So, the market is tanking after Geitner’s speech. I called my stock broker, and out of intellectual curiousity asked why?
He said the banks had expected Santa Claus to come and magically take away all their toxic debt and leave them with bushels of money. Except there is no Santa Claus, and the government is apparently telling the banks that while they will help the banks will have to deal with some of this debt all by them little selves.
I say tough despite the fact I’m in the market. Their idiocy helped create this mess. Why should they get a free pass?
