Obama said his newly minted economic team offered "sound judgment and fresh thinking" at a time of economic peril.
Although the Dow soared by the end of trading it slipped while Obama was speaking. The Street didn't seem to like that the team failed to offer any specifics.
Like you, Dylan and the traders want specifics and they were determined to get them. Enter Obama adviser Laura Tyson, who appeared Monday on Fast Money.
“As an observer of policy I think we are in a historic capital market crisis and it’s not clear that market fundamentals are at play,” Tyson revealed on Fast Money.
“There’s fear and panic at play and when that’s the case the government must use its large balance sheet to save institutions at risk, if those institutions are important to the system’s functioning.”
Tyson was, of course, referencing the bailout for Citigroup.
“We have to do whatever is necessary to bring the capital market back into some normalcy of functioning,” she added. “The interests of Wall Street and Main Street are one in this kind of crisis. We need to look at this as systemic effort to restore normalcy to the market.”
But what does it take to "restore normalcy"? Some kind of stimulus, surely.
Dylan Ratigan pressed Tyson for specific numbers and she responded by saying, “I would recommend between $300 - $600 billion of stimulus.”
But don't expect a check in the mail, Tyson also said she'd recommend that the bulk of that money be spent on infrastructure, energy and education.
Sounds like a new deal. We'll be watching.
Dylan Ratigan’s conversation with Obama advisor Laura Tyson was quite heated. See it for yourself. Watch the video now!
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