...and fires the chairman of GM. The government is taking over the auto industry(about 10% of GDP) and trying to fix the housing sector (another 10% of GDP). The government is becoming a really big player.
On Sunday he met with top financial executives. I wonder who said what to whom. My sense is that the executives have more knowledge of what is happening than the administration.
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On Monday, after the meeting, the market slumped (click on graph to enlarge). The trend is down, no doubt about it. Did the executives gave the order to sell after the meeting with the President?
Meanwhile, U.S. Treasury Secretary Timothy Geithner said some financial institutions will need substantial government aid, while warning against any attempt to tax investors who join a federal program to buy tainted assets from banks.
Some asset classes, however, keep providing positive returns.
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