TARP-2

Today is Timothy Geithner's day. He gets to unveil the "new" TARP program "overhaul" in a much anticipated press conference this morning. According to CNNMoney.com:

"Treasury Secretary Tim Geithner is scheduled to detail a financial system rescue plan on Tuesday in an 11 a.m. speech in Washington, D.C. Details are still not certain. But in a press conference Monday night, President Obama promised that Geithner would provide "very clear and specific plans" for loosening up credit markets. "That means having some transparency and oversight in the system," the President said. "It means that we correct some of the mistakes with TARP that were made earlier, the lack of consistency, the lack of clarity." The Troubled Asset Relief Program, or TARP, was created last fall to shore up the deteriorating finances of the nation's banks."

Americans are getting antsy about these government "programs" that are intended to help the economy and help U.S. workers, but so far, have not shown much promise. I got a call yesterday from one of my clients, who was very angry that his portfolio is still going down 3 months after last years stock market collapse. The promises of the new administration may be genuine, but most people seem disappointed that there has not been a more noticeable improvement in the markets year to date. To be sure, most "investors" need to remind themselves about the time frame of their investments (future blog). The problem I have with TARP-2 is that there will probably be a TARP-3 and a TARP-4. While Americans desperately want to see this recession come to an end, they do not want to saddle their children and grandchildren with so much debt, that their futures will be as uncertain as the winner of this year's Kentucky Derby.
Well, time to check the stock market futures and see how they're handicapping today's press conference.