Nov
21
WSJ.com reported that, “The Dow Jones Industrial Average surged 500 points amid reports that President-elect Barack Obama will name Timothy Geithner, the current head of the New York Fed and a prominent figure in the government’s recent market interventions, as his Treasury secretary. The rally halted a sharp two-day plunge which had pushed stocks to their worst levels in 11 years. Unease about the financial sector lingered, however, as Citigroup shares plunged 20%.”
It Take Balls: The PPT Makes The Getaway
Picture © Teresa Lo
Two thoughts: (i.) yesterday’s podcast was dead on with respect to market sentiment, and (ii.) Robert Rubin has obviously passed on his trademark Plunge Protection Team tactics to the Obama camp.
In any event, there is still an eternity to pass before Geithner (if confirmed) takes office until January. If you wish to read all about him, check out Robert Rubin’s memoirs, In an Uncertain World. Meanwhile, Rome continues to burn.
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