InfoAnda - With few details, Geithner plan disappoints markets

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Childhood Sleep Problems May Be Predictor Of Future Substance Abuse | 6 April 2010
Malaysian church lawyers targeted in 'Allah' row | 14 January 2010
Naomi Watts pulls off The Impossible to critical acclaim | | 19 December 2012

Sharp swings to profit in third quarter | 4 February 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : With few details, Geithner plan disappoints markets

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: With few details, Geithner plan disappoints markets AFP - Wednesday, February 11 WASHINGTON, (AFP) - - Financial markets greeted the Geithner plan to rescue the troubled banking system with a resounding thud, as analysts bemoaned a startling lack of detail to achieve its aims. ADVERTISEMENT US Treasury Secretary Timothy Geithner's much anticipated plan -- which could total some two trillion dollars -- came as a major disappointment to those seeking a vision to rehabilitate an ailing financial sector and get credit flowing again. David Kotok at Cumberland Advisors said the Treasury chief "gave only sketchy details that would help clarify the program." "His speech was purposefully vague. Markets and the country want clarity, transparency and reliability," Kotok added. "Instead, they got promises it would be forthcoming but they did not get facts and details that would substantiate it." Brian Bethune, economist at IHS Global Insight, also said the Geithner plan failed to impress. "The bottom line from the Geithner speech is that it was too general, and it lacked the specifics needed for it to be credible," Bethune said. Bethune said Geithner's comments were "directed to mainly a technical audience from a key administration technocrat." Wall Street went into panic mode, as the Dow Jones Industrial Average plunged 4.6 percent and investors flocked to safe-haven Treasury bonds. "The market seemed enthusiastic about the prospect of restoring order to the financial markets. However, when Geithner's scheme turned out to be remarkably light on details, traders reacted with pure angst," said Elizabeth Harrow at Schaeffer's Investment Research. The centerpiece of the plan is a public-private partnership aimed at soaking up toxic assets clogging the financial system. It also involves new efforts to boost consumer lending, limit home foreclosures and provide new capital for banks. Geithner said the plan would "bring the full force of the United States government to bear to strengthen our financial system so that we get the economy back on track." The much-anticipated announcement represented President Barack Obama's plans for the second portion of the 700-billion-dollar Troubled Asset Relief Program approved last year by Congress. The American Bankers Association lauded the plan. ABA president Edward Yingling called it "a comprehensive, yet flexible plan that can restore confidence in the markets. We are pleased they took the time to address the stress in the financial markets in a coordinated way." The Financial Services Roundtable also praised the plan as "bold and large enough to address the problem." "By helping banks, small business, and consumers, it speeds targeted relief to all sectors of the economy," the industry group said. The key element of the new initiative will be a public-private investment fund started with 500 billion dollars "with the potential to expand up to one trillion dollars," to help cleanse the banking system of toxic real estate assets. But this portion of the plan -- presumably to fill the role of an aggregator or "bad bank" to rid the system of toxic assets -- remained vague, leaving analysts perplexed. "I do not begin to understand how this private-public plan will work," said Robert Brusca at FAO Economics. "Moreover, (mortgage finance giants) Fannie Mae and Freddie Mac failed precisely because of their public-private identity crisis." Another element will be additional capital injections into banks, which would be placed in a so-called Financial Stability Trust. Additionally, the Treasury and Federal Reserve will expand a program to boost lending for mortgages and other consumer and business loans to up to one trillion dollars. The new effort also commits 50 billion dollars to prevent "avoidable foreclosures" of