By Ben Cohen
I’m no economist, but I’m starting to think that Wall Street’s negative reaction to Timothy Geithner’s stimulus package might be a good thing (the Dow tumbled by 3%). While the detail of the package are unclear (even to hardened economists), there are clearly some stipulations that have the city anxious. Free money with no oversight would probably have them jumping for joy, so any sign the Wall St is unhappy may be a positive one.
This is a totally superficial analysis mind you, and the lack of clarity could also be a big issue. I’m not sold on Geithner by a long way, and there is certainly much to be skeptical about. Krugman thinks Geithner might be sneaking in some clever regulations (see post below), but again, he doesn’t understand exactly what is in it. So again, we wait.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.