At 12:14, just after Geithner finished bombing with the unveiling of his plan, Cramer wrote the following at his site:
"Now, of course, everyone is discovering that it was Geithner all along. Public/private. Are you kidding me? Do you think there is enough money, even with financing, to make a dent on Citigroup's structured investment vehicles, let alone the banking system? Does it matter that he will make "a trillion" dollars available? ..... More facilities. More trusts. More piecemeal. More, well, Geithner, complete with the daily leaks right up into this and the heavy press-courting that has been his style from day one.
I am embarrassed by the "press" that made us believe in this Geithner."
Then, less than 6 hours later, he wrote the following:
"However, as I listened to [Geithner's] testimony later in the day, I thought he made a lot of sense. I didn't like his speech any more than the market did, but if you parse it and expand it, there are elements that I have been calling for in these pages for a year now so I can't dump on the guy when he is in my camp."
I wouldn't be surprised if he got a call from someone very high up asking him nicely to tone it down.
"Now, of course, everyone is discovering that it was Geithner all along. Public/private. Are you kidding me? Do you think there is enough money, even with financing, to make a dent on Citigroup's structured investment vehicles, let alone the banking system? Does it matter that he will make "a trillion" dollars available? ..... More facilities. More trusts. More piecemeal. More, well, Geithner, complete with the daily leaks right up into this and the heavy press-courting that has been his style from day one.
I am embarrassed by the "press" that made us believe in this Geithner."
Then, less than 6 hours later, he wrote the following:
"However, as I listened to [Geithner's] testimony later in the day, I thought he made a lot of sense. I didn't like his speech any more than the market did, but if you parse it and expand it, there are elements that I have been calling for in these pages for a year now so I can't dump on the guy when he is in my camp."
I wouldn't be surprised if he got a call from someone very high up asking him nicely to tone it down.
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