Geithner bombs...Kudlow...

Larry Kudlow on NRO.

"...On Tuesday morning, stocks opened down about 75 points in the wake of Obama’s pessimism. But stocks really started to tumble when Tim Geithner stepped to the microphone. He totally bombed in his debut.

Geithner had no real plan to deal with the problem of unmarketable toxic assets on bank balance sheets. He offered no new architectural structure, no good way to remove the toxic assets, no clear pricing or funding proposals, and no meat on the bones.

According to Merriam-Webster, a “plan” is “a detailed formulation of a program of action; a method for achieving an end.” But Mr. Geithner had none of this. As a result, stocks plunged about 250 points. Prominent investment strategist Ed Yardeni described Geithner as an empty suit with an empty plan..."

"...By the way, Geithner did not offer any regulatory accounting relief, such as putting an end to the disastrous mark-to-market rule that has wrecked bank capital and is one of the root causes of the whole financial problem...."

Geithner would have been better off not giving a speech until he could put real meat on the bones. What he pulled Tuesday was a classic rookie move that will further erode the public’s trust in his capabilities. Following the controversy over his late payment of taxes, this bank-plan blunder could be another nail in his coffin. Apparently, Tim Geithner is not yet ready for prime time."

Webercom: The failure to change the mark to market rules is a huge mistake, and inexplicable. Geither also bombed in testimony before a Senate committee. The combination of a President who seems to be trying to talk the country into a deeper recession and Treasury Secretary who can't seem to talk straight is bad...it's early, but Geithner will get about another 90 days before "family issues" may force him out.