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Economic recovery package before Congress"would provide massive fiscal stimulus."
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<blockquote data-quote="moreluck" data-source="post: 478987" data-attributes="member: 1246"><p><span style="font-size: 15px">Bradley A. Blakeman</span></p><p>Republican strategist, consultant, entrepreneur: Secretary Geithner blew it big time.</p><p></p><p></p><p></p><p>The President at his press conference Monday evening announced that Secretary Geithner in a few days would make an important announcement as to the mechanics of going forward with a comprehensive plan to deal with our economic crisis beyond the $840 billion Recovery Bill that is working its way through Congress. The American People, Wall Street, and the World awaited this great announcement, this comprehensive and detailed plan.</p><p></p><p>Yesterday, the moment everyone was waiting for came, Secretary Geithner appeared and delivered a TelePrompTer speech looking like a deer in the headlights. He exuded zero confidence and his words were hollow. There was no detailed plan, instead, he spoke of doom and gloom and sacrifice and the failure to act. He talked in generalities and additional costs of money and financial guarantees of the government to the tune of over 2.5 trillion dollars. Wall Street responded to his speech with one of the largest one day declines in recent memory. Geithner was billed as the "financial whiz kid," and the "only one who knows what to do and how to get it done." Well, based on what we all saw and heard yesterday this guy is more like the Wizard of Oz than the Einstein of economics. </p><p></p><p>The $64 trillion dollar question is, what do we do now? I am not sure any one has the answer to that one. We have a new President that has high approval ratings but doesn't have the equally high caliber of people surrounding him that seem capable of solving or communicating with confidence the solutions to our financial woes. One thing is for sure, they are all good at painting a picture of despair and catastrophe. The President needs to regroup fast. He doesn't have much time before the catastrophe of which he speaks becomes a reality because of what he has done or not done to our economy.</p></blockquote><p></p>
[QUOTE="moreluck, post: 478987, member: 1246"] [SIZE=4]Bradley A. Blakeman[/SIZE] Republican strategist, consultant, entrepreneur: Secretary Geithner blew it big time. The President at his press conference Monday evening announced that Secretary Geithner in a few days would make an important announcement as to the mechanics of going forward with a comprehensive plan to deal with our economic crisis beyond the $840 billion Recovery Bill that is working its way through Congress. The American People, Wall Street, and the World awaited this great announcement, this comprehensive and detailed plan. Yesterday, the moment everyone was waiting for came, Secretary Geithner appeared and delivered a TelePrompTer speech looking like a deer in the headlights. He exuded zero confidence and his words were hollow. There was no detailed plan, instead, he spoke of doom and gloom and sacrifice and the failure to act. He talked in generalities and additional costs of money and financial guarantees of the government to the tune of over 2.5 trillion dollars. Wall Street responded to his speech with one of the largest one day declines in recent memory. Geithner was billed as the "financial whiz kid," and the "only one who knows what to do and how to get it done." Well, based on what we all saw and heard yesterday this guy is more like the Wizard of Oz than the Einstein of economics. The $64 trillion dollar question is, what do we do now? I am not sure any one has the answer to that one. We have a new President that has high approval ratings but doesn't have the equally high caliber of people surrounding him that seem capable of solving or communicating with confidence the solutions to our financial woes. One thing is for sure, they are all good at painting a picture of despair and catastrophe. The President needs to regroup fast. He doesn't have much time before the catastrophe of which he speaks becomes a reality because of what he has done or not done to our economy. [/QUOTE]
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