owner-occupied homes by helping to reduce monthly payments for middle-class families. Geithner said President Barack Obama had ordered "a comprehensive plan to address the housing crisis" that would be announced "in the next few weeks." Yet this part of the plan too was assailed for a lack of specifics. "We will not effectively stabilize the nation's banks and financial system until we stop the wave of foreclosures that continues to drive down the economy and harm millions of families," said Michael Calhoun, president of the nonprofit Center for Responsible Lending. "We understand that Treasury Secretary Geithner will soon outline a plan to help prevent foreclosures. We eagerly await this plan." But a positive note came from Ian Shepherdson, chief US economist at High Frequency Economics, who said the measures should help. Despite various objections on political grounds, he said "the key point of is that banks will be healthier tomorrow than they are today as a result of these proposals." Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo US Treasury Secretary Timothy Geithner announces details of a financial stability plan at the Treasury Building in Washington, DC. Geithner unveiled a stepped-up program Tuesday to stabilize the financial system including an initial fund of 500 billion dollars to absorb toxic assets. Most Popular – Top Stories Viewed Taliban video of Polish hostage beheading Nissan to shed 20,000 jobs as recession woes mount Swiss banks to announce massive losses: report Obama vows mortgage aid as stimulus blitz hits Florida Indian woman has football-sized tumour removed from jaw View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Wednesday, 11 February 2009
Actor Faizon Love Charged With Felony Assault
More Tibet unrest cannot be ruled out: officials | International |
Ex-Village People Lead Singer Victor Willis Sues New Group For Using His Image And Voice
Tom Cruise's Coffee Cup Up For Auction In Brazil
Court denies Verizon petition on customer switching | Technology |
U.S. lawmaker wants satellite companies to carry local TV | Technology |
Intel to invest $7 billion in U.S. as recession deepens | Technology |
General Motors To Cut Another 10,000 Jobs
Leahy Proposes "Truth Commission" To Investigate Bush Administration
Update: Close Senate Vote Passes $838 Billion Economic Stimulus
New Jersey's Largest Utility Plans To Generate 120 Megawatts Of Electricity From Solar Panels Mounted On Power Poles, Schools, Municipal Buildings
Man Distraught Over Losing Business Leads LA Police On Low-Speed Chase Before Shooting, Killing Self
Developing: Senate Preparing To Vote On $838 Billion Stimulus
Obama Pushes Stimulus In Florida As Senate Prepares Final Vote On $838 Billion Bill
Update: Treasury Dept. Details Plan For Remaining Bailout Money
U.S. Dairy Farmers Find Costs Exceed Income With Milk Prices Down
U.S. Census Bureau Releases Data On Older Workers In Nevada; Last In Series Of Profiles By State
Rihanna postpones Malaysian show amid attack case | Entertainment |
Pfeiffer says mature actresses get better roles | Entertainment |
Bob Marley family in licensing deal for clothes, food | Entertainment |
Actors guild, studios set date for contract talks | Entertainment |
Louvre sets stage for Funeral of Mona Lisa | Entertainment |
Live Nation to buy Ticketmaster | Entertainment |
Man Distraught Over Losing Business Leads LA Police On Low-Speed Chase Before Shooting, Killing Self
Microsoft Secures 10,000th Patent This Month
Ex-Taiwanese First Lady Owns Up To Money Laundering
Tom Cruise's Coffee Cup Up For Auction In Brazil
Disarray as Israeli election rivals claim victory | International |
Double suicide blasts kill eight in Kabul: police
With few details, Geithner plan disappoints markets
Suicide blast, gunfire in Kabul: officials | International |
Israeli rivals battle for power after tight vote
Tsvangirai set to become Zimbabwe's PM
Veteran Actor Phil Carey Of "One Life To Live" Dies At 83
Australia sifts through ash to ID bushfire victims | International |
Palestinians: No talks without settlement freeze
Live Nation And Ticketmaster Announces Merger
US lawmakers seek consensus on stimulus
Ship movements signal possible North Korea missile test | International |
Kadima beats Likud by single seat in Israel vote
Obama turns on Wall Street
Sri Lanka rebels deny gunning down civilians | International |
