Sawicky:
WaPo financial writer Steve Pearlstein, really the only half-decent
guy they have now writing about the economy, had a good rant last
night on the teevee and pointed out it was the bank stocks that sunk,
suggesting the Obama program foregoes the deficiency of oiling them to
their hearts content.
Since this is PEN-L, would we expect a policy we liked to boost the
value of financial assets?
Gulick:
Could be, but I have heard/seen other explanations floating thru the ether.
1) The lack of clarity in Geithner's announced scheme and the Treasury's
accompanying fact sheet.
2) "Buy on the rumor, sell on the news."
Probably it's some combination of the factors mentioned and others?
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