The Failed Stimulus Plan by Geithner
Tim Geithner the secretary of treasury who was so strongly defended by the Obama administration because he was the only candidate for the job, came up with a plan--except that it wasn't really a plan it was more of a disorganized movement toward action.
After Geithner's plan was revealed investors responded angrily:
The Dow Jones lost 4.6% and the S&P fell by almost 5% as investors fled.
“What they did is over-promise and under-deliver,” said Thomas Barrack, chief executive of Colony Capital, a private investment firm in Los Angeles. “They said there was going to be a plan, so everybody expected a plan. And there was nothing.”
Is it really that difficult to come up with a plan to fix the housing market, the financial market, and promote employment and investment again through incentives?
Over-Promise and Under-Deliver... that's the Obama motto.
Hope and Change...
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