The deal is that private capital can't trust the government at this point to make sure the market plays by the rules (or for the government to play by the rules itself...it changes the rules every. single. day.) and it won't come back into the market until it can trust what's going on. Private capital doesn't even mind insanely risky markets, but they refuse to be cheated through lies and outright fraud. And trust me, the government is at least complicit in this bullshit--they don't go after white collar crimes nearly enough. I say turn out the non-violent drug users and the pimps and prostitutes and then use the prison space to put the fraudsters in jail. Do you know how rampant scams are in this country? They go on everywhere, everyday, at every level imaginable. Because we allow it. If we just enforced the ideas of TRUTH and HONESTY and FAIR DEALING then private capital would come back to this market much sooner.
If we don't begin enforcing them, we may never get a true recovery, IMO. I'm certain that if we don't begin enforcing full transparency, honesty and fairness in the financial industry and investing world that the markets will go much, much lower before they recover in any way (whether real or illusory).
Again, we were promised details of the "bad asset" program today.
We were told Tuesday a week ago, then it was pushed to today so as not to "overshadow" the President's speech last night.
WHERE ARE THEY Mr. President?
We had a very nice advance in the market building this afternoon.
When it became apparent that you were going to play puff piece once again, and Tim Geithner who you promised would give us details was not going to appear, the market TANKED, falling by nearly three percent in twenty minutes.
When are you going to stop lying Barack?
The market is not going to put up with this crap. This is a cumulative six percent loss that can be directly charged to you - first by putting Geithner in front of a camera after promising us a plan - with no plan - and then again by representing that we'd get those details today and again stepping to the microphone and speaking not with details but more campaign garbage.
Are you really looking for a lock-limit down overnight followed by a crash the next morning?
You are going to get one soon if you don't cut this out, and it is YOUR responsibility WHEN, not if, it happens.
Confidence in your ability to TELL THE TRUTH is GONE.
