UGH. How depressing was that?
After days of hype, leaks and anticipation, Tim Geithner, the Treasury Secretary cum Eagle Scout tip-toed onto the stage and told America... not much.
To deliver another tepid serving of watery cabbage soup to a nation that is starving for meat and potatoes — something tangible and believable — is not only useless, but strangely familiar.
In fact, it was just over four months ago, in late September when Hank Paulson made an equally mealy-mouthed pitch to Congress. He left with a blank check for $700 billion but few new converts.
At the time, I invoked a quote from Mary Kay that is arguably as fitting today as it was then:
"A mediocre idea that generates enthusiasm will go further than a great idea that inspires no one."
Since the Paulson pitch on September 29th, the Dow Industrials have shed about 2500 points or 25%. But even more telling is the continued unwinding of the financials: the XLF is down more than 50 percent since we last moved to save them... and all we the taxpayers have to show for it is a hangover.
And now another uninspiring leader comes back with another uninspiring pitch and asks us to do it all over again. I don't think so... and neither does the market.
What we need now at this time of ''catastrophe'' and crisis and meltdown, is a no-nonsense leader who can articulate a plan we can believe and then get the job done.
General George Patton comes to mind.
He once said, "A pint of sweat, saves a gallon of blood."
Right now, we are sweating and bleeding and going nowhere fast.
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How Geithner Hit Financial Shares:
Citigroup
JPMorgan Chase
Morgan Stanley
Goldman Sachs
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