Market Jumps 500 on Naming of Geithner as Treasury Head

Hmmm... presumably he's a capitalist. And naming a capitalist to the Treasury post reassures the market.

I wonder what greater conclusions we can draw from that.

U.S. stocks rallied and the Standard & Poor’s 500 Index rebounded from an 11-year low after President-elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.
“This news could really give the stock market a badly needed shot in the arm,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, wrote in an e-mail to clients. Geithner is a “fantastic choice to help lead the financial markets out of the wilderness.”

Posted by: Ace at 04:26 PM

Comments

1 We're saved! We're saved! Thank God Allmighty!

Posted by: Ginger at November 21, 2008 04:28 PM (s/emF)

This new guy is Paulson's boy, just a continuation of the status quo "TARP" plan.

These Goldman people are going to ruin the economy.

Posted by: geoff - anti-Harkonnen freedom fighter at November 21, 2008 04:32 PM (5r0Tz)

3 Hopefully he has some idea what the hell he is doing.

Posted by: Watcher at November 21, 2008 04:32 PM (vqO5H)

The idiot media just do not have a fucking clue. The market is wallowing all over the place because the average investor is scared to death. As it hit bottom one day the bottom feeders try to pick up bargains and it rebounds the next day. Also, Friday is a day of recovery traditionally unless some really bad mojo is about to occur.

Posted by: Vic at November 21, 2008 04:32 PM (Qd7GC)

5 Dude, where's my bailout?

Posted by: Mike at November 21, 2008 04:33 PM (xbwcb)

6 Yawn. It will drop 500 on Monday.

Posted by: Winston at November 21, 2008 04:33 PM (FggW0)

7 This new guy is Paulson's boy, just a continuation of the status quo "TARP" plan.

These Goldman people are going to ruin the economy.

Posted by: geoff - anti-Harkonnen freedom fighter at November 21, 2008 04:32 PM (5r0Tz)

Oh... nevermind then.

Posted by: Watcher at November 21, 2008 04:33 PM (vqO5H)

8 Fun Tim Geithner fact of the day:

He worked for Henry Kissinger as a researcher once.

Also, Geithner is a "financial assistance" (read: bailout) expert. That's why the markets orga$med over his selection.

Posted by: Robert_Paulson at November 21, 2008 04:35 PM (zjgCD)

Yea, its pretty sad. This guy will pump the remaining 350 billion into the financial companies, insurance and autos....and the market will rally until mid spring, when earnings come out for first quarter with projections that suck - and then the market will realize the bailouts only delay collapse and the bottom will truly fall out to around 5500.

For now, we saw the bottom and it was earlier today.

Posted by: geoff - anti-Harkonnen freedom fighter at November 21, 2008 04:38 PM (5r0Tz)

10 They say that this was the person that Paulson wanted. They also say this brings stability and continuity to the markets. Yet they also say that "something needs to be done about Citi this weekend" Who will replace him at the NY fed, who will replace hill, some say bill. And who will be "the rest of the team to be announced personally on Monday?

Posted by: minnie at November 21, 2008 04:38 PM (zplc6)

11 CNBC had some guy on today who wrote a $27 book on how to survive the coming depression, wasn't paying attention think his name was harry. He said we haven't seen the bottom and won't see it until earliest next year and it won't be pretty. CNBC's resident idiot , DN, chastised the guy for charging $27 bucks for the book. Thought that was a sign the guy needs to make money from a book cause he isn't making it on the street. CNBc was depressing today almost as bad as when they put on Louise Yamada after Peter Schiff on fast money yesterday. They had a guy criticizing the gov't intervention in the market and being horrified at the "feathebedding at the expense of the american people that is going on among the politicians, guy said this would never happen on the street. The worst sin today, Sue Herrerra said the "d " word.

Posted by: minnie at November 21, 2008 04:44 PM (zplc6)

12 Bernanke endorsed Obama. Paulson talked to Obama every day during the announcement of the bailout scare through the final floor vote. Geithner has been deep in the Bear Stearns, Lehman, AIG mess. His appointment is just more of the same socialist drum beat.

Posted by: AGR at November 21, 2008 04:46 PM (r8a5Z)

Nov. 21 (Bloomberg) -- President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary, with Lawrence Summers getting a senior White House role, a Democratic aide said.

Obama is also likely to nominate New Mexico Governor Bill Richardson as Commerce Secretary, and to announce his picks on Nov. 24, the person said on condition of anonymity.

Geithner, 47, served as an undersecretary for international affairs under Summers, 53, and has served at the helm of the New York Fed since November 2003.

The way it's going Barry will appoint Slick Willie as co-President.

Posted by: TheQuietMan at November 21, 2008 04:49 PM (1Jaio)

14 Does Peter Schiff remind anyone else of Ron Paul?

Posted by: phronesis at November 21, 2008 04:49 PM (85f4o)

15 How many jokers are in the deck?

We had the stock bubble, the housing bubble, the derivative carappp ... how many TARPs to cover it all?

