After last week, one could argue that Washington politicos couldn’t agree on anything in a truly bipartisan manner. That was hardly the case.
No matter where you looked in Washington and around the country, everyone (with the exception of CNBC’s Jim Cramer and a few Obama true believers) believed that Treasury Secretary Tim Geithner’s roll out of the long awaited and much hyped bank rescue plan flopped. Everyone — investors, banks, Congress, everyday Americans, reporters — wanted details and Geithner responded with vague, top line principles. Wall Street reacted with a huge decline. Pundits on both sides of the aisle noted this was his second embarassing mistake and wondered if Geithner really was up to the job.
Today’s Washington Post had a great tick tock on how the plan was developed and why the Treasury Department did what it did.
After reading the story, I am left with one question for which I really don’t have an answer. Given the build-up to the plan (including President Obama hyping the release of the plan in his prime time press conference) and the fact that the plan was, at best, not ready for prime time, would the Administration done better to delay the roll out of the plan a second time or was it better to follow the strategy that it did and led to last week’s collective raspberry?
In the words of Linda Richman, “talk among yourselves.”
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