We waited an extra day for the Treasury Department’s new plan to stabilize the financial markets, and like the web site ( http://financialstability.gov/ ) they’ve got a lot of working (and explaining) to do.
I’ll leave piece by piece dissection of the plan to others.My beef is that we waited an extra day for this press conference, and while that isn’t necessarily a long time, when it’s paired with a plan that’s light on details, leaves us with one of the market’s big bugbears-uncertainty.There’s nothing new to increase transparency, which is a big issue with coming to grips with the scope and size of the problem.The bad bank idea has been floating around long enough it sounds like an old idea.
Expect volatility to remain elevated for a while (the VIX is up to 47). Geithner is speaking on CNBC, Bernanake is due to testify on Capital Hill, and congress is still wrestling with the stimulus package.
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