In what was supposed to be a major announcement of a plan to address the insolvency of numerous banks and financial institutions Mr. Geithner only talked about concepts and ideas.

Mr. Geithner’s first public statement was a massive failure as measured by the capital markets. Leading up to today’s announcement by Mr. Geithner it was talked up by the Administration that broad sweeping measures, new policies, and new efforts would be announced in a big ‘shock and awe’ plan. But there was only shock, shock that there is no plan at all.

Mr. Geithner’s words communicated to the market that he and his staff still has no plan and his speech communicated that strongly without even saying those exact words.

The markets sold off very quickly following the release of his speech when it became apparent that they still have no solution to the problems facing the financial system of the United States.

There is only one way to put an end to this financial crisis, but Mr. Geithner and the Obama administration is doing the very same thing the Bush administration was doing which is the continuation of ‘hiding’ the true losses being held by the major banks and financial institutions.

This crisis will not end until these institutions take the losses on the assets they still hold in their level 3 asset class. The government does not want the American people to know that many of these firms ARE insolvent which would become evident if these firms are forced to acknowledge the losses they are holding at this very moment.

So the game of trying to find a way to ‘fix’ them without publicly acknowledging their insolvency is what continues to stretch this crisis from bad to worse.

I was really hoping the new administration would force the banks out into the open. Instead it is more of the same ‘hide the truth’ tactics at the expense of the tax payers, and the nations sovereignty (credit rating).

Mr. Timmy Geithner… get out while you can. You are not the right man for the job.

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