Obama to decide soon on Afghan troop deployments
EU seeks joint economic action amid French protectionism row
Zimbabwe's Tsvangirai to take office as PM | International |
Disarray as Israeli election rivals claim victory
Spain withdraws cervical cancer shot after illnesses
Drug gang clash with army kills 21 in Mexico | International |
Israeli election too close to call, both claim win
U.S. diplomat holds Afghan supply talks in Moscow | International |
Giant horse chosen as Britain's 'Angel of the South'
Divisive Lieberman a big winner in Israel election
China prosecutors probe television complex blaze | International |
Shark attacks diver in Sydney Harbour | International |
Gates: Decision near on more troops in Afghanistan
Netanyahu reinvents himself in election comeback
GM leader says he'll meet stringent fuel standards
European cities sign climate change agreement
US-TECH Summary
Google tool helps consumers reduce energy usage | Technology |
Certicom agrees to RIM's sweetened takeover offer
FBI Investigates Employer Of Retarded Workers Found In Squalid Iowa Bunkhouse
Kuwaiti oil minister: Prices will continue to fall
Crooks set cyber traps on Digg: security firm
Many local TV stations to go ahead with DTV switch | Technology |
Texas Peanut Processing Plant Closed
US military deaths in Afghanistan region at 576
Medical Society Probes Doctor Who Implanted Embryos On Octuplets' Mom
Google tool helps consumers reduce energy usage
Certicom agrees to RIM's sweetened takeover offer | Technology |
US grappling with Canada's exit from Afghanistan
Feb 10 Highlights Of Low Points In The U.S. Economy
Cuba looks to expand Internet access
System peers under skin to reveal muscle actions | Technology |
Afghan government must improve: Mullen
Postage To Cost 2 Cents More Starting May 11
IBM climbs further into the computing cloud
College friends take fraternity dorm humor to TV | Technology |
Tornado Damages Homes, Knocks Down Power Lines In Central Oklahoma
Windstorms batter France, Britain on flood alert
Gates jokes about North Korean missile test
College friends take fraternity dorm humor to TV
Cuba looks to expand Internet access | Technology |
Pentagon Report Shows Obesity In U.S. Military Doubled Since 2003
Clinton holds out hope for useful talks with Iran
China's Monthly Auto Sales Overtake U.S. For First Time In January
Bahrain Web crackdown triggers calls for reform
Some dismayed at Obama indecision on human rights
Wall Street Tumbles On Bank Bailout Plan
System peers under skin to reveal muscle actions
Geithner rescue plan fails to ease jitters
SanDisk to mass produce 64GB memory cards
China sentences 76 over Tibet riots: state media
Thailand upset with Angelina Jolie refugee comments
Sri Lanka govt denies shelling that killed 16 patients
Heigl, Knight eye Grey's Anatomy exit: report | Entertainment |
Suicide bombers attack Kabul
Buena Vista bassist Cachaito Lopez dies at 76 | Entertainment |
Myanmar envoy brands boatpeople 'ugly as ogres': report
Will Smith leads Forbes star bankability list | Entertainment |
China report: 76 sentenced so far for Tibet riots
Rihanna postpones show, police continue probe | Entertainment |
Looting reported in Australian wildfire zone
Old Hollywood dominates at Oscar fashion preview | Entertainment |
China kills fowl after bird flu
WALL-E the film to beat for animation Oscar | Entertainment |
Ex-NKorean spy to meet family of Japanese abductee
Hollywood actors, producers unions to meet next week
NY Met manager says economy casts pall over opera | Entertainment |
Frenchman arrested for locking out naked girlfriend: report
Grammys, "Idol" music to networks' ears
Old Hollywood dominates at Oscar fashion preview
Many local TV stations to go ahead with DTV switch | Entertainment |
Grammys, Idol music to networks' ears | Entertainment |
WRAPUP 1-S.Korea loses most jobs in 5 yrs, rate cut seen
Seoul shares fall on banks;automakers lend support
Report: Japan banks nearing Nikko Cordial decision
Golden oldie Spaniel 'Stump' wins dog show
Pakistan receives no bids for 8-day repo
Obesity in US military doubled since 2003
Taiwan sells 20-yr bonds at 2.21 pct yield -c.bank
NY Philharmonic to visit Vietnam on Asia tour
China Jan exports fall sharpest in over a decade: govt
Flight 1549 crew gets laughs on 'Letterman'
China's January exports plunge 17.5 percent
