ok...I am on the wrong side of the world here

[ProdigalJunkMail]

but who opened their mouth and what did they say at 11:00AM that caused the markets to tank like this...or did some new economic indicator that missed get released???

http://money.cnn.com/data/markets/dow/?

sP

[babylonsister]

1. Tim Geithner gave a speech about the 2nd part of the TARP bailout-markets tanked.

I saw that happen here, too.

[Avalux]

2. Geitner unveiled TARP #2.

I take it as a good sign the markets are tanking.

[notesdev]

3. Our new Sec Treasury

Geithner is apparently not widely admired by the market, for what it's worth. It ain't just anyone who can open his mouth and cause the DJI to drop 3%.

[JFKfanforever]

5. TARP I was an unregulated free-for-all disaster, so ....

why would the markets trust any plan for TARP II?

The Fed refused transparency on TARP I and refused to disclose
the exact disbursemnet of the giveaway dollars... TARP I was
squandered and did nothing to improve lending or to stem the
tide of foreclosures which are killing the American Dream.

So why on earth would the market welcome more of the same from
a Fed flunky tax cheat Geithner?  Get rid of him. It is time
to metaphorically "shoot the messenger".  He is too
tainted and too Fed-bound to do President Obama any good in
this sensitive situation.  

[ProdigalJunkMail]

4. ah...ok...

must have been a whale of a start because no sooner had he opened his mouth...wasn't likely past the pleasantries yet and DOWN she went. man the market is jittery...

sP

[BR_Parkway]

6. Apparently, they're going to hold the companies to account, seek

private investment to share the risk, gov't will get a return (vs free money thrown out there) and a huge push towards SBA funding for small biz (those of us too small to be traded on Wall St)

Of course the market's tanking - they were sitting there waiting for another handout that would make all the big corp's richer. Somehow they keep forgetting Obama's style is to try to do things that benefit most of us, not just a few.