Geithner could step down after getting debt ceiling deal done -- Gasparino, Fox Business News - Gasparino reports that there are rumors that Treasury Secretary Geithner could leave after a deal is reached regarding the debt ceiling. He also reported that the Treasury Department will not deny the rumor.I especially like the comment that the Treasury Dept would not deny the rumor. This rumor has been floating around since Obama's first full year and now maybe it's really true this time.
What will be even more interesting to watch is whether or not Geithner will land a cushy, highly paid position at one of the Too Big To Fail Banks, to which he's been funnelling $100's of billions in Taxpayer money in order to keep them from collapsing and to enable the continuation of $billions in excessive compensation to the architects of this country's systemic demise. Imagine what it says about what a stooge your Treasury Secretary is if he doesn't land a "payback" job at a TBTF...
In case you missed this, Taxpayer/Government-owned GMAC/Ally Financial is pulling its initial public offering for now. LINK The excuse is a weak stock market. But what it tells us is that investors are looking "under the hood" all GMAC and looking at the crappy auto and mortgage assets it has underwritten with massive Government support and running the other way, especially after the dismal performanance of AIG's stock after the Government called in favors to the banks and unloaded a lot stock on Wall Street, which in turn has been flipping out to the market.
It's starting to get ugly out there in the markets. And the markets are reflecting an accelerating deterioration in the condition of our finacial and economic system. It may not seem like it now, but I expect that gold and silver will take many by surprise and soon stage an aggressive price rally in terms of dollars and euros. For sure, demand from India has not slid into its traditional seasonal lull - at least not yet - and the Chinese seem to have an insatiable appetite for the physical metals.