Hollywood actors, producers unions to meet next week
Report: Morgan, Mitsubishi UFJ to merge brokerages
Press corps in DC more specialized, international
Japan's Elpida says no accord yet in Taiwan alliance talks
US-ENTERTAINMENT Summary
Former Taiwan electronics executive indicted in US
Grammys, "Idol" music to networks' ears
'La Cage' impersonators revue closes in Las Vegas
Music Review: Lily Allen's new album saucy, darker
Taliban kills 26 in deadly assault on Kabul
Markets glum on US crisis action, steel in distress
D.A. Needs Further Investigation Before Formally Charging Chris Brown
Bank says UK economy 'to shrink in 2009'
16 dead, 45 wounded in twin Baghdad bombs: police | International |
Bombs target Shiite pilgrims in Baghdad, killing 9
Prosecutors Want Joe Francis Locked Up
UK economy 'to shrink 4-6% in mid-2009'
Page Not Found |
Inconclusive election puts Israel, peace in limbo
"Sopranos" Actor Vincent Pastore Settles $5.5 Million Assault Lawsuit
Credit Suisse posts biggest full year loss ever
Snoop Dogg Partners With MTV To Release New Album, Talk Show And Have His Music On Video Game
Financial reform to get backseat ride at Rome G7 | International |
Iran dismisses report it faces raw uranium shortage
"Got Milk" Ads Featuring Chris Brown To End This Week
Taliban kill 20 in trio of Afghan capital attacks | International |
U.S. envoy Holbrooke visits northwest Pakistan | International |
20 hurt, attackers killed at Afghan ministry
Jews say pope must condemn anti-Semitism in Church | International |
Iran denies Cypriot-flagged ship carrying arms to Gaza
Nazi hunters want German probe on war criminal Heim | International |
16 dead and 45 wounded in twin Baghdad bombs
Mobile connections surpass 4 billion mark worldwide | Technology |
Twisted metal, cars in trees: tornado kills 15
Nokia to cut production as phone market dives | Technology |
U.S. Congress and White House seek final deal on stimulus
Republicans Seek To Trim Stimulus As Conference Committee Negotiations Begin
Google testing home electricity use software
NYPD Slows Down Ground Zero Staffing
U.S. Sec Of State Clinton Tells Czech Counterpart U.S. Is Willing To Reconsider Deploying Controversial Missile Shield If Iran Changes Behavior
Democrats, Republicans Want More Details On Geithner's New Bailout Plan
Intel To Spend $7 Billion For U.S. Factory Upgrades
One Laptop Per Child Project Cuts XO Price By $24
Al Franken In Capitol Hill To 'Prepare' For Senate Duties Despite Election Contest
United Airlines Brings Back Call Center Jobs From India To U.S.
Goldman Sachs, JPMorgan Chase CEOs To Testify Wednesday On Their Use Of Bailout
U.N. Chief Calls On U.S., China, India And Europe To Lead Way On Climate Change
Wounded Sri Lankans describe chaos in north
Bomb kills lawmaker in Pakistan as US envoy visits
Malaysia's industrial output drops 15.6 percent
SKorea, Japan urge NKorea to avoid provocation
Attacks on Afghan government buildings kill 19
China plans largest-ever military parade
Red Cross denies stirring panic in Sri Lanka
Navy diver attacked by shark in Sydney Harbour
'American Idol' Hopefuls shine in solos
Malaysia to cut electricity tariffs: minister
Hollywood still misrepresenting blacks: US film-maker Burnett
Asia's budget airlines eye growth, trade barriers
Situation "very tense" in Tibet: Dalai Lama
Chen remembers heroism of Peking Opera star Mei | Entertainment |
Hong Kong stock index falls 2.5 percent
Chinese exports, imports plunge, fanning worries
Report: Morgan, Mitsubishi UFJ to merge brokerages
Pakistan's 6-mth T-bill cut off yield at 13.8731
Gunn, Roberts to host Oscars red-carpet arrivals
Chinese exports, imports plunge in January
Sting thrills Romania with Elizabethan music
Taiwan dlr hits 4-1/2-yr closing low, exporters buy
Gwyneth Paltrow, Courteney Cox party with Beyonce
China to build Mecca monorail
British rock band Oasis to play first China dates
Budget carriers caution against protectionism
ABC's Diane Sawyer reports on Appalachian poverty
Woo epic, kung fu biopic lead HK nominations
School board offers apology to singer Pete Seeger
Indonesia court clears Tommy Suharto of graft
'American Idol' Hopefuls shine in solos
Chen remembers heroism of Peking Opera star Mei
Hollywood still misrepresenting blacks: US film-maker Burnett
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01