It’s the same reason Obama sent a “jobs” bill with a bunch of pet projects to Congress which he knew had no chance of passage, so he can blame them in the campaign.
Geithner went to Europe so when the European poop hits the fan, Obama can say “I told them how to avoid it, but they wouldn’t listen…”
It really makes you wonder why they hold these summits every three weeks. They get the market all revved up and deliver exactly nothing. In fact, all they did this time around was delay a decision on Greece until October. Budget rules were supposedly toughened but there is still plenty of wiggle room.
End result: Euro well off the highs of the week and the stock rally is starting to sputter. Focus now will turn to the Fed.
