"We believe that the policy response has to be comprehensive and forceful," Treasury Secretary Timothy Geithner said in his speech Tuesday. "Instead of catalyzing recovery, the financial system is working against recovery. And at the same time, the recession is putting greater pressure on banks. This is a dangerous dynamic, and we need to arrest it."
According to a chart of the Dow Jones Industrial Average activity today, this statement was made at approximately 11:02 AM EST.
The financial world retaliated accordingly, sending the market to 7888.88 at the close of trading. Seth Jayson, senior analyst at the Motley Fool, said, "The real issue is that banks, analysts, and others are hoping for miracles, and we're all out of those … Trillions of dollars have already been thrown at this problem, with little effect." How they heck are they supposed to do anything constructive with the possibility of $2 Trillion being added to the system? You give a banker that much money and he's going on vacation . . . I'm pretty sure I'd have the same reaction if you send heaps of money my direction. "What problem?? I'm rich!!"
Maybe one of the larger banks would be willing to look at turning some of the bail out money towards that Death Star Project.
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