We don't hear much from Obamassiah ... seems he is turning it all over to his handlers ... rally to 9000 ... then back through 7600? I have no idea ... we are in uncharted waters ... at least for me ... I kinda agree with geoff's 5500 or 4200 in spring ...

but maybe it is the beer ... let me do some vodka with beer chasers ... then I can give a better idea.

Posted by: bill at November 21, 2008 04:50 PM (qx3MZ)

And those who scoff at the idea the markets were/are spooked by Barry's victory can bite my ass.

Posted by: eddiebear at November 21, 2008 04:51 PM (wnU1W)

17 The One is reportedly going to give an economic address on Monday. He could say he's delaying the tax hikes until the economy recovers and rally the markets. But he won't.

Posted by: phronesis at November 21, 2008 04:52 PM (85f4o)

18 O/T but this board needs some war-tech-pr0n

http://www.youtube.com/watch?v=nYvEFATaRMY

Posted by: moronizer at November 21, 2008 04:54 PM (p1s9n)

19 Peter Schiff is one pissed off guy. And louise, well louise is louise, instead of cats, louise has her charts and she is supposed to be the best damned chartist on the planet. Like Meredith is the best damned banking analyst on the planet.

Posted by: minnie at November 21, 2008 04:57 PM (zplc6)

20 Last friday Guy Adami said Geitner would be the Treasury Secretary, he said it on CNBC's fast money show. Tonight he said Geitner would be replaced at the NY Fed by Eric Denalo. Who is Eric Denalo?

Posted by: minnie at November 21, 2008 05:16 PM (zplc6)

I don't know that I'd read much into this. People are desperate for even a hint of positive news, and in this environment "positive news" can mean "news that is only bad rather than terrifyingly horrible". Frankly, I don't think there's anything that policy-makers can do right now besides make the situation worse. Doing nothing is probably the best thing right now: the market is going to whipsaw around for a good long while before it settles back down. The week after Black Friday is going to be interesting because everyone is wondering how badly consumer spending is off from last year (my bet is that we're going to see a year-over-year drop of around 35-45%).

Posted by: Monty at November 21, 2008 05:21 PM (4Pleu)

22 #21, I think people are shopping.

And I have a lot of faith in Vikram Pandit. I don't want him to step down. I don't want him to breakup Citi bank. I want him to ignore WS and do his job. I am so sick of the rumor mongering about Citi bank.

Posted by: minnie at November 21, 2008 05:33 PM (zplc6)

23 Larry Summers for Fed Chairman? According to steve liesman on CNBC as reported by reuters and the NYT's?

Posted by: minnie at November 21, 2008 05:35 PM (zplc6)

24 U.S. stocks rallied and the Standard & Poor’s 500 Index rebounded from an 11-year low after President-elect Barack Obama picked New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.

Cause and Effect?... I seriously doubt, the name "Timothy Geithner" (whoever the hell that is) sends enough of a thrill up anyone's leg, to scamper down to his broker with all his cash to invest in this market.

Posted by: franksalterego at November 21, 2008 05:39 PM (GKyIE)

25 Interesting Liesman was saying one thing and the crawl was adding those important words "is considering larry summers"...."is considering" doesn't mean "is"

Wasn't geitner the one who was around when lehman bit the dust?

Posted by: minnie at November 21, 2008 05:45 PM (zplc6)

26 Oh, but wait, I thought the recent downturn on Wall Street had nothing to do with uncertainty over Obama?

Posted by: Robin Mac at November 21, 2008 05:47 PM (6uXZa)

27 Well ... is he part of the zionist machine? LOL .. that is what I hear ... but I don't know anything about that klan ...

wikipedia him ... doesn't look promising to me ... hope and change more of the same ..

After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988.

In 1999 he was promoted to Under Secretary of the Treasury for International Affairs and served under Treasury Secretaries Robert Rubin and Lawrence Summers.

In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003.^[4] In 2006 he became a member of the influential Washington-based financial advisory body, the Group of Thirty.

Posted by: bill at November 21, 2008 05:48 PM (qx3MZ)

28 A protege of rubin and summers? they are furiously searching for the GS connection on the financial boards, lol.

Posted by: minnie at November 21, 2008 06:04 PM (zplc6)

Schiff/Yamada: If a person had any modicum of sanity left about investments and the market, it was gone after watching these two. Jesus Christ, Schiff has a hard-on for everything and everybody, and not one little piece of even a hint that he sees anything but death and hopelessness on the horizon. I drank three straight dr. peppers and went to my bunk with a gun and a sugar high.

I love Fast Money, Ratigan is pretty sane most of the time, and Karen Finerman is a no-nonsense babe. However, CNBC has one rule: If it bleeds, it leads, and brother, it has been bleeding like a drug dealer in the streets of El Paso.

It's a sad day when the market is so starved for any hint, any sniff, of good news, that it goes up 500 on the news that some guy at the NY Fed is going to be appointed to the Messiah's cabinet.

