can't get any worse than the last 8 years...


We going to be feeling the pain of and paying for those 8 years for many moons IMHO. They're the "anti-gift" that will keep on taking.

As far as what the new administration is doing - time will tell. They and many of us have a lot of uncertainty as to what will be required to get the economy back to healthy.

If our most recent "good" economy was predicated on many borrowing way over their heads to buy houses and other items they couldn't afford....matched with those in the Financial sector betting the ranch on "sub-prime" assets / leveraging their companies to the hilt, how do we get a good economy again ?

My humble theory - we need to make things in this country that will sell here and abroad. If we keep losing manufacturing jobs and borrowing $$ from China to buy things made in China - how do we have a good economy ? What jobs are going to be left here for the next generation and the one after that... We are in unchartered and unfriendly waters.

Here's hoping the Government plan is successful beyond our expectations.

 

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Zen Peach



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  posted on 2/11/2009 at 09:58 AM
I can't jump on the blame the last years and Bush and the Republicans train (or the blame Barney Frank and Fannie and Freddie train) on the housing/mortgage collapse. It was bigger than that. Waaaaay bigger than that.

 

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World Class Peach



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  posted on 2/11/2009 at 11:43 AM
We're screwed.

Bottom line.

Might as well try something besides giving money to the rich.

 

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Peach Extraordinaire



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  posted on 2/11/2009 at 01:04 PM
quote:
Can't get any worse than the last 8 years...


LOL. Wait.

 

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Zen Peach



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  posted on 2/11/2009 at 01:22 PM
quote:
quote:
Can't get any worse than the last 8 years...


LOL. Wait.


It's already worse.

 

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Zen Peach



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  posted on 2/11/2009 at 02:54 PM
quote:
but it can and probably will when we have to pay down this incredulous debt.


...acquired over the last 8 years. We didnt suddenly have an economic crisis on Jan. 21.

 

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Peach Extraordinaire



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  posted on 2/11/2009 at 04:12 PM
quote:
quote:
but it can and probably will when we have to pay down this incredulous debt.


...acquired over the last 8 years. We didnt suddenly have an economic crisis on Jan. 21.


Acquired over the last 8 years and increased a 1,000 times in the coming four. But now it's cool because BarryO is doing it.

 

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As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 

Zen Peach



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  posted on 2/11/2009 at 04:50 PM
quote:
quote:
but it can and probably will when we have to pay down this incredulous debt.


...acquired over the last 8 years


More like over the last 38.

 

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