Poor Timmy is being re-regulated by the laws of his own gravity. He is who he is – a squirrel hunter on a mission to protect the legacy of De Investment Banking Club.
It’s not new news anymore, but the context of yesterday’s news that Timmy blew up on the ladies (Sheila Bair and Mary Shapiro) for not cooperating with the proposed rules of De Club is rather striking. Bair, in particular, doesn’t believe the Fed should have the almighty powers of everything oversight/risk management. Meanwhile Geithner wants to hurry through some reactive reforms and say he accomplished something before he gets fired.
Yes Timmy, President Obama is watching you – his approval ratings aren’t hitting new lows as the market hits new highs solely because of him.
The New Reality is that we have a Secretary of the US Treasury who has no qualms watching the Buck Burn (the US Dollar is hitting new lows again today). The long term credibility issues of the US Financial System continue to manifest in a currency price that’s marked-to-market every day. Market’s don’t lie; but some of these people really do.
Shame on you Timmy. You could learn a lot from Sheila Bair if you had it in you to listen while you hear.
Keith R. McCullough
Chief Executive Officer
(picture courtesy of Getty Images)