I'll take any up day, and God bless em, but fucking BAC moved 11 cents! 11 freaking cents!!! If I had any hair, I would tear it out. And Disney is down in after hours. Why, why, am i doing this shit? Help me someone, please make me stop.

Posted by: mikeyslaw at November 21, 2008 06:19 PM (QMGr1)

30 Watch cramer on the repeat. He doesn't think the market went up becasue of Geitner. But wasn't paying attention so I'm not sure why he thinks it went up. You are doing this because you can't believe so many good companies are priced where they are, yet you are afraid tro buy because you are fearul that once you buy they will go down further? Where has dylan ratigan been, certainly not on CNBC but, his agent is doing a great job, the ladies of the view just loved him today!

Posted by: minnie at November 21, 2008 06:30 PM (zplc6)

31 Alcoa, Disney, Murphy Oil, Goldman, Conoco Phillips. Great companies that have been beaten senseless. I want them all. I will have them!

Posted by: mikeyslaw at November 21, 2008 06:37 PM (QMGr1)

32 Minnie, the woman that fills on for D ratigan, she drives me insane. She is in way over her head with the traders, don't you think?

Posted by: mikeyslaw at November 21, 2008 06:39 PM (QMGr1)

Who know who this hurts? It hurts oprah's fans. That's right. http://tinyurl.com/6y7urk

Link goes to chicago sun times.

Posted by: Ginger at November 21, 2008 06:42 PM (s/emF)

34 I like her better than erin and the dumb blonde in the morning and michelle cabrera caruso or whatever, but she is the next maria. Maria, Sue, Mary and that young one, know what they are doing. the rest are all for show. She is in over her head though. When ratigan isn't there they should just have one of the traders run the show.

Posted by: minnie at November 21, 2008 06:50 PM (zplc6)

35 Whatever ... 11 year low on the Dow? Fricking crickets.

Stocks go up? Yay OBAMA! We're Saved!!!!!

Posted by: BidDaddyDee at November 21, 2008 07:03 PM (bQdYR)

36 I just pooped my pants.

Posted by: John Ryan at November 21, 2008 07:33 PM (LHCAa)

37 Wasn't Maria's hubbie front running her morning talks a decade ago or so? Is it just about who has the biggest tits? It seems they try hard to profile the babes when possible, but they all belong to someone ... kinda strange ... I remember Maria on Letterman with her arms out, maybe showing off new improved tits ... ha

They all are just for show I think. Some are smarter than others ... I like Rick in Chicago .. Joe is good ... well, basically the Republicans are better ...

Posted by: bill at November 21, 2008 07:48 PM (qx3MZ)

38 But you guys PROMISED us that Obama was a maxist/socialist

Give him time. Its hard to trash everything before he even gets the keys to executive washroom.

Posted by: toby928 at November 21, 2008 07:53 PM (PD1tk)

39 Finally CNBc is serious, Donny Deutsch, Charlie Gasparino and Steve Liesman, on now....now you'll get the story.

Posted by: minnie at November 21, 2008 08:03 PM (zplc6)

40 "how badly consumer spending is off from last year (my bet is that we're going to see a year-over-year drop of around 35-45%)."

My own personal spending has dropped nearly 100%. I am in complete depression mode. Plan to stay there a long while, too, with the exception of Christmas, which will be very low-key.

Regarding this appointment, here I thought this guy might be a good thing, given what looked like the market's response; however, looks like from what I've read here so far it might just be (a) usual Friday stuff or (b) the wonderfulness of something only bad, rather than hideously godawful.

Posted by: Alana at November 21, 2008 09:39 PM (JE2zV)

41 This idiot was one of those morons who pushed the bank bailout. Its Wall Street way of celebrating its salvation via the fleecing of the taxpayer. I also loved Richardson as Commerce Secretary. Hope he realizes what happened to Clinton's man. Poor guy.

Posted by: Thomas Jackson at November 21, 2008 10:02 PM (0Qynq)

42 The conclusion we can draw is that Obama is a fricking socialist liberal until he demonstrates otherwise. This is reassuring. Also, Geithner is Jewish, which is further reassuring in view of the whole Rev Wright thingy...

Maybe Obama will turn out to be the first black Clinton? That wouldn't be great, but it wouldn't be the Obama that gives me nightmares...

Posted by: FloofyParisParamus at November 21, 2008 11:53 PM (x/5U+)

43 I know sassypants predicted yesterday that the market is supposed to rally today
because people will be interested to buy after the stocks sank to a new low.
I wonder why he did not reply to this thread today coz he was spot on!

Posted by: indiegirl at November 22, 2008 12:03 AM (+jfQK)

I wonder why he did not reply to this thread today coz he was spot on!

Probably because sassypants is a girl. She must've been washing her hair or menstruating, etc.

Posted by: adolfo_velasquez at November 22, 2008 01:06 AM (wkWJn)

45 We had to have a rally of some sort today because some were covering and expirations and well, we were just down too many days in a row.

Posted by: minnie at November 22, 2008 02:16 AM (zplc6)

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