Lots of idea but details remain scant. The so-called public-private bad bank remains a work in progress with details to come in the weeks ahead, as does mortgage relief. They continue to disappoint and lick the can down the road. Markets are not going to like the fact that there are more details yet to come. More questions, than answers…
We are exploring a range of different structures for this program (the bad bank), and will seek input from market participants and the public as we design it. Tim Geithner
Stocks are falling quickly and risk aversion is rising; exactly the opposite of what the Administration would have wanted. EUR/USD trades at 1